DOGS Token: Smart Trader Scores Big with 420% Return on Investment

On August 27, 2024, the tap-to-earn token Dogs (DOGS token) gained massive attention from the crypto community following its listing

The crypto community paid close attention to Dogs (DOGS token) on August 27, 2024, as it was listed on major centralized exchanges (CEXs) like Binance, HTX, ByBit, and OKX. During this listing, a smart trader made over 400% on the initial investment, according to an on-chain analytic firm lookonchain.

Smart Trader Profits from Dogs Token

Before DOGS was listed on major CEXs, it was available on decentralized exchanges (DEXs), an on-chain analytic firm Lookonchain noted in a post on X (Previously Twitter). The smart trader reportedly bought nearly 55.9 million DOGS tokens at the low price of $0.00013, spending 3,271 Toncoin (TON) worth $18,400.

However, the price of DOGS soared following its listing on these CEXs. The smart trader sold 20 million DOGS for 6,150 BNB, worth $34,600, and deposited the remaining 35.9 million tokens, worth $61,000, to a CEX. In total, the trader generated $77,300, achieving a 420% return on investment.

DOGS Price and Market Activity

According to CoinMarketCap, DOGS is currently trading at $0.00122 and has experienced a price decline of over 23%, following its listing. Meanwhile, its market cap has reached $640 million.

Rising Open Interest in DOGS

Investor and trader interest is significantly increasing. According to the on-chain analytic firm CoinGlass, DOGS’s open interest has increased by 35% in the last 4 hours and 16,000% in the last 24 hours.

Additionally, more profit booking or selling pressure could occur in the upcoming days. Currently, traders are significantly shorting, and investors who bought before the CEX listing are starting to dump their holdings.

This tap-to-earn token is built on the TON blockchain, and over 8 million users have claimed their airdrop following its listing. The project’s Telegram channel also boasts over 16 million active users, contributing to the project’s potential for massive success.

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