The price of DOGS, a newly launched meme-inspired cryptocurrency on the TON blockchain, has literally skyrocketed today amid a general crypto market slump. DOGS saw a 38% jump from as low as $0.0012 to as high as $0.00167 in a matter of just three hours.

As a result of such quick price appreciation, the new player in the dog-themed meme coin arena almost reached its Binance listing price at $0.0018.

For now, DOGS commands a figure of $803 million in market cap and $1.56 billion in daily volume. This makes it the 75th and 9th biggest cryptocurrency in these metrics, respectively.

However, in terms of price performance, the TON-based cryptocurrency became the best performer among the top 100 biggest digital assets.

What is DOGS?

The DOGS app appeared on Telegram in early July. Its essence was to accrue tokens of the same name to the user depending on the date of registration of the account in the messenger and for inviting new users through the referral system.

Thus, for the maximum possible “age” of an account of 11 years, you could get about 10,000 DOGS tokens. The creators immediately announced plans to launch the token and its listing on cryptocurrencies.

The DOGS app logo features the character Spotty, the unofficial mascot of the VK social network, created by Pavel Durov during a charity auction. Interestingly, about 10 years later, the pic behind Spotty became a full-fledged digital asset, and Durov found himself in a French prison.

It just so happened that the launch of the token came on the second day after the arrest of the creator of Telegram on numerous charges, the essence of which is summarized in the refusal to cooperate with authorities in the disclosure of private user data.