The recently introduced Dogs token has set a new benchmark in memecoin history with what is possibly the largest token generation event (TGE) ever recorded. The token, which is part of a project on The Open Network, has drawn inspiration from a popular dog drawing created by Pavel Durov, co-founder of Telegram.
Since its launch, over 17 million users have claimed their Dogs (DOGS) tokens. This rapid adoption has been bolstered by the impressive reach of the Dogs Mini App, which has now surpassed 53 million users. Of these, 42.2 million are eligible to receive tokens through the airdrop, marking it as the largest meme TGE in the history of cryptocurrency, as highlighted in a September 10 post by the TON community on Telegram.
Despite these numbers, it’s important to note that the scale of DOGS holders, while impressive for a memecoin, is still relatively modest compared to leading cryptocurrencies. For example, Ethereum (ETH) alone boasts over 273 million unique addresses, according to Ycharts data.
Technical Challenges and Investor Interest
The DOGS token has sparked significant interest from investors, leading to two notable outages related to the Dogs project on the TON network. These disruptions underscore the overwhelming demand and the scaling challenges faced by the project.
However, the credibility of these numbers is subject to scrutiny. Anndy Lian, an intergovernmental blockchain expert and author of “NFT: From Zero to Hero,” raised concerns about the authenticity of the user base. Lian pointed out that the effectiveness of the DOGS token will depend on its actual active users and their trading activity:
“We need to assess the quality of the user base. Are these users able to complete Know Your Customer (KYC) procedures? Can they trade effectively? The real measure of success will be in the engagement and trading activity of these users. As Lian noted, ‘It’s 2024, bots are useless and non-sustainable.’”
Upcoming Airdrops
Looking ahead, the TON community anticipates even greater events with the upcoming airdrops for Hamster Kombat and Catizen. Scheduled for September, these airdrops are expected to bring tens or even hundreds of millions of new users to the blockchain.
- Hamster Kombat: Anticipated to be one of the largest airdrops in crypto history.
- Catizen: Expected to make a significant impact on blockchain adoption.
Earlier in August, Hamster Kombat, a viral clicker game on Telegram, announced details of its much-anticipated airdrop. This game, which recently surpassed 300 million players, is poised to have a major impact on the crypto landscape.
Comparing Memecoin Airdrops
In terms of value, the Bonk (BONK) token currently holds the record for the largest memecoin airdrop, distributing over $1.3 million worth of tokens. This places it as the seventh largest airdrop across the entire cryptocurrency sector, according to data from CoinGecko.
- Bonk (BONK): Over $1.3 million distributed.
- Others: Varied values and rankings.
The success of the DOGS token and upcoming airdrops highlights the potential of Telegram-based Mini Apps to drive mass blockchain adoption. Justin Hyun, director of investments at the TON Foundation, views these apps as pivotal in bringing new users to blockchain platforms:
“To achieve our goal of onboarding 500 million users by 2028, we need apps that offer genuine usability while interacting with the blockchain seamlessly. This approach might serve as a ‘Trojan horse’ for widespread blockchain integration,” Hyun explained.
The TON Foundation has also launched a substantial $115 million community incentive program, allocated as follows:
- Token Mining and User Incentives: $38 million
- Airdrops: $22 million
- The League Developer Ecosystem: $15 million
- Liquidity Pool Boosts: $40 million
The Dogs token has achieved remarkable milestones, setting records in memecoin history. However, the true measure of its success will depend on the engagement and trading activity of its user base. As the industry anticipates future airdrops and innovations, the role of Telegram Mini Apps in driving blockchain adoption will be closely watched.
Featured image credit: natanaelginting via Freepik
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