DOGS Token Rally Extends to a Third Day as TON Blockchain Tokens Rise After Durov's Statement
- WBOYOriginal
- 2024-09-07 03:07:09520browse
DOGS (DOGS), which recently launched its airdrop, rose to a high of $0.0011, up by 16.5% from its lowest point this week.
The price of DOGS token rose sharply on Sep. 15 as most cryptocurrencies retreated following the U.S. jobs report, which reignited recession fears.
DOGS (DOGS) price rose to a high of $0.0011, up by 16.5% from its lowest point this week. Still, it remains 33% below its all-time high.
Its rally was particularly noteworthy as Bitcoin (BTC) and most altcoins continued to fall. Bitcoin dropped below $54,000 for the first time in a month, and Solana (SOL) fell below $130. The total market cap of all cryptocurrencies dropped to $1.92 billion, and the crypto fear and greed index fell to 30, indicating the fear zone.
Surging volume in the spot and futures markets largely supported the rally in the DOGS token. According to data, its futures open interest rose to $124 million, reaching its highest level since Sep. 3. Furthermore, its volume in the spot market also jumped to $541 million, marking its highest since Aug. 31.
The most probable explanation for the rally is the ongoing Binance Carnival, which offers traders 40 million DOGS and 5 million NOT tokens for participating. The event, which began on Sep. 12, will conclude on Sep. 17. During this carnival, users are encouraged to deposit and trade the futures of these tokens.
This carnival might also explain the surge in Binance's futures market open interest for DOGS. Out of the $124 million in open interest, $55 million was on Binance, followed by Bybit and Bitget. Binance also handled the majority of the volume in the spot market.
DOGS rose simultaneously as other TON Blockchain tokens posted gains following Pavel Durov's first statement after his arrest. Toncoin (TON) price rose by 1.67%, and Notcoin (NOT) soared by over 2%.
In his statement, Durov expressed surprise at the arrest and highlighted that Telegram has an official EU representative to handle law enforcement requests.
Durov, the founder of Telegram, TON, and VKontakte, was indicted for allegedly facilitating illegal activities on the app, which boasts over 900 million users. He was also accused of not responding to France's law enforcement officials and now faces 10 years in prison.
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