Is It Too Late to Buy DOGS? Dogs Price Plummets 9% as Volume And Open Interest Suggest Bullish Sentiment

The Dogs price (DOGS) is in focus today, as it has plunged 9%, with the DOG/USD trading at $0.0012. Despite the plunge, its 24-hour trading volume has skyrocketed by 110% to $1.8 billion. 

What Is Dogs?

Dogs is a vibrant, community-driven initiative built on the TON Blockchain. It is designed to leverage Telegram’s vast user base and native meme culture. The project centers around a beloved dog mascot created by Telegram’s founder, Pavel Durov. Moreover, the project aims to introduce millions to blockchain technology through tokenized stickers, fostering a fun and engaging ecosystem focusing on community ownership and fair reward distribution.

Dogs (DOGS), a meme coin on the TON network, celebrated its airdrop and debut on centralized crypto exchanges on August 26. Several top CEXes listed DOGS, including Binance, OKX, Gate.io, Bitget, and Bybit. Shortly after the listing, its price lost 25% and has stabilized at around $0.0012 per coin.

🟢 #NewListing $DOGS/USDT @RealDogsHouse Spot trading is LIVE on #OKX!

Trade now: https://t.co/B7I6FpBVBc pic.twitter.com/zYSkxk0RF2

— OKX (@okx) August 26, 2024

According to the tokenomics shared within the Telegram community, DOGS has a total supply of 550 billion tokens. 81.5% of the tokens are allocated to the community, with 73% reserved explicitly for Telegram OGs. An additional 10% is set aside for the team and future development.

Is Dogs the Next Big Meme Coin?

With the hype surrounding the memecoin, it might be the next token to hit the mainstream. According to data from Coinglass, the total open interest for DOGS has seen a massive surge of 74% to $98.11 million. This reflects a significant increase in traders’ confidence in the memecoin. Alternatively, this could suggest that a large influx of new money could cause a rally soon. 

Dogs Price Statistical data

Based on CoinmarketCap data:

• DOGS price now – $0.0012
• DOGS market cap – $650.2 million
• DOGS total supply – 550 billion
• DOGS circulating supply – 516.75 billion 
• DOGS ranking – #92

Dogs departed on various centralized exchanges on August 26 at an initial price of $0.004. However, the launch of the DOGS token coincided with the arrest of Telegram founder Pavel Durov, who created the mascot “Spotty,” now synonymous with the DOGS token. Pavel’s detention has led to the #FREEDUROV campaign, which has gained attention on various social media platforms. 

However, various crypto analysts have suggested that a favorable outcome in Durov’s legal situation could lead to bullish momentum in the DOGS market. In the meantime, the technical outlook flashes bearish. The dog’s price trades below the 50-day and 200-day Simple Moving Averages (SMAs), suggesting a bearish sentiment in the market. In this case, the bulls must pull down the immediate resistance at $0.0016 and $0.0019 before they resume an uptrend. 

Moreover, the Relative Strength Index is below the 50-mean level, currently at 40. This suggests dwindling buyer momentum in the market. However, if the bulls step into the market at this level, the RSI could hurtle above the 50-mean level, possibly to the 70-overbought zone. 

Dogs Price Outlook

In the one-hour chart above, there is a tug-of-war between the bulls and the bears, forcing the Dog’s price into a consolidation phase. The dog’s price is stuck in a tight range, with the upper limit/resistance at $0.003 and the lower limit/support at $0.001.This moving period between horizontal support and resistance levels may act as an accumulation period before the bulls initiate a strong move upward. In such a case, the bulls could initiate an uptrend to a new ATH at $0.01. 

Conversely, the token could drop if the bears dominate the market at this level. A breach and break below $0.0012 support will see the price plunge to as low as $0.0001.