$DOGS Price Plunges 5% After 17 Million Users Claim Airdrops

The DOGS token has achieved unprecedented adoption levels in the last few weeks. However, this surge in user engagement has not translated into positive price action, highlighting the complex dynamics of memecoin markets.

Over 17 million users claimed DOGS airdrop

According to the official DOGS Telegram channel, the token distribution has led to some remarkable statistics:

  • 53 million users interacted with the DOGS Mini App
  • 42.2 million were eligible for the token airdrop
  • 17 million users claimed their airdropped tokens
  • 4.5 million unique wallets now hold DOGS tokens

These numbers put DOGS in a position, with more unique token holders than any other blockchain project has achieved in such a short time. Only USDT on TRON and Ethereum currently have more holders than DOGS.

The project saw daily active user addresses peak at 1.1 million several times in the past two weeks, with single-day transactions reaching as high as 14.4 million. This level of engagement was previously “unimaginable in Web3,” according to the project team.

Despite these impressive adoption metrics, the DOGS token price has fallen by approximately 5% in the last 24 hours, trading at $0.001019 at the time of reporting. This price action underscores the often disconnected relationship between user adoption and market valuation in the meme coin sector.

Looking ahead, the TON network is bracing for even larger token generation events (TGEs) in September, including Catizen and Hamster Kombat. These events could potentially bring “tens or even hundreds of millions of users to the blockchain for the first time,” according to the DOGS team.

However, this growth is not without challenges. The network is expected to face increased technical pressures and potentially unforeseen issues as it scales to accommodate this unprecedented user influx.

Also Read: Telegram Game Catizen $CATI Token Airdrop PreMint on Gate.io

Source: https://www.cryptonewsz.com/dogs-price-plunge-post-17m-user-airdrop-claim/