The biggest meme coin on The Open Network (TON), $DOGS, experienced a significant rally of 21% following the news of Telegram CEO and Toncoin creator Pavel Durov being released on €5 million bail by French authorities. Durov is facing charges related to criminal activities on the Telegram messenger app, including child pornography, trafficking, money laundering, and other organized crimes. His failure to comply with lawful requests from European authorities have raised concerns about his involvement in facilitating illegal activities on the platform. After being arrested on Saturday, Durov was detained for the maximum 96 hours under French law.
The Open Network (TON) was originally a project by Telegram but spun out independently in 2020 after facing regulatory challenges from the US SEC. Despite the separation, The Open Network and Telegram have maintained a close connection. Durov’s pet dog, Scotty, inspired the creation of the meme coin $DOGS, which currently holds a market cap of $737 million and is the largest meme coin on TON. The prices of $DOGS saw a spike of over 30% from midday yesterday, reaching $0.00165 before pulling back slightly to $0.001423. In comparison, Bitcoin’s price increased by 1.7% overnight and is currently trading at $60,585.
Meme coins are starting to flourish outside of their original platform, Ethereum, with examples like $DOGS on TON, DogWifHat, and Bonk on Solana. Investors looking for potential upside may consider investing in the cross-chain meme coin Base Dawgz ($DAWGZ), which is currently in pre-sale. Base Dawgz, comparable to Dogecoin, operates primarily on Coinbase’s Ethereum Layer 2, Base, and is compatible with Ethereum, Solana, BNB Chain, Avalanche, and Polygon. $DAWGZ, launched on June 4, has raised over $3.2 million to date with unique features like staking and a share-to-earn system rewarding community members for sharing $DAWGZ content on social media.
The share-to-earn system implemented by Base Dawgz incentivizes community engagement, creating a loyal following for the meme coin. Additionally, the token offers staking rewards of 736%, making it an attractive investment option for individuals seeking potential returns. Investors can purchase $DAWGZ using popular stablecoins like USDT and USDC, with a fixed pre-launch price of $0.008582. However, there are only six days left to invest before the token’s price increases to the next fixed pre-sale price, offering early adopters the opportunity to gain first-mover advantage in a meme coin market with significant price potential. Interested investors can join the Base Dawgz community on X and Telegram and purchase $DAWGZ through the provided link.
Overall, the rise of meme coins like $DOGS on TON and Base Dawgz on multiple chains signals a growing trend in the cryptocurrency market towards community-driven, meme-based tokens. With innovative features like staking, share-to-earn systems, and cross-chain compatibility, meme coins are attracting investors seeking high returns and unique investment opportunities in the cryptocurrency space. However, it is essential for investors to exercise caution and conduct thorough research before investing in high-risk assets like meme coins to mitigate potential losses.
