TON's $DOGS Soars 21% After Pavel Durov's Bail
Date: 2024-08-30 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The largest meme coin on The Open Network (TON), $DOGS, has surged 21% in the early hours of today following the news that Telegram CEO and Toncoin creator Pavel Durov has been released by French authorities on €5 million bail.
Durov is accused of turning a blind eye to a variety of criminal content and activity on the Telegram messenger, which has become a hub for various online activities thanks to its privacy features.
However, authorities allege that Durov is involved in the distribution of child pornography, human trafficking, money laundering, and other organized crimes. They point out that he has failed to comply with legal requests from European authorities in several neighboring countries, including France and Belgium, regarding crimes against minors, drug trafficking, and online hate speech.
After his arrest on Saturday, Durov was held in custody for up to 96 hours, the maximum period of detention under French law.
The connection between $DOGS, Durov, and The Open Network
The Open Network (TON) was originally a Telegram project, but split off in 2020 after the U.S. Securities and Exchange Commission (SEC) alleged that the sale of Toncoin (then called Gram) violated federal securities laws.
However, The Open Network and Telegram have maintained close ties.
The $DOGS meme coin, inspired by Durov’s pet dog Scotty, has a market cap of $737 million and was launched just two days ago, already becoming the largest meme on TON.
The coin jumped more than 30% in mid-day yesterday, from around $0.00125 to $0.00165. $DOGS is currently trading at $0.001423, a retracement of more than 8.5% in the last 24 hours. By comparison, leading cryptocurrency Bitcoin ($BTC) has gained 1.7% overnight and is currently trading at $60,585.
From TON $DOGS to Base $DAWGZ: Meme Coins Are Moving Beyond a Single Network
As a meme coin on TON, $DOGS is one example of how meme coins are beginning to thrive outside of their parent platform like Ethereum, similar to DogWifHat and Bonk on Solana.
Investors looking for higher yields can allocate a small portion of their funds to the new cross-chain meme coin Base Dawgz ($DAWGZ), which is still in presale.
Like Dogecoin, Base Dawgz is another Doge-themed meme coin that has its primary home on Coinbase’s Ethereum Layer 2 called Base. It is also compatible with Ethereum, Solana, BNB Chain, Avalanche, and Polygon.
$DAWGz launched on June 4 and raised over $200,000 in just a few minutes as investors rushed to get their hands on the multi-chain meme coin with staking and circulating earning capabilities. To date, it has raised $3.2 million.
What is circulating earning? Simply put, it’s a genius marketing strategy that puts community members at the center of Base Dawgz’s marketing campaign through a system that rewards points for sharing $DAWGZ-related content on social media.
This creates a more loyal meme coin community compared to $DOGS.
Base Dawgz also offers impressive staking rewards of 736%, according to the presale site.
Investors can buy the token at a fixed presale price of $0.008582 to snag this potential stellar new meme coin.
With multiple purchase options, including popular stablecoins like USDT and USDC, buying is easy and secure.
