Is DOGS ready for a bullish recovery rally?
DOGS’s latest performance suggests that there was significant accumulation at its recent bottom range.
However, it will require more liquidity inflows to sustain more bullish momentum, a mission that may not be so difficult considering its latest popularity.
Recent on-chain data suggests that it could be in a position to maintain that status. For example, DOGS is currently the leading token on TON in terms of ownership, with 5.6 million holders.
The total addresses with balances peaked at 6.36 million addresses on the 24th of September but have since dropped by roughly 780,000 addresses.
However, DOGS has about 12.05 million total addresses, which means roughly 6.05 million addresses have zero balance.
The total zero balance addresses appeared to be levelling out, which indicates a slowdown in sell pressure.
However, it is worth noting that addresses activity did not demonstrate a significant positive shift despite the recent uptick. In other words, the DOGS memecoin is yet to demonstrate strong accumulation.
Nevertheless, a slight change in sentiment occurred recently, which may be in favor of the bulls.
