DOGS Meme Coin Faces High Volume and Selling Pressure?
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Upon its market debut, DOGS recorded an impressive trading volume exceeding $2.17 billion, ranking it as the 7th highest among all cryptocurrencies. This reflects the strong initial interest from traders and investors in the meme coin. However, the anticipated surge in DOGSâ prices did not happen as expected.
In a significant Token Generation Event (TGE), 502.48 billion DOGS tokens were released, accounting for 91.4% of the total supply. This release added to the selling pressure and led to the price drop.
Further, analysts suggest that if this trend continues, the price could potentially fall another 20%, testing support levels as low as $0.0009.
However, according to the DOGS price chart, the sharp decline appears to be slowing. If $DOGS maintain a price above the $0.001 support level, there could be a recovery, with possible upward targets of $0.0032 or even $0.005 for optimistic buyers.
