As a seasoned analyst with over two decades of experience in the crypto market, I have seen my fair share of token unlock events and their impact on price action. Based on the information provided about DOGS, I believe that we could be witnessing a significant correction following the upcoming TGE on August 26th. With 502.48 billion tokens set to flood the market, there’s a high risk of dilution that could potentially drag down the asset’s value.
Dogs, the cryptocurrency developed within the community on the TON Blockchain and connected to Telegram’s vast user base and popular meme culture, has recently caught the interest of investors due to its volatile movements during market turbulence in August. However, with the upcoming release of a Billion DOGS tokens, there may be a significant adjustment or correction in the asset value.
DOGS Price to Rest Major Support Amid 502.48 Billion Token Release
The innovative digital currency known as DOGS, modeled after a beloved canine mascot, was initially conceptualized by the creator of Telegram. Its primary goal is to make blockchain technology more accessible by offering enjoyable and interactive opportunities, like tokenized emoticons or stickers.
1. The token is currently gaining popularity among similar initiatives, following its addition to the Gate.io cryptocurrency exchange and inclusion in Binance‘s 57th project launch pool.
As an analyst, I’m excited to share that on August 26th, we, the investors of DOGS, are anticipating a major Token Generation Event (TGE). During this event, a staggering 502.48 billion DOGS tokens, which make up approximately 91.4% of the total supply, will be distributed.
Approximately 72.7% of the total tokens, amounting to 400.02 billion DOGS, are earmarked for the community airdrop. This aligns with the project’s focus on community ownership and could encourage more users to engage and circulate tokens within the ecosystem.
The expanded distribution features marketing allocated with approximately 9.18% of the total supply (50.49 billion DOGS), liquidity set aside for 5.45% (29.89 billion Tokens), team rewards amounting to around 5.36% (29.48 billion DOGS), Binance Launchpool holding 4% (22 billion tokens), and advisory services receiving about 3.27% (17.9 billion tokens).
Generally speaking, releasing large quantities of tokens at once might cause an oversupply in the market, potentially causing a decline in the asset’s value. However, distributing tokens to the community could have a significant impact on the market as well. Contrastingly, the team and advisors will receive their tokens through a linear vesting schedule, meaning the tokens will be gradually released over time, which should result in a gradual increase in the circulating supply rather than a sudden flood.
Can DOGS Token Bounce Post Token Unlock?
In the midst of the August market downturn, I found solace when DOGS stabilized around the $0.001 mark. Psychologically speaking, this level provided a significant boost to the asset, propelling it more than 200% to challenge resistance at $0.0031. The thrilling ups and downs of these meme coins make them an exciting choice for those who enjoy speculative trading, as they are heavily influenced by such market dynamics.
At the time of publication, the DOGS token is valued at $0.0021. If the impending unlocking event increases selling activity, there’s a possibility that the price could plummet by 50%, reaching a new low. Should this downward trend continue, investors might find support around the $0.0008 price point.
Conversely, should buyers successfully hold the $0.001 support level, they might find themselves propelled to reach a potential rise of $0.0052.
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2024-08-25 18:39