The TON ecosystem's memecoin project DOGS has recently become a market sensation. Major exchanges like Binance, OKX, Bitget, Bybit, and Gate.io have all announced plans to list DOGS tokens for trading. Among them, OKX and Bitget even launched pre-market trading for DOGS ahead of schedule. This level of competition is uncommon, especially for a memecoin project that is just over a month old. Many believe DOGS could replicate the success of Notcoin, bringing a substantial number of new users to these platforms and sparking a fierce listing race.
A New Airdrop Model: From Clicks to Passive Rewards
DOGS has emerged as a dark horse in the TON ecosystem since July. Unlike Notcoin or Hamster Kombat, which require users to engage in clicker games to earn points, DOGS uses a different approach. It employs an algorithm that determines airdrop allocations based on user metrics like Telegram usage duration and overall activity.
This "free" airdrop model quickly captured community attention. In under ten days, the project attracted over 10 million users to its Telegram channel. By August 22, that number had surpassed 16 million, making it the fourth-largest Telegram channel globally.
Besides its unique distribution method, DOGS is also one of the fastest projects in the Telegram ecosystem to execute its airdrop. 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. In contrast, other popular games like Hamster Kombat and TapSwap have kept users waiting for months without a confirmed TGE date. Hamster Kombat even faced internal team conflicts, as reported by Russian media, though the articles were later removed.
The total supply of DOGS is capped at 550 billion tokens. The allocation is as follows: 81.5% to the community (with no lock-up period), 10% to the team and future development (locked for 12 months), and 8.5% for liquidity on exchanges and listing activities.
Potential Market Cap and Initial Valuation
With the tokenomics revealed, major exchanges like OKX and Bitget started pre-market trading for DOGS. As of August 22, the pre-market price on OKX was approximately $0.0032. At this price, DOGS could achieve a market cap of around $1.76 billion. If maintained at listing, this would surpass NOT's initial market cap of about $700 million, placing DOGS within the top 50 cryptocurrencies by market capitalization.
Official data indicates that 43 million users are eligible for the airdrop. The top user is set to receive over 2.37 million tokens, potentially worth more than $76,000.
However, this valuation is not favorable for all holders. Besides the airdrop, users could purchase DOGS using Telegram's built-in currency, Stars, at a 1:1 exchange rate. Since 1 Star costs about $0.01932, those who bought DOGS this way are already facing an 83% loss on paper. The team has addressed this by allocating part of the airdrop to compensate early supporters. Of the 81.5% community allocation, 73% is for standard airdrops, while the remainder rewards traders, sticker creators, and future community members.
The team also clarified that all proceeds from Stars purchases will be donated to charity, with the recipient organization chosen via community vote.
Exchange Strategies to Attract New Users
TON-based mini-apps have demonstrated the immense potential of Telegram's 900 million users this year. Since Notcoin's successful Binance listing in May, clicker games like Hamster Kombat and TapSwap have attracted massive user bases. DOGS' popularity has further intensified exchange competition, primarily due to the allure of Telegram's user influx.
As noted by analyst Colin Wu, "Notcoin's listing brought tens of thousands of new users to top-tier exchanges, primarily from Russian-speaking and Commonwealth countries." In a market with limited hot topics, this volume of new users is significant.
However, clicker games face skepticism. Hamster Kombat claims over 300 million users but has repeatedly delayed its airdrop due to issues with bot activity and authentic user verification. Many doubt whether users attracted by simple click games have real purchasing power or can bring tangible capital into crypto markets.
Binance co-founder Yi He confirmed this in a recent AMA: "We collaborated with Web3 projects for cross-game promotions, attracting 1.3 million users, but only 56 became active traders. Most were just seeking airdrops."
DOGS' method of using Telegram activity depth to calculate airdrops might attract more valuable users. Mike, founder of GoPlus, commented on X: "Dogs' airdrop aligns with TG usage depth. Users don’t need to click repeatedly—just verify their TG account to get the airdrop. This simple approach means DOGS holders are likely core Telegram users. If these users sell on Binance, the exchange can assess whether Telegram is a viable user acquisition channel and decide on future support for the TON ecosystem."
Given these factors, exchanges have high expectations for DOGS. Beyond mere listings, they are rolling out targeted campaigns. Binance offers DOGS tokens for staking BNB and FDUSD. OKX started pre-market futures on August 5. Bitget launched a share-to-earn event with 13,600 TON in prizes. Bybit promises 150,000 DOGS for new user deposits. As Bitget's Gracy noted in a community update, "DOGS traffic is huge," adding, "It seems even Binance can’t sit still."
Currently, 20 million users have connected wallets, and 43 million are eligible for the airdrop. By August 22, over 8 million verified users had requested direct deposits of $DOGS to exchanges and Telegram wallets. Notcoin had 11.5 million token holders at its peak—a record DOGS seems poised to break. With such user growth potential, it's no wonder exchanges are eager to compete.
Frequently Asked Questions
What is the DOGS token?
DOGS is a memecoin on the TON blockchain distributed via a massive airdrop to Telegram users. It rewards activity on the platform rather than game interactions.
How is the DOGS airdrop allocated?
The airdrop uses an algorithm based on Telegram usage metrics like activity level and account age. No repetitive tapping or mini-games are required.
When will DOGS be listed on exchanges?
The TGE and official listing are scheduled for August 26 at 12:00 UTC. Pre-market trading is already active on platforms like OKX and Bitget.
What is the total supply of DOGS?
There are 550 billion DOGS tokens in total. 81.5% is allocated to the community, 10% to the team (locked for a year), and 8.5% for liquidity.
Can I buy DOGS before the airdrop?
Yes, via Telegram Stars, but the exchange rate may not be favorable compared to the expected listing price. Stars purchases are technically donations to charity.
Why are exchanges competing for DOGS listings?
Exchanges anticipate a surge of new users from Telegram, similar to Notcoin's impact. This aligns with the growing trend of leveraging social media platforms for user acquisition. To explore more strategies for identifying promising ecosystem projects, you can discover expert insights here.