The $TON Blockchain team announces that the $DOGS token has been requested by 17 million users in two weeks and summarizes what happened in this process:

  1. There has been a significant increase in the number of daily active users on the TON Blockchain. 1.1 million users were reached several times and 14.4 million transactions were made in one day. An important reason for this increase is the distribution of DOGS tokens.

  2. The DOGS token is currently held by 4.5 million different wallets, making it the most held token among all blockchain projects. Only USDt (Tether), TRON, and Ethereum have more wallets on the network.

  3. DOGS token is a meme project inspired by Telegram founder Pavel Durov’s iconic dog drawing. The project broke new ground as the largest meme token generation event (TGE) in history.

Key figures:

  • 53 million users have interacted with the DOGS Mini App.

  • 42.2 million users became eligible to participate in the token airdrop.

  • 17 million users claimed their airdropped tokens.

  • 4.5 million different wallets hold tokens.

This level of user engagement has never been seen before in the Web3 world and they are still in their early stages. Larger token distributions (TGE) will be held in September; they aim to bring millions of new users to the blockchain with their CatizenAI and Hamster Kombat projects.

EVALUATION AND STRATEGY

September 11, 2024

By examining the $DOGS/USDT chart in detail, we can make a technical assessment of investment feasibility. Here, let's focus on the factors that will support the investment decision, considering price movements, volume, moving averages and the general trend.

Technical Analysis

1. Price Movements

  • Current Price: 0.0010134 USDT

  • Last High: 0.0016660 USDT (most obvious peak in the image)

  • Daily Close: 0.0010134 USDT

The chart shows that the price has been falling from its peak (0.0016660 USDT) in the last few weeks. This indicates that the price is currently in a downtrend and is not showing signs of recovery. In the short term, it seems that the price could fall to 0.0010000 USDT levels.

2. Moving Averages (MA)

  • 7-Day Moving Average (MA7): 0.0010498 USDT

  • 25-Day Moving Average (MA25): 0.0010290 USDT

The price is currently trading below both MA7 and MA25. This indicates that the short-term upward momentum is weak and the price is in a downtrend. The price remaining below the moving averages is a sign that caution should be exercised when trading.

3. Volume Information

Volume is an important element in the chart.

  • Last 24 hour volume: 433,741,418,635 DOGS

  • Looking at the volume bars, it appears that volume decreased during the price decline and there was no strong volume support during the recovery attempts. This suggests that buyers are not strong enough in the market at the moment and the price may continue to fall.

4. Support and Resistance Levels

  • Support Levels:

    • 0.0010000 USDT: Psychological support level, as the price approaches this level, buyers may step in.

    • 0.0010130 USDT: Current support level, buyers can be expected to react strongly if the price tests this area.

  • Resistance Levels:

    • 0.0010500 USDT: Short-term resistance level. If the price breaks above this level, it may gain upward momentum.

    • 0.0011500 USDT: Stronger resistance level. A significant increase in volume is needed for the price to reach this level.

General Evaluation

Positive Aspects:

  • Psychological Support Level: The 0.0010000 USDT level can be a critical psychological support. If the price holds at this level, a recovery movement may come as buyers step in.

  • Oversold Condition: A continuous price decline may indicate that some technical indicators may be reaching oversold levels. This may create a bounce opportunity in the short term.

Negative Aspects:

  • In a Downtrend: It is trading below moving averages and selling pressure continues in general. This may pose a risk for investors.

  • Lack of Volume: Insufficient volume during price recovery attempts indicates that buyers are weak and the price could fall further.

  • Failure to Break Resistance Levels: The price is unable to break short-term resistance levels, indicating that an upward move is weak.

Investment Strategy Recommendation:

  • Short-Term Traders: If it finds support near the 0.0010000 USDT level, a short-term buying opportunity may occur from this point. However, this would be a very risky entry, as the price trend is still downward. If such an entry is made, it would be logical to minimize the risk by using a tight stop-loss level.

  • Long-Term Investors: In the long term, the price should show signs of recovery and the volume should increase. If the price rises to 0.0011500 USDT and above, this may be a safer entry opportunity.

Stop-Loss Level:

  • If a close is seen below the 0.0010000 USDT level, it would be logical to minimize the loss by applying a stop-loss.

Conclusion:

Currently, $DOGS is considered high risk in terms of investment. The price is in a downtrend, trading below the moving averages and there is no strong enough volume support. If the price can hold around 0.0010000 USDT and is supported by volume, a short-term bounce may be possible. However, for safer investment opportunities, it is necessary to wait for the price to show signs of recovery and break the resistance levels.


The data herein and this article are not investment advice and should not be considered as such.