The crypto sector, which is currently valued at $2.05 trillion (approximately Rs. 1,72,11,513 crore), is teeming with over 2.4 million cryptocurrencies in circulation and more are being added every day. In the memecoin category, a new entrant called ‘Dogs Coin’ is the latest to make waves. Interestingly, Telegram, the messaging app, is acting as the launch pad for the Dogs Coin token, allowing the global user base of over 800 million to interact with the new memecoin.
Dog Coin on Telegram
Dogs Coin is part of a new game on the Mini Apps marketplace on Telegram called Dogs. The game lets Telegram users play the app and collect Dogs Coin. The ecosystem of this game and memecoin went live on July 9.
The token was designed as a tribute to “Spotty,” the unofficial mascot of Russian social networking company vKontakte (VK), which was also founded in 2006 by Telegram founder Pavel Durov. Durov is also the mastermind behind the Ton blockchain, the first connection between Telegram and Web3.
On Telegram, the Dogs ecosystem has reportedly has managed to recruit more than 3.19 million community members since its launch in July.
Every time a Telegram user invites new users to join the Dogs ecosystem, they are rewarded with Dogs Coin. The project developers reminded the Dogs community on Monday, August 12, that they can only collect Dogs airdrop until August 14.
Only 2 days left until you receive it Dogs tokens, as announced on the #Dogs Official Telegram page.
This means Dogs will announce the listing on August 14??
Let us know in the comments section below how many tokens you have! :point_down::skin-tone-2: photo.twitter.com/3BERSBn3wF
— Learn with Rony Kapoor (@LearnRony) August 12, 2024
Currently, Dogs Coin is only available on Telegram via airdrops and rewards. The memecoin is not yet listed on an exchange. According to a recent blog The listing date of the Dogs token has not yet been officially announced by the Indian crypto exchange CoinDCX.
The team managing the Dogs ecosystem has now warned community members that the Dogs Coin cannot currently be traded on any exchange.
:rotating_light::warning: Stay safe, DOG Fam! :warning::rotating_light:
Beware of scams and counterfeits! We are not listed on any stock exchange at this time. Trust information only from our official channels. Stay vigilant! :dog:— Dog Community :bone: (@realDogsHouse) July 11, 2024
The official handle of the Dogs community on X has reached 2.5 million followers. Speaking to Gadgets360, Shivam Thakral, CEO of BuyUcoin, praised projects like the Dogs Coin.
“Launching new projects like Dogs Token highlights the continued innovation and growth in the cryptocurrency space,” Thakral said. However, he also noted that the community should analyze the utility of memecoins like Dogs Coin as the adoption curve evolves over time.
Indian crypto exchange KuCoin has already listed Dogs Coin on its pre-market list.
The Dogs community now has 50 million users on the Telegram app, the project’s developers announced Monday.
