The price of Telegram-linked $DOGS has plunged 30% following its $550 million airdrop, suggesting that beneficiaries are liquidating the memecoin to secure early profits.
Could DOGS Price Gain Ahead?
As of Aug. 30, DOGS was trading for as low as $0.00128 on Binance, compared to its opening day peak of $0.00180 four days ago. Still, when measured from the lowest level of its debut, the memecoin was up by over 135%.
DOGS’s ongoing price consolidation further indicates that some airdrop beneficiaries have been choosing to hold the memecoin than selling it, indicating their interim bullish bias toward it. That could be due to an overall optimistic sentiment in the crypto market.
Memecoins, the riskiest cryptocurrencies, often experience higher market volatility during key phases or ahead of major events.
Beware of Binance Launchpool Curse, Though
Data reveals an interesting pattern about the cryptocurrencies listed for farming at Binance Launchpool. Most of these tokens have suffered major price declines after going live on the platform. For instance, layer-1 blockchain asset $SUI dropped by circa 35% after its Binance Launchpool inclusion in March 2024.
As a result, it becomes vital to ensure that DOGS is holding above its current support level of $0.00119. Any decisive breakdown below the line could result in further declines.
