DOGS, a new meme-inspired cryptocurrency built on the TON blockchain, experienced a remarkable surge following its launch, gaining 38% in value.
Amidst a generally sluggish cryptocurrency market, DOGS jumped from $0.0012 to a peak of $0.00167 within just three hours. This rapid appreciation brought DOGS close to its initial Binance listing price of $0.0018, positioning it as a noteworthy contender in the dog-themed meme coin sector.
Introduction of DOGS and its Rapid Rise
The DOGS token was launched in early July through a Telegram app. The unique distribution model of the DOGS app awarded tokens based on the user’s account registration date and a referral system that encouraged bringing new users on board.
Someone who opened the account for the first time and left it dormant until age 11 eleven would have received a maximum of 10,000 DOGS tokens. In the very next phase after the launch of these tokens, their creators planned to put DOGS into circulation on several trading platforms, which in turn made the market more interesting.
The DOGS app’s emblem features Spotty, the unofficial mascot of the VK social network. Pavel Durov originally designed and made it for a charity auction.
Owing to the evolution of the survey of Spotty’s image, it was pronounced a digital asset. At the same time, Durov was arrested in France for such events, namely for abstaining from providing private personal information. Coincidentally, the launch of the DOGS token happened a day after Durov was taken in, which amounted to a rather interesting narrative for the coin’s development.
Current Market Performance and Metrics
As of today, DOGS is priced at $0.001410, with a 24-hour trading volume of $1,103,945,468. Despite the initial surge, DOGS has since experienced a 12.44% decline over the last 24 hours. With a live market cap of $728,763,742, DOGS ranks #81 on CoinMarketCap. The coin has a circulating supply of 516,750,000,000 DOGS tokens and a maximum supply of 550,000,000,000 tokens.
The trading chart for DOGS/USDT on Binance shows significant price fluctuations over a 24-hour period.
The price began at approximately $0.001568 USD, dropped to around $0.00140 USD, and displayed multiple peaks and troughs throughout the day, indicating active trading.
Source: CoinMarketCap
Around 8:00 AM, DOGS experienced a sharp spike to nearly $0.00155 USD, followed by a gradual decline, reflecting cautious market sentiment and possible consolidation.
Technical indicators suggest a bearish outlook for DOGS. The Relative Strength Index (RSI) is positioned at around 40.36, indicating selling pressure, as values below 50 generally suggest bearish sentiment.
Source: TradingView
The Moving Average Convergence Divergence (MACD) indicator shows the MACD line below the signal line, further reinforcing a bearish trend. The negative histogram bars suggest decreasing momentum on the downside, signaling that the price may continue to face resistance unless buying interest picks up.
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