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The DOGS price dropped 15% in the last 24 hours and 19% in the past week to trade at $0.001288 as of 3.30 a.m. EST on trading volume that plummeted 64% to $737.6 million.
DOGS is closely connected to the Telegram community, and was created as a community-driven initiative on the TON Blockchain to leverage Telegram’s massive user base and native meme culture.
The meme coin’s price has recently been strongly influenced by fundamental factors, specifically the fact that Pavel Durov, the founder of Telegram, was both arrested and released within a single week. Durov was arrested shortly after landing in France, due to his connection to Telegram, which was enough to make the French authorities hold him responsible, at least in part, for enabling criminals to share illegal content and organize operations using his privacy-enabled messaging app.
The rally in support of Pavel Durov, who was detained in Paris, is ongoing in Moscow.
Protesters are bringing paper airplanes to the French embassy. pic.twitter.com/quv2jxEapc
— Russian Market (@runews) August 25, 2024
Since then, there was a massive community backlash that criticized the French authorities for violating the freedom of expression by arresting Durov, who has been released after paying the 5 million euro bail.
Arrest of Pavel Durov is a disturbing attack on free speech and a threat not just to Telegram but to any online platform.
Governments should not engage in censorship. This is a blatant and deeply troubling overreach of power.
— Lex Fridman (@lexfridman) August 25, 2024
Meanwhile, the Durov debacle affected the DOGS price in one way or the other, but now, the token has started to fall under the influence of the wider market, which once again finds itself under a strong bearish influence.
DOGS Price Prediction
The DOGS price has been seeing a strong dip since launch, with the crypto’s price drop being driven by the arrest and accusations raised against Durov, and then by the bearish market. With that being said, the token has also been approaching what appears to be its bottom, judging by several technical indicators. However, there are some indications that it might bounce back very soon.
The token’s Bollinger Bands have been going through a pattern of sudden narrowing followed by a surge in volume that pushed them further apart just as rapidly, only for them to narrow again and repeat the process. Each time the bands start drifting further apart, the token would see a small recovery. Right now, the indicator’s bands are once again seeing the distance between them increase, but the price is stuck to the lower band, and is also pushing it down.
In other words, the Bollinger Bands indicator alone presents mixed signals, reflecting the conflict between the bulls and the bears in the market.
The bearish market is still stronger at the moment, which can be seen from another technical indicator — the Relative Strength Index (RSI). RSI values have been spiraling down from the overbought zone to the oversold area, signaling that traders were initially buying the crypto, but have then started massively selling their DOGS tokens.
The RSI sank to 32.45, which is close to the 30 oversold zone. Many traders take that this as a signal that it is time to buy the dip. For now, the DOGS price is still dropping, but that could change relatively quickly if the market conditions allow it.
One conclusion to draw from all of this is that the market is experiencing strong volatility right now and that it is not to be taken lightly. While veteran traders know what they are doing, even they are exposing themselves to major risks by buying DOGS right now.
Promising Alternative To DOGS
With the price of DOGS dropping, opportunity seekers in the crypto sector can either wait until it hits the bottom and try to buy the dip, or turn to a safer alternative. Buying the dip is a risky move with crypto, as you never know for sure that the bear market won’t double down and push prices even further down. Alternatively, if you can find a high-potential cryptocurrency with strong utility, great demand, and catch it while it is in presale, that means it is all but guaranteed to shoot up post-launch.
One example of a crypto that could generate returns is Shiba Shootout (SHIBASHOOT) — a new Shiba Inu-inspired meme coin that introduces a unique Wild West design. More than that, the project created its own P2E game that allows users to engage in sharpshooter duels. Right now, the game is a fun way to pass the time, but once the SHIBASHOOT ICO ends, it will receive a Web3 update that will let you earn the project’s native token for winning the duels.
There's no stopping us sharpshooters 🚀 🔥
Stay tuned for exciting news! and join our telegram for weekly cash competitions!!! 💰 🤑 https://t.co/b7R2u2mOsOhttps://t.co/bfZPVRsuhM#ShibaInu #p2e #shibashootout #wildwest #competitions
— shibashootout (@shibashootout) August 29, 2024
Speaking of the ICO, it recently hit $1 million. The SHIBASHOOT token sells for $0.02 right now, but in only three days, it will see another scheduled price increase. If you buy it before this increase, you can get the meme coin at the best rate. SHIBASHOOT’s price will only continue to grow as the presale continues to progress through the ICO’s subsequent stages.
SHIBASHOOT is available in exchange for ETH, USDT, BNB, or credit/debit card, and you can join by heading to the Shiba Shootout website. ClayBro, a major crypto YouTuber with over 130K subscribers, recently noted that the project has massive potential and that analysts are expecting to see it on Binance soon after it sees its first listings.
Visit SHIBASHOOT’s official website.
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