According to a press release on August 27, DOGS was listed on Bitget’s PoolX platform following a successful pre-market phase that started on July 12.

The pre-market period generated significant trading activity and interest within the TON community, allowing early Bitget users to engage with DOGS before it was widely released.

At this stage, Bitget also organized a gas-free airdrop campaign where DOGS tokens could be claimed without charging any transaction fees. Users were able to easily access their tokens by linking their accounts through the DOGS Telegram mini application.

Since DOGS is now available on PoolX, users can stake USDT to participate in a draw pool of 5 million DOGS that will run until 09:00 UTC on September 2.

PoolX on Bitget is a platform feature that allows users to earn rewards by staking cryptocurrencies or participating in liquidity mining. By staking assets on PoolX, users can earn additional tokens or interest, providing a way to earn passive income without active trading.

The DOGS token began trading on major centralized exchanges such as Binance, Bybit, OKX, Bitget, and Gate at 12:00 UTC on August 26. Within the first 10 hours, the market cap of the Telegram-based meme coin reached $624 million and its transaction volume reached $1.74 billion.

Following the launch of DOGS, the Telegram Wallet and these crypto exchanges experienced temporary outages as millions of users flocked to trade the DOGS token.

Meme coin lost 27% in value according to hourly charts on CoinGecko and the decline continues. Meme coin was trading at $0.0012 and its daily trading volume was $1.67 billion.

According to Coinglass data, DOGS’s total open interest increased greatly at $90.38 million, reflecting a large increase in trader interest. This suggests that the influx of new investment triggered the price rally.

Moreover, market intelligence data reveals that the total funding rates collected for DOGS is 0.0094%, indicating traders’ optimistic outlook towards the continued increase in the price of DOGS.

However, when the price is falling, an increase in open interest usually reflects a bearish trend and traders expect further declines in the price of the cryptocurrency.

At the time of writing, the token was also trending on social media platforms such as Google and X and Telegram. Meanwhile, analysts’ views on the future of DOGS are divided. Some analysts worry that distributing the token through airdrops could lead to immediate selling pressure, calling its long-term value into question.

On the other hand, some believe in the potential of DOGS, citing the strong community support and the general trend of meme coins. They suggest that if the community remains active and supportive, the token can maintain or increase its value. The launch of the DOGS token coincided with the arrest of Telegram founder and CEO Pavel Durov, who created the “Spotty” mascot identified with the DOGS token.

This development galvanized the crypto community and led to the emergence of the #FREEDUROV campaign, which spread rapidly across social media platforms. Some market observers suggest that bull market momentum for DOGS could emerge with a positive outcome in Durov’s legal situation.