As a seasoned crypto investor with a knack for spotting undervalued gems in the digital currency landscape, I find myself intrigued by the meteoric rise and subsequent dip of DOGS, the meme coin born on the TON blockchain. Having navigated through numerous market cycles, I’ve learned to appreciate the resilience and adaptability of this space.
The recently debuted meme coin called DOGS, operating on the TON blockchain, has swiftly emerged as a significant topic within the cryptocurrency world. Launching amidst a bearish market, DOGS managed to draw attention with a robust initial offering on Binance and other prominent trading platforms.
This token symbolizes the resilient attitude of the Telegram user community, which is modeled after Spotty, a character created by Pavel Durov, the renowned entrepreneur and founder of Telegram. This project showcases the community’s excitement and forward-thinking mindset when it comes to digital currencies.
Lately, the cost of Dogecoin (DOGE) has dropped due to widespread adjustments in the financial markets. Despite this, there’s still a lot of excitement surrounding it as it trades within a bearish market climate that has affected many cryptocurrencies.
DOGS Price Dip Despite TON’s High Activity
The distribution of DOGS tokens on the TON blockchain has sparked an extraordinary increase in its operational activity. Over the last seven days, the number of transactions conducted on this platform reached a staggering 46 million, a fact underscored by data from IntoTheBlock.
Last week, more than 46 million transactions were handled on the TON blockchain, fueled by the enthusiasm about the upcoming $DOGS airdrop.
— IntoTheBlock (@intotheblock) September 2, 2024
As an analyst, I find myself observing a minor dip in Toncoin‘s value. Currently, it stands at $5.16, representing a 5% decrease over the past 24 hours. This volatility coincides with broader market instability.
Over the last day, there have been significant ups and downs in the digital currency market. As I’m typing this, the value of DOGS is holding steady at approximately $0.001126, which represents a decrease of 7.57% compared to its price the day before.
Today’s high for the meme coin reached $0.001226, but it also hit a daily low of $0.00106. This decline comes after the token hit an all-time high of $0.001644 five days back, marking a significant drop of approximately 30.96% from its peak value. However, despite today’s losses, DOGS managed to increase by more than 7.04% compared to its all-time low, which was set earlier today.
Potential Paths for DOGS
If buying demand weakens significantly, the price may drop towards a potential support at $0.00112. If this support level cannot prevent a downtrend, there’s a possibility that the price could fall further to around $0.0011.
The Moving Average Convergence Divergence (MACD) suggests a continued downturn since the MACD line is moving below the signal line, and the histogram bars consistently display a negative value, hinting at possible additional drops.
Based on data from Coinglass, the trading volume for Dogecoin (DOGS) has skyrocketed by about 52.1% to reach a staggering $1.5 billion. On the other hand, the amount of open interest for DOGS has dipped by approximately 9.79%, now standing at $120.6 million. This suggests an increase in trading activity, despite a decrease in the total number of active contracts.
At present, the price is encountering resistance around $0.0015. If it manages to surpass this level, it might initiate a prolonged upward trend. Potential future levels in such a case could be $0.0017 and potentially even $0.002.
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2024-09-02 23:20