DOGS Token Now Third by Holder Count, Trailing Only USDT and ETH

Telegram-native meme coin DOGS has set a new record, with 17 million users claiming tokens shortly after its launch, as announced on the project’s Telegram channel.

With growing market interest in Telegram-based projects, DOGS has quickly gained popularity, becoming one of the most talked-about assets in the meme coin space.

Data from Tonveiwer shows that over five million wallets now hold DOGS on TON blockchain. This impressive number was reached just two weeks after launch. To put it in perspective, only Tether’s USDT on the TRON blockchain and Ethereum (ETH) have more holders than DOGS.

According to TON Community announcement, over the past two weeks, DOGS daily active user addresses have surpassed 1.1 million multiple times. The token has also recorded daily transactions as high as 14.4 million.

Key highlights from the report following the token distribution include:

• 53 million users engaged with the DOGS Mini App.
• 42.2 million were eligible for the token airdrop.
• 17 million users claimed their airdropped tokens.
• 4.5 million unique holders.

Read more: What Are Telegram Mini Apps? A Guide for Crypto Beginners

Interest in the DOGS meme coin is growing as it sets itself apart from other meme coin projects by offering real utility within the Telegram ecosystem, powered by the TON blockchain. The team distributed most of the tokens to long-time Telegram users, further boosting its appeal.

Looking ahead, TON aims to attract “tens or even hundreds of millions of users” through token generation events (TGEs) for its flagship tap-to-earn games, such as Catizen and Hamster Kombat. These tap-to-earn games have been a major driver of user growth, drawing millions to the Web3 gaming space.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Despite this success, TON blockchain has faced several challenges — from major TGE-related outages to recent arrest of Telegram CEO Pavel Durov in France. The charges against Durov have sparked policy changes for Telegram, adding pressure to the platform’s growth trajectory.

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