$DOGS Sinks Over 37% Post-Listing: Is There Room for Recovery?
The much-anticipated DOGS token, a Telegram-native meme token, has seen a turbulent start since its listing on August 26, 2024. Within hours of its debut, the token surged in popularity, driving its market cap to over $600 million in the first 10 hours of trading.
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However, the excitement was short-lived, as the token quickly faced significant volatility, with its value dropping over 37.87% from its peak of around $0.001817. According to CMC data, it currently trades at $0.001174, marking a 4% decrease in the last 24 hours.
Market Volatility and Early Investor Sell-Offs Market volatility and the activities of the early adopters explain the sudden depreciation in value for DOGS. Indeed, most of them made a massive dump trying to realize short-term gains, which explains the huge drop in token value.
Lookonchain has included the example of one trader who sold their $DOGS tokens at the peak and made over 400% in profit. The trader’s investment, which went from $18.4k to $77.3k, illustrates the intense fluctuations in the DOGS market even more. ( Tweet Source)
DOGS Price Prediction: Mixed Sentiments
Despite that early misstep, some analysts still carry a glimmer of hope for DOGS recovery. Trading at a current price of $0.004377, analysts at CoinCodex put it past the asset to increase its current price by 236.09% come September 26, 2024.
Such an outcome may turn the token around fundamentally and, in that respect, give a way out to those investing and holding $DOGS . However, it is essential to note that existing technical point to bearish DOGS in the coming short term.
The Fear & Greed Index, among the most tracked metrics for gauging market sentiment, currently sits at a neutral 48. Further, according to CoinCodex’s analysis, it might not be the best period to purchase DOGS under current forecasts, pointing to potential risks.
