TON-based meme coin DOGS has emerged as the biggest gainer among the top 100 cryptocurrencies by market cap, with a 21% price jump over the past day.

The recently launched meme coin, designed to embody the spirit and culture of the Telegram community, had a daily trading volume of $2.38 billion and a market cap of $777 million at the time of writing.

DOGS, which features a dog mascot named “Spotty,” was created by Telegram’s founder Pavel Durov. The project recently announced an airdrop and listing on major crypto exchanges such as Binance, OKX, and Bybit.

The airdrop will distribute 440 billion DOGS tokens from the total supply of 550 billion, with 81.5% allocated to the community, of which 73% is reserved for early Telegram users, known as “Telegram OGs.”

Another 4.5% goes to merchants, sticker creators and future community members. The remaining amount is divided into 10% for the project team and development and 8.5% for liquidity and listing events on exchanges.

According to data from Coinglass, DOGS’ recent price increase is supported by a 68.5% increase in open interest, currently at $164.26 million, and a 139% increase in trading volume. This shows that more traders are betting on price changes, which is likely leading to higher volatility.

However, the weighted funding rate has dropped from 0.0144% to 0.0087%, indicating lower demand for long positions. Traders seem less willing to pay a premium, indicating lower confidence in further price increases.

Currently, the price of DOGS is consolidating within a tight range, a process that took Notcoin, another TON-based community-driven token, a week to complete. The faster stabilization could indicate that the DOGS community is less focused on short-term gains.

While rising open interest and the jump in trading volume suggest strong market interest, the drop in funding rates suggests a less confident bullish sentiment. If traders start closing positions, this could lead to more volatility and possible market corrections.

However, analysts point out that the risk of increased selling pressure remains as the community continues to evaluate the token’s long-term potential.