DOGS Meme Coin Gains New Listing on Bitget Amid Growing Short Trader Interest

• DOGS meme coin secures a listing on Bitget’s PoolX, sparking increased trading interest despite a sharp 27% price drop.
• The DOGS token launch on major exchanges attracted millions of users, leading to temporary disruptions on platforms like Telegram Wallet.
• DOGS sees a significant increase in open interest, reflecting traders’ bearish outlook despite its strong community support and active trading.

According to a press release on Aug. 27, DOGS launched meme coin on the TON network, has secured a listing on Bitget’s PoolX platform.The listing follows a successful pre-market phase that began on July 12, where significant trading activity was observed within the TON community. During this phase, Bitget hosted a gas-free airdrop campaign, allowing users to claim DOGS tokens without transaction fees through the DOGS Telegram mini-app.

The listing on Bitget’s PoolX platform enables users to stake USDT in a giveaway pool of 5 million DOGS until September 2. PoolX is a platform feature on Bitget that allows users to stake cryptocurrencies or participate in liquidity mining to earn rewards. This provides users with an opportunity to gain additional tokens or interest without active trading, offering a way to earn passive income.

The DOGS token began trading on major centralized exchanges, including Binance, Bybit, OKX, Bitget, and Gate, on August 26.Within the first 10 hours, the meme coin reached a market cap of $624 million, with a trading volume of $1.74 billion. However, the launch led to temporary disruptions on Telegram Wallet and these exchanges as millions of users flocked to trade the DOGS token.

Despite its initial success, DOGS has since seen a 27% decline, with the current trading price at $0.0012. According to CoinGecko, the daily trading volume remains high at $1.67 billion. The sharp price drop has attracted the attention of short traders, leading to a surge in open interest to $90.38 million, as reported by Coinglass. This increase suggests a bearish outlook, with traders anticipating further price declines.

Market intelligence data indicates a 0.0094% funding rate for DOGS, reflecting bullish sentiment among some traders. Despite the overall price drop, some market observers believe that DOGS could maintain or even increase its value due to strong community support. However, there is concern that the token’s distribution through airdrops could lead to selling pressure, raising doubts about its long-term value.

The launch of DOGS coincided with the arrest of Telegram founder Pavel Durov, the creator of the DOGS mascot Spotty. This development has sparked the #FREEDUROV campaign on social media platforms, with some speculating that a favorable outcome in Durov’s legal situation could lead to a bullish momentum for DOGS.