DOGS Token Surges Amid Broad Cryptocurrency Decline

DOGS token has posted its third consecutive day of gains, defying a broader market downturn triggered by heightened recession concerns following the U.S. jobs report.

As of today, DOGS rose by 0.03%, reaching a peak of $0.0011, marking a 16.5% increase from its weekly low. However, it remains 33% below its all-time high. This rise stands in sharp contrast to the performance of major cryptocurrencies like Bitcoin, which dropped by 4.85% to below $54,000—its lowest in a month—while Solana fell by 2.98% to under $130. Overall, the global cryptocurrency market capitalization has shrunk to $1.92 billion, with the crypto fear and greed index slipping to 30, indicating rising market pessimism.

The DOGS rally is primarily attributed to increased trading activity in both the spot and futures markets. Data shows that DOGS’ futures open interest surged to $124 million, its highest level since September 3. Additionally, spot trading volume climbed to $541 million, a figure last seen on August 31.

A key driver of DOGS’ performance appears to be Binance’s ongoing Carnival, which is incentivizing participation by offering traders 40 million DOGS and 5 million NOT tokens. The event has led to a significant uptick in DOGS trading, with Binance accounting for $55 million of the $124 million in futures open interest, and the bulk of spot trading volume. The Carnival is set to conclude on September 17.

The broader TON blockchain ecosystem also contributed to DOGS’ upward momentum, particularly after Telegram’s founder, Pavel Durov, issued a statement following his arrest. Toncoin rose by 1.67%, while Notcoin saw gains of over 2%. Durov, who faces charges related to facilitating illegal activities via Telegram, expressed surprise at the indictment, highlighting the company’s cooperation with European law enforcement.

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