Cryptocurrency market is again going through the meme coin mania and this time DOGS token has been trending the most in the trackings. Labeled as “dogecoin”, this meme stock has risen by more than 30% in the last week and gained popularity with the REIT investors, young people as well as social media users. With its base on the Ethereum blockchain, DOGS has steadily risen through the ranks to be one of the most-discussed tokens in the crypto market.

The reasons for rapid increase in demand for DOGS token are as follows: deceivingly simple naming and timely referencing, interest from the community, and general optimistic tendences in the development of the crypto market. Social media platforms have been utilized to the maximum by the developers of the project so that it has a large base of supporters who are very active in promoting the token.

While it is quite similar to some of the other meme coin competitors that have been recently launched, DOGS token says that it is not just a meme coin for pumping and dumping.

The current whitepaper of the project addresses the future development of decentralized application, popularly known as DApp, and features a clear plan of creating real utility for token holders. This is in features like The decentralized exchange for all things dog-themed tokens, The NFT marketplaces for digital pet accessories, The collaboration with animal shelters through charity.

However, critics have stated that the current price appreciation of the DOGS token could be unhealthy and cause movements which are extreme. The old hands, on the other hand, warn the new entrants that these investments are as risky as investing in early phase cryptocurrencies that are floated by mostly social media frenzy.

Over time, DOGS has started gaining traffic, and as with most cryptocurrencies, it has attracted the attention of several small exchanges, which adopted the token in a bid to leverage on its increasing demand. Thus, enhanced availability has only stoked trading activity and volatility, which in turn self-generate more attention and speculation.

The surge of DOGS token also adds to the rather current discussion among the cryptocurrency enthusiasts and traders about the place of the meme coins in the overall picture of the future digital asset market. Whereas some consider these tokens as light-hearted and easy means for the new entrant to invest in blockchain, others perceive them as a deviation from the core technological and financial advancements in the field.

However, with time most specifically in the existing volatile crypto market it remains to be seen as to whether the DOGS token shall be around for the longer term or just fade away into obscurity just as most meme coins do. For now, it simply remains to surf the wave of interest, which will bring it to absolute domination of various ratings, while shaking the tails of other excited admirers and buyers of other forms of digital assets.