The 2024 has become the year of meme-based cryptocurrencies due to high demand and continuous new releases in the market. From dogs to cats and other animals, these meme-themed cryptocurrencies have created a market of $38.95 Billion in market cap. One such token is DOGS, a TON-based crypto that has gained its brand image due to its connection with Telegram and its users. From drawing its inspiration from Spotty, a popular mascot drawn by Pavel Durov in a charity auction to gaining everyone’s attention, the DOGS price has witnessed a roller coaster in its market journey.
Analyzing The DOGS Price Performance
This Telegram token has become the talk of the town ever since its listing on various crypto exchanges. At that time, the DOGS price surged more than 150% from its launch price of $0.00054, astonishing the crypto enthusiasts. More importantly, all this happened within a few hours of its listing on Binance, placing it among the most-demand cryptocurrencies.
DOGS was already popular in the market, even before the listing, due to its token-earning features by referring to friends or completing a simple task. Moreover, the DOGS airdrop was another prominent reason for its demand, which distributed 400 billion tokens, making it the biggest airdrop.
Interestingly, once it got on the exchange, DOGS token witnessed a $ 2 billion in trading volume on the first day of its launch. Moreover, the token’s demand peaked two days ago, when it hit an all-time high of $0.001644 before entering a complete downtrend, putting in an 18.46% loss.
Even at the time of writing, the DOGS price is at $0.001303 after an 8% drop in the last 24 hours. Despite this, it has officially beaten the Popcat, BOME, and many other popular meme coins.
The Telegram token is still attempting recovery after its all-time low of $0.001169, which happened three days ago. However, the push is weak despite its high demand in the market.
Why Is DOGS Struggling In the Market?
The DOGS price struggle began with the Token Generation Event (TGE) on the 26th of August, where 502.48 billion DOGS tokens, equivalent to 91.4% of the total supply, were released. The major portion of this, 400 billion, was distributed among users as a part of the DOGS airdrop to increase the user’s involvement and circulation of the tokens. However, that backfired with high selling pressure in the market, crashing the DOGS token price.
Another prominent reason was the Pavel Durov arrest in France with multiple charges. Though Pavel Durov was released on $ 5 billion bail, all the tokens associated with him are still struggling in the market.
Will DOGS Price Surge Anytime Soon?
DOGE trading went live with a rising parallel channel pattern, but the trends have reversed now. The token is sitting at $0.001303 after an 8% loss, with the bulls attempting the recovery. However, the constant decline indicated a strong dominance of the bears in this token’s market.
This is not the condition of this crypto only as the entire market is under the bear’s influence, causing the global market cap to decline to $2.09 Trillion. However, there is little hope, as a few analysts have indicated slight positive changes in the buying volume. Surged trading volume and the RSI reaching the upper threshold might turn into a pullback.
Lastly, a significant shift might happen in the overall crypto market next. It is because the US PCE inflation is at 2.5%, which might boost the token’s prices, including the DOGS.
The post DOGS Price Fails To Reflect The High Token Hype: What’s Happening? appeared first on CoinGape.
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