DOGS Token Rally
DOGS token experienced a significant rally, rising for the third consecutive day amidst a market downturn caused by recession fears triggered by the U.S. jobs report. Despite other cryptocurrencies like Bitcoin and Solana falling, DOGS saw a 16.5% increase to reach $0.0011, although it still remains 33% below its all-time high.
Market Trends and Influences
The rally of DOGS token was supported by increased volume in both spot and futures markets. Data reveals that its futures open interest reached $124 million, the highest since Sep. 3. Simultaneously, the spot market volume surged to $541 million, marking its peak since Aug. 31. The ongoing Binance Carnival, offering incentives to traders, likely played a significant role in driving the DOGS token’s performance, with $55 million of the $124 million in open interest on Binance.
Pavel Durov and TON Blockchain Impact
Other tokens on the TON Blockchain, including Toncoin and Notcoin, also saw positive movement following Pavel Durov’s statement after his arrest. Durov’s response to accusations related to illegal activities facilitated through Telegram, the widely-used messaging app, added to market dynamics. TON Blockchain tokens experienced growth, with Toncoin rising by 1.67% and Notcoin surging by over 2%, contributing to the overall market sentiment.
