DOGS Price Plummets 6% as 17 Million Users Claim DOGS Token: What’s Next?

The Dogs price has dived by 6% in the past 24 hours, sliding to $0.00100 as the cryptocurrency market weathers a 1% loss. This drop means that DOGS is down 1% in a week and 36% in the last 30 days. Worsening the outlook is its 24-hour trading volume, which has plunged 48% to $312.83 million. This suggests a dwindling market among investors and traders in the Dogs market. 

Meanwhile, the DOGS token has hit the headlines, as 17 million users claimed DOGS tokens. Moreover, the Dogs Mini App, which drives the DOGS coin, now boasts about 53 million users. Of the engaged users, 42.2 million participants were eligible for the DOGS token airdrop. According to the TON community’s post via X, this makes it the largest meme coin TGE.

17M users claimed DOGS tokens

In the last 2 weeks, our daily active user addresses hit 1.1M several times, with single-day transactions peaking at 14.4M. The DOGS token distribution played a key role in this surge. DOGS token is now held by 4.5M unique wallets on TON… pic.twitter.com/mM1ndlbUO1

— DOGS (@dogstelegrameme) September 11, 2024

Dogs Statistical Data

Based on CoinmarketCap data: 

• DOGS price now – $0.00100
• Trading volume – $312.83 million
• Market cap – $522.75 million
• Total supply – 550 billion
• Circulating supply – 516 billion 
• DOGS ranking – #102

DOGS Technical Indicators Flash Bearish

The Dog’s price has flipped bearishly today, in tandem with the entire crypto market, which has decreased by 1%.  Dogs, a project inspired by a dog drawing from Telegram co-founder Pavel Durov, has caught the crypto community’s attention. However, it struggles to exit the red zone, staggering around the $0.00100 mark. Bulls faced strong resistance at the $0.0011 level, forcing them to retreat, establishing strong support at $0.0009. 

The dog’s price market paints the bigger picture bearish, tilting the odds in favor of the sellers. To start with, the meme coin trades are below major bullish technical indicators, including the 50-day and 200-day SMA. In this case, the bears established a strong resistance at $0.00103 and $0.00104, which the bulls had to conquer before resuming an uptrend.

Moreover, the Relative Strength Index (RSI) is undervalued, hovering below the 50-mean level. This suggests increased selling pressure, as the RSI currently sits at 34, an oversold region. However, if the buyers initiate a buy-back campaign at this level, the RSI could hurtle towards the 50-mean level, invalidating the bearish thesis. 

On the other hand, the Moving Average Convergence Divergence (MACD) worsens the outlook as it has plunged toward negative territory. Moreover, the momentum indicator upholds a sell signal, portrayed by the MACD in blue, crossing below the orange signal line. This outlook reinforces dwindling buying momentum, allowing the bears to dominate.

DOGS Price Prediction

The dog’s price trades within a rising wedge in the one-hour chart time frame above. This technical pattern often indicates a bearish signal, suggesting a possible reversal during an uptrend. If the bears keep dominating at this level, the $0.0009 support might break. In such a case, a breach and break below support will see DOGS price plunge to $0.00096.

On the flip side, with the meme coin oversold, it could bounce back strongly quite soon. If the buyers capitalize on the buying opportunity sent forward by the undervalued RSI, DOGS price could surge. A breach and break above the $0.00104 technical barrier will see DOGS reclaim its ATH at $0.0016.