As an experienced crypto investor who has witnessed the rise and fall of numerous meme coins over the years, I find myself intrigued by the recent developments surrounding DOGS. The liquidation trend is indeed unusual, especially for a coin as new as this one. However, considering its rapid growth and entry into the top 100 digital currencies by market cap within a week, it’s clear that there’s something about DOGS that appeals to investors.
Numerous recently introduced altcoins, such as DOGS which is linked to Toncoin and modeled after meme coins, have shown an unexpected pattern of market liquidations following recent price declines. Despite the overall liquidation amount being lower than past highs, there was a significant $2.72 million in DOGS tokens liquidated over a 24-hour period. This is equivalent to approximately 2.4 billion DOGS tokens.
DOGS liquidation
As a researcher examining the data, it appears that the token DOGS has a substantial investment exposure, indicating a significant confidence in its potential among investors. Interestingly, this relatively new token has already experienced a notable liquidation amounting to over $1.7 million from its long traders. Additionally, short DOGS traders have also experienced liquidations totaling approximately $897,000.
As an analyst, I’ve observed that compared to my previous findings, XRP, a well-established digital asset, has only managed to generate approximately $800,000 in the recent period. On the other hand, Dogecoin, despite being less established, has garnered around $2.79 million, slightly lower than DOGS. This suggests that while XRP maintains its position as an established asset, its performance pales in comparison to the more dynamic growth seen in less traditional assets like Dogecoin.
The growing enthusiasm for DOGS is understandable given the positive momentum surrounding the token. As U.Today previously reported, the token experienced a series of impressive surges last week, reaching its highest point ever at approximately $0.001644 just five days ago.
1) The popular cryptocurrency exchanges that began offering a specific coin helped increase its visibility. Recently, Crypto.com joined this list by supporting Dogecoin trades, thereby expanding its own market presence.
DOGS top 100 ascension
To ensure a meme coin becomes widely accepted, it needs to outlive the excitement phase, much like how BONK, PEPE, and now DOGS have managed significant success among their contemporaries so far in 2021.
Over the past week, this token has experienced significant expansion and now ranks among the top 100 digital currencies based on market capitalization. Currently, it is being traded at $0.001122, representing a decrease of about 10% in a substantial price correction.
However, it remains the 94th most-valued asset, with a market capitalization of more than $579 million.
Read More
- ENA PREDICTION. ENA cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD ZAR PREDICTION
- USD COP PREDICTION
- WIF PREDICTION. WIF cryptocurrency
- EUL PREDICTION. EUL cryptocurrency
- EUR NZD PREDICTION
2024-09-02 17:56