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The DOGS Price surged 21% in the last 24 hours to trade at $0.001515 as of 3.30 a.m. EST on trading volume that skyrocketed 96% to $2.05 billion.
DOGS is a vibrant, community-driven project built on the TON blockchain. It was designed to leverage Telegram’s massive user base and native meme culture, meaning that its ties to the platform are strong. Telegram-related developments can often have a strong impact on the altcoin’s price as well.
It is worth noting that this is a newly-listed crypto that has been around for under two days. However, its demand already brought it to the list of the largest meme coins by market cap. More importantly, the project had a strong reaction to recent reports involving the Telegram CEO, Pavel Durov, who was arrested in France on Aug. 24.
His arrest came due to his connection to the platform which is commonly used for illegal activities, according to French authorities. Durov was still charged, placed under judicial supervision, and released from custody. He may not leave France until the end of his trial, and he also had to pay bail of 5 million EUR before being released.
DOGS Price Prediction
The DOGS price saw a major surge following its launch, only for its price to then correct quite sharply after encountering the bearish sentiment that currently still has a strong hold on the crypto market. Its price attempted to climb higher in the last two days, but a major barrier at $0.0016 has stood in its way.
There are several technical indicators that suggest that the DOGS price is more likely to correct than to break the resistance. Its Bollinger Bands, for example, have seen a sharp narrowing in the last 12 hours, and while the price initially stuck to the upper band, it is now pushing the lower band further down.
Both the narrowing and the price sticking to the lower band are bearish signals that suggest an upcoming correction.
Meanwhile, the project’s Relative Strength Index (RSI) value, which fluctuated around the neutral zone for over 12 hours now, continues to do so, with the fluctuations becoming sharper and stronger. This is not surprising given the fact that the token has been in circulation for only two days, and it has yet to stabilize.
The RSI suggests that strong volatility can be expected, as traders see major waves involving both sales and purchases. It is worth noting, however, that the price could end up suddenly sinking, especially if the RSI drops to the oversold area. If the bulls take over the market, it is also possible for the DOGS price to enter a rally and potentially skyrocket instead of dropping or stabilizing.
Being a new project, DOGS lacks historical data that could provide more accurate insights, but one thing that is certain is that the project represents a high-risk investment at this time, so anyone who decides to buy DOGS should be mindful of the risks.
Promising Alternative To DOGS
With DOGS showing signs of an upcoming price drop, investors are turning to a new meme coin known as Base Dawgz (DAWGZ). The new dog-based meme coin developed on the Base blockchain just concluded its ICO yesterday, raising a total of $3.19 million.
The $DAWGZ presale has ended!
You are still able to buy the token at listing price if you so wish. Please stay tuned for more info.
DEX launch date: 4 September 2024, 5pm CET 🪂 pic.twitter.com/B9gFx6Yju6
— Base Dawgz (@BaseDawgz) August 28, 2024
Now, the project is waiting for its first DEX listings, which is when its price is expected to surge. According to the project’s website, the listing will come in a little over six days, but even now, the project still allows investors to buy its native token. DAWGZ sells for $0.008582, and buying it now represents a great opportunity for those who failed to join the ICO.
The reason why DAWGZ is seeing great demand and millions of dollars in investment is its massive potential as a multi-chain meme coin.
Despite being developed on Base, the token will go live on five blockchains simultaneously, including Ethereum, Solana, Avalanche, Binance Smart Chain, and the Base network, allowing DAWGZ holders to easily move money between these chains.
This is possible thanks to cross-chain technologies such as Wormhole and Portal Bridge, and it will allow DAWGZ holders to easily access the unique benefits of each chain.
The project attracted a lot of attention, including from crypto experts such as YouTuber ClayBro. He said that the meme coin is one of the top project’s to accumulate.
Visit DAWGZ’s official website.
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