DOGS crypto is live on Binance and is rallying after listing. Still, there are doubts now that Pavel Durov of Telegram has been charged in France.
A few months ago, no one thought the Toncoin ecosystem would be one of the most active.
As of late August, TON, the native currency of the Toncoin blockchain, is in the top 10, commanding a market cap of over $14 billion.
What’s more?
Some of its tokens are some of the most vibrant and valuable.
Take, for example, DOGS,
Price
Trading volume in 24h
Last 7d price movement
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The Rise And Rise Of DOGS
DOGS is one of the many meme coins in Toncoin.
However, the token is garnering attention thanks to its successful airdrop and listing on Binance.
At press time, Coingecko data shows that DOGS is changing hands at $0.001408 with a market cap of over $722 million.
(Source)
After launching on August 27 on Binance, DOGS is still up nearly 160%.
Traders are upbeat that the uptrend will continue.
(DOGSUSDT)
Considering the surge of the past few days, DOGS crypto is outperforming other meme coins, including DOGE and SHIB.
According to trackers, the coin is now in the top 10 and more valuable than BOME, a top meme coin on Solana.
Following this exchange listing, DOGS developers plan to launch new features, including meme stickers and other customizable content.
The goal is to drive engagement and increase DOGS’ utility.
Pavel Durov’s Arrest And Toncoin Blackout
Even so, amid this excitement, there is a cloud of uncertainty about the future of DOGS.
There are multiple reasons to be worried.
First, the arrest, detention, and charges against Telegram’s CEO Pavel Durov.
Telegram is closely linked to The Open Network (TON), the open-source project building Toncoin.
The messaging app has over 17 million active users.
Durov is accused of complicity in running Telegram, with authorities claiming not enough action has been taken to prevent criminals from laundering funds and engaging in other unlawful activities.
Now that the CEO is under scrutiny, some are concerned about DOGS’s future since it runs on a network closely linked to Telegram.
If Telegram is banned in France or Europe, it could significantly affect Toncoin, and its activity may dip.
Beyond Durov’s arrest, there are other challenges.
As users scrambled to claim DOGS on Toncoin, the network was congested.
It unexpectedly crashed, unable to produce blocks for nearly seven hours.
TON Blockchain is currently experiencing a disruption in block production.
The issue is occurring due to the abnormal load currently on TON. Several validators are unable to clean the database of old transactions, which has led to losing the consensus.TON Core has issued a call…
— TON 💎 (@ton_blockchain) August 28, 2024
This disruption in block production questioned the overall reliability of the Toncoin blockchain.
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The Way Forward For DOGS Crypto
In the coming weeks, whether DOGS will continue rallying will largely depend on how Durov and his legal team will navigate this trial in France.
If they are successful, it will alleviate concerns about the future of Telegram, directly benefiting DOGS and other tokens on Toncoin.
Additionally, eyes will be on how successful DOGS developers are in implementing their plans.
If the meme coin finds more utility and its community expands, the token will shake off the weakness expected after listing, soaring to fresh levels.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
