DOGS (DOGS), a memecoin built on The Open Network blockchain, has plummeted 8% to $0.0009065 today. This comes as part of a broader downturn affecting cryptocurrencies tied to the Telegram platform.
DOGS is currently trading at $0.0009197, with trading volume down 43.26% to $154.7 million. It is also worth noting that more than 3.65 billion DOGS tokens will be unlocked on September 26, which could further impact the price of this memecoin.
The Downfall of Telegram Cryptocurrency
Other Telegram-based tokens, including Toncoin (TON) and Notcoin (NOT), have also declined over the past 24 hours. TON is down 2.4% and is currently trading at $5.57, while Notcoin (NOT) is down 5.1% and is trading at $0.007424.
Overall, the general downward trend of these tokens has started since the previous arrest of Pavel Durov, Telegram founder.
Cryptocurrency experts say that DOGS accumulation has been steadily decreasing over the past few weeks, indicating low investor interest in the memecoin.
Meanwhile, the relative strength index (RSI) is at 37.48, suggesting that sellers are in control of DOGS' price action.
Finally, with the above impacts and technical indicators, analysts predict that the price of DOGS will continue to decrease in the coming time.
