DOGS token saw a third consecutive day of gains, even as most cryptocurrencies declined following the latest U.S. jobs report, which sparked recession concerns.

The DOGS token, which recently launched its airdrop, climbed to a high of $0.0011, marking a 16.5% increase from its lowest point this week. However, it remains 33% below its all-time high.

This rally stood out as Bitcoin and most altcoins continued to fall. Bitcoin dropped below $54,000 for the first time in a month, while Solana fell below $130. The total market cap of all cryptocurrencies decreased to $1.92 billion, and the crypto fear and greed index dipped into the fear zone at 30.

The rise in the DOGS token was driven by increased volume in both the spot and futures markets. Data indicates that its futures open interest rose to $124 million, the highest point since September 3. Additionally, spot market volume surged to $541 million, the highest level since August 31.

A key factor for the rally is the ongoing Binance Carnival, which is offering traders 40 million DOGS and 5 million NOT tokens for participation. The event, which involves users depositing and trading the tokens’ futures, will conclude on September 17.

This carnival likely explains the increase in DOGS open interest in the futures market on Binance. Of the $124 million in open interest, $55 million was on Binance, followed by Bybit and Bitget. Binance also accounted for the majority of the volume in the spot market.

The DOGS token also gained as other tokens in the TON Blockchain saw increases after Pavel Durov made a statement following his arrest. Toncoin rose by 1.67%, while Notcoin jumped by over 2%. In his statement, Durov expressed surprise at the arrest and mentioned that Telegram has an official EU representative handling law enforcement requests.

Durov, the founder of Telegram and TON, was indicted for allegedly facilitating illegal activities on the app, which is used by over 900 million users. He was also accused of not responding to France’s law enforcement officials and now faces 10 years in prison.

For more updates and news on the cryptocurrency market, continue exploring Global Crypto News.

Post Views: 5