DOGS Price Rise: 40 Billion Tokens Airdropped in 48 Hours Bigger Rally Ahead?
DOGS fell 3% today, falling with the cryptocurrency market to $0.001055.
The TON-based meme currency has lost 18% in a week and 35% from its August 28 all-time high of $0.001633.
After airdropping 40 billion tokens in 48 hours, Dogs' team has most of their 550 billion DOGS in circulation.
Although many airdrop participants have sold their tokens, its current momentum might see it recover in the coming days.
DOGS Price Rise: 40 Billion Tokens Airdropped in 48 Hours Bigger Rally Ahead?
DOGS has risen in the previous hour after falling substantially from its late-August peak.
Its relative strength index (purple) rose from slightly under 30 on Wednesday to just over 50 today, reflecting this development.
DOGS' 30-period moving average (orange) is rising approaching its 200-period average (blue) after many days below it.
This suggests purchasers are returning to DOGS to take advantage of its bargain.
DOGS began on the Telegram Open Network (TON) as a community reaction to Pavel Durov's incarceration.
It features Spotty, Durov's dog mascot, which the DOGS community utilized to show sympathy with the French and Russian national.
DOGS' meme token popularity has benefited by Durov's online backing, especially on Telegram and X.
Durov received bail a week ago, but he is expected to stay in court for a long time, keeping DOGS relevant as a resistance-themed meme currency.
This team airdropped 40 billion DOGS in batches to X and Telegram users that helped promote the coin.
