Dogs (DOGS), a meme coin on the Telegram-backed Toncoin (TON) network, has rapidly gained traction in the web3 space. Just days after its launch, DOGS has attracted nearly 1 million on-chain holders and achieved a fully diluted valuation of around $608 million, with a daily trading volume exceeding $440 million.

The success of DOGS has significantly increased the visibility of the Toncoin network, which recently reached 1 billion transactions in the past year. Despite network outages due to high demand, Toncoin remains a leading web3 ecosystem with over $351 million in total value locked and more than $619 million in stablecoin supply.

Technically, DOGS is consolidating after breaking a key support level and is poised for a bullish breakout if it closes above $0.001166. The four-hour RSI suggests a potential reversal, making it a coin to watch for speculative traders.