DOGS, a newly launched meme coin on the TON blockchain, has seen its price steadily decline after an initial surge despite strong community interest.
Let’s take a look at why DOGS has been gaining so much attention in recent weeks. A key factor is that the coin runs on The Open Network (TON) blockchain. Originally developed by the Telegram team, TON has quickly become one of the most popular blockchains.
2024 has been a breakout year for TON, which has rapidly gained popularity due to its lightning-fast transactions, low fees, and ability to support more users than many other Layer 1 chains. It also has a huge existing user base thanks to its connection with Telegram.
These factors are the reason for DOGS’ popularity. Launched on August 26th, shortly after Telegram CEO Pavel Durov was arrested in France, DOGS experienced a highly volatile Token Generation Event (TGE) during which over 400 billion tokens were distributed to users.
The past few weeks have been eventful for DOGS holders. After the airdrop campaign ended in late August, the coin’s price skyrocketed, making it one of the most talked-about new coins. However, the surge inevitably came with a fall.
Meanwhile, another contender, Pepe Unchained (PEPU), is making waves due to its successful presale and impending exchange listing.
DOGS Price Analysis
DOGS’ current price is $0.00102 with a 24-hour trading volume of $1.45 billion. DOGS’ price has dropped significantly since its launch.
Since on-chain withdrawals became active, the price has fallen 34% in the past month and 20% in the past week. Trading over the past 24 hours has remained volatile, with prices hovering between $0.0009969 and $0.001128, as DOGS continues its downward trend.
The asset tested support twice and held firm, hitting a new all-time low of $0.0009769. This resilience suggests a possible bullish reversal. The recent breakout from the descending parallel channel signals a change in momentum, signaling a positive trend.
A new parallel channel has formed and support is holding at lower levels. Such patterns often break down to the downside if Bitcoin and other meme coins continue to fall, so DOGS could fall another 6-7%.
Despite this short-term risk, DOGS remains a major player in the meme coin space with a market cap of $526 million, ranking in the top 98 on the market cap rankings.
DOGS Price Prediction
Looking forward, DOGS holds potential for investors who are tolerant of price volatility. Its strong market cap, high trading volume, and top position among meme coins suggest there is room for growth and recovery. While short-term price fluctuations are likely, the long-term outlook remains bright.
Technical analysis suggests that DOGS may be approaching price discovery driven by market trends. After dropping from $0.0012, sellers have slowed down and buyers are holding the key support level at $0.0010. A move above this level will be crucial for a recovery.
If DOGS rises above $0.0010, it could once again aim for $0.0012, but if it drops below $0.0010, it could fall further. Current market conditions suggest that DOGS could see a significant price appreciation.
Recent trading near record highs indicates growing investor interest and the bullish momentum may continue. A break from the recent downtrend and a forecasted 40% upside also support this positive outlook.
DOGS is also highly liquid, which is important in supporting its price rise. With a large market cap and active trading, DOGS has enough liquidity to sustain its price movement. As a new asset that is less than a month old, DOGS is still in the early stages of growth.
This creates an opportunity for significant price appreciation as interest and market adoption grows. Given the technical analysis, liquidity, and recent launch of DOGS, its price is likely to continue to rise if positive trends and market conditions continue.
DOGS faces selling pressure as investors flock to Pepe Unchained
While DOGS is garnering attention, another meme coin has been quietly gaining traction: Pepe Unchained. This new frog-themed token on Ethereum has already raised over $12.3 million, making it one of the best cryptocurrency presales of 2024.
The presale is still going strong, with over $80,000 in whale investments flowing into $PEPU earlier this week. So why are crypto whales excited about Pepe Unchained? The project has some impressive tech behind its green exterior.
Its main feature is a Layer 2 blockchain called “Pepe Chain,” which the team claims operates up to 100 times faster than Ethereum, meaning faster transactions, lower fees and less network congestion.
The developers have also introduced a “double staking” protocol offering a 165% annual yield to attract more investors. Over $970 million in PEPU tokens have already been staked during the ICO, demonstrating strong confidence in the project.
Pepe Unchained’s community-focused token economics make the token even more attractive: there will be no private sale or separate allocation to the development team, and 20% of the token supply will be reserved for marketing, awareness building and brand recognition.
Additionally, the $PEPU smart contract has passed two security audits by Coinsult and SolidProof, which found no centralization risks or vulnerabilities.
Investors can buy $PEPU now at a discounted price of $0.0095743, but a price increase is on the horizon. To stay up to date, follow the project’s X and Telegram Channel.
To participate in the $PEPU token presale, visit pepeunchained.com.
Related
- Whale Activity Helps Pepe Unchained Layer 2 ICO Raise $12.3 Million
- Pepe Unchained Presale Soars to Over $12M as Crypto Whales Bet Big on $PEPU’s Huge Growth Potential
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