The TON ecosystem's meme project DOGS has recently captured significant market attention. Multiple top-tier exchanges have announced plans to list the DOGS token for trading, with some even launching pre-market trading ahead of the official token generation event. This level of interest is unusual for a meme project that launched just over a month ago. Many observers believe DOGS could replicate the success of Notcoin, driving substantial new user growth for exchanges—hence the intense competition to list the token early.
What Is DOGS and How Does Its Airdrop Work?
Unlike Notcoin or Hamster Kombat, which require users to perform click-based tasks to earn points, DOGS employs a different approach. It uses an algorithm to determine airdrop allocations based on users' Telegram usage duration and activity levels. This essentially allows eligible users to claim tokens without completing repetitive in-app tasks.
This accessible claiming mechanism quickly attracted community attention. Within less than ten days of launch, the DOGS community channel attracted over 10 million users. By August 22, the channel had surpassed 16 million subscribers, ranking as the fourth-largest Telegram channel globally.
Beyond its unique airdrop distribution method, DOGS is also notable for its swift timeline. The official claiming period was extended to August 23, with the token generation event (TGE) and official listing scheduled for August 26 at 12:00 UTC. This is notably faster than other popular Telegram mini-app games like Hamster Kombat or TapSwap, which have kept users waiting for months without a confirmed TGE date.
Tokenomics and Initial Valuation
According to official announcements, the total supply of DOGS is fixed at 550 billion tokens. The allocation is as follows: 81.5% is allocated to the community (with no lock-up period), 10% is reserved for the team and future development (subject to a 12-month lock-up), and 8.5% is dedicated to liquidity on centralized and decentralized exchanges.
Pre-market trading on platforms like OKX and Bitget has already begun. As of August 22, the pre-market price on OKX was approximately $0.0032 per token. At this price, the fully diluted market capitalization of DOGS would reach $17.6 billion—surpassing NOT's initial market cap of around $700 million and potentially placing DOGS within the top 50 cryptocurrencies by market cap.
Official data indicates that 43 million users are eligible to claim the airdrop. The top-ranked user stands to receive over 23 million tokens, which could be valued at more than $76,000 based on current pre-market prices.
Community Response and Alternative Acquisition Methods
In addition to the airdrop, users had the option to acquire DOGS using Telegram Stars, the platform's internal currency, at a 1:1 exchange rate. However, with 1 Telegram Star costing approximately $0.01932, those who purchased DOGS this way are currently facing paper losses of around 83% compared to the pre-market price.
The team has addressed community concerns regarding the sale of tokens, stating that all proceeds from Telegram Stars purchases will be donated to charity, with the specific organization to be chosen through community voting.
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Why Are Exchanges Competing for DOGS?
The success of TON-based mini-apps has highlighted the immense potential of Telegram’s 900 million-strong user base. Since Notcoin's successful listing on Binance in May, clicker games like Hamster Kombat and TapSwap have attracted massive user numbers. DOGS’ rapid growth has further intensified exchange competition, primarily driven by the desire to capture new users from these ecosystems.
Reports suggest that Notcoin’s listing brought tens of thousands of new users to major exchanges, primarily from Russian-speaking and Commonwealth of Independent States (CIS) regions. In the current market landscape, such user growth is a significant opportunity that exchanges cannot ignore.
However, clicker games face challenges with bot activity and user authenticity. For instance, Hamster Kombat claims over 300 million users but has repeatedly delayed its TGE, citing technical difficulties in filtering out fake accounts and ensuring fair distribution.
There are also doubts about the purchasing power and long-term engagement of users acquired through simple click-based mechanics. As Binance Labs Head Yi He noted in a recent AMA, while collaborations with Web3 games can attract millions of users, only a tiny fraction typically transition into active trading participants.
DOGS’ strategy of using Telegram activity depth to determine allocations is seen by the community as a way to attract more genuine users. As GoPlus founder Mike commented on X, “Dogs’ airdrop correlates with Telegram usage depth. Users don’t need to click repeatedly... This distribution method means holders are more likely to be real Telegram users.”
This potential for high-quality user acquisition has led exchanges to offer attractive promotions around the DOGS listing. Binance launched a launchpool allowing users to farm DOGS by staking BNB and FDUSD. OKX began pre-market trading as early as August 5. Bitget organized a retweet campaign offering 13,600 TON in prizes. Bybit promised 150,000 DOGS to new users who make a deposit. This competitive dynamic underscores the value exchanges place on the Telegram user base.
Frequently Asked Questions
What is the DOGS token?
DOGS is a meme token on The Open Network (TON) ecosystem distributed via airdrop to active Telegram users. It aims to leverage Telegram’ massive user base to drive adoption.
How can I claim the DOGS airdrop?
Eligible users could claim tokens directly within Telegram based on their usage history. The claiming period ended on August 23, with the TGE scheduled for August 26.
What makes DOGS different from other Telegram airdrops?
Unlike click-based games, DOGS allocated tokens based on overall Telegram activity, not task completion. This approach aims to reward genuine users and reduce bot manipulation.
Why are major exchanges so interested in listing DOGS?
Exchanges anticipate that listing DOGS will attract thousands of new users from Telegram, similar to the wave of activity seen with Notcoin. These users represent potential new customers for other exchange services.
Can I still buy DOGS before the official listing?
Some exchanges offered pre-market trading, but these markets are often volatile and carry higher risk. Official trading begins after the TGE on August 26.
What is the total supply of DOGS tokens?
The total supply is capped at 550 billion tokens, with the majority (81.5%) allocated to the community via airdrop.
Current Status and Expectations
As of the latest updates, over 20 million users have connected their wallets, and 43 million are eligible for the airdrop. The DOGS team announced that more than 8 million verified users have requested direct deposits to exchanges and Telegram wallets. This already exceeds the 11.5 million users who held Notcoin at its peak, suggesting DOGS could set a new record for user participation in a token launch.
This level of engagement presents a significant customer acquisition opportunity for exchanges. As one exchange representative noted, “The traffic around DOGS is really enormous,” highlighting why platforms are competing so intensely to capture this wave of new users.