DOGS Token Sets New Memecoin User Record
10 Sep, 2024 ● Coin news
The newly launched Dogs token may have achieved the largest token generation event (TGE) in memecoin history.
More than 17 million users have already claimed their Dogs (DOGS) tokens, a memecoin project on The Open Network (TON) inspired by Telegram co-founder Pavel Durov's iconic dog drawing.
The Dogs Mini App has exceeded 53 million users, with 42.2 million eligible for the token airdrop, making it the "largest meme TGE in cryptocurrency history," according to a Telegram post by the TON community on September 10.
DOGS token is now held by 4.5M unique wallets on TON, putting it in a unique position — it has the most unique token holders on any chain ever, and it achieved this in just 2 weeks.
While the number of holders is impressive for a memecoin, it remains relatively small when compared to major cryptocurrencies.
For example, USDT alone has over 273 million unique addresses, as reported by Ycharts.
The memecoin attracted significant investor interest after the TGE, causing two major Dogs-related outages on TON.
Despite the impressive volume of so-called "users," the possibility of bots is a key consideration, as noted by Anndy Lian, an intergovernmental blockchain expert and author of NFT: From Zero to Hero. Lian told Cointelegraph:
“We have to understand what kind of users they have. Are they able to KYC? Are they able to trade? Are they all bottled? In the view of whether they can be a top project or maybe even a ‘dogecoin killer,’ we need to see the actual active users and how many are trading.”
“It’s 2024, bots are useless and non-sustainable,” Lian added.
Despite the successful launch of the Dogs token, the TON community anticipates an even bigger impact from the upcoming Hamster Kombat and Catizen airdrops.
These airdrops could occur as soon as this September, as mentioned in the TON community’s post:
“In September, we anticipate even larger TGEs for Catizen and Hamster Kombat, which could bring tens or even hundreds of millions of users to the blockchain for the first time.”
Earlier in August, the Telegram-based viral clicker game Hamster Kombat provided more information about its highly anticipated airdrop, calling it the “largest in crypto history,” a week after the game reached 300 million players.
In terms of value, the Bonk (BONK) token conducted the largest memecoin airdrop, distributing over $1.3 million worth of tokens to eligible holders, making it the seventh-largest airdrop in the entire crypto space, according to CoinGecko data.
The crypto industry is increasingly focusing on the onboarding potential of Telegram-based Mini Apps.
According to Justin Hyun, the director of investments at the TON Foundation, Telegram Mini Apps could serve as a "Trojan horse" for widespread blockchain adoption.
Hyun explained that the key to onboarding the next 500 million users lies in providing simple apps with "actual usability":
“But bringing 500 million people on-chain by 2028 — which is our goal — is going to require use cases that interact with the blockchain without the user knowing that in the front end.”
On March 20, TON launched a $115 million community incentive program, allocating $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts.
Sources:
https://cointelegraph.com/news/dogs-token-largest-memecoin-17m-users
https://ycharts.com/indicators/ethereum_cumulative_unique_addresses
https://www.coingecko.com/research/publications/biggest-crypto-airdrops
