The debut of the new meme coin "DOGS" on centralized exchanges has quickly become a hot topic, particularly due to the involvement of DWF Labs, which hints at a wild ride ahead. In a stunning start, "DOGS" amassed a trading volume of $415 million within just over an hour, accompanied by a market cap of $645 million and a fully diluted market cap of $690 million.
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While these numbers are impressive, they also suggest that the potential for a massive 10x surge may be out of reach given the already high market cap. With the current price sitting at $0.00125, there are predictions of a rise to $0.03 by the end of 2024. Yet, the market dynamics hint at a possible initial dip as airdrop recipients might rush to sell their tokens, mirroring the trend seen during the $NOT Coin launch.
However, this could just be the calm before the storm. The market appears to be in a "summer mode," with retail traders yet to make their full impact felt. This lull might actually present a strategic moment for the price to find its footing and begin a steady climb. For now, caution is advisedâjumping into "DOGS" might not be the best move until the dust settles and the price finds a stable base. Watching how the gradual rollout of airdropped tokens' claim functionality plays out could provide a clearer picture of where the market is headed. In the unpredictable world of meme coins, patience and timing are everything.
Keep a close eye on the action, and be ready to strike when the opportunity aligns with your strategy.
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