DOGS Market Debut: High Trading Volume, But Price Faces Pressure
DOGS made a remarkable entry into the market, with a trading volume surpassing $2.17 billion, making it the 7th highest among all cryptocurrencies. This strong start indicates significant interest from both traders and investors in the meme coin.
However, contrary to expectations, DOGS did not experience the anticipated price surge.During a major Token Generation Event (TGE), 502.48 billion DOGS tokens were released, representing 91.4% of the total supply. This large influx of tokens created selling pressure, contributing to the price drop.
Analysts warn that if this trend continues, DOGS could potentially decline by another 20%, testing support levels around $0.0009.On a positive note, the price chart for DOGS suggests that the steep decline may be slowing down.
If DOGS can maintain a price above the critical $0.001 support level, a recovery could be possible. Optimistic buyers are eyeing potential upward targets of $0.0032 or even $0.005
