Token

Reflect

Billion

DOGS

<p>The 2024 has become the year of meme-based cryptocurrencies due to high demand and continuous new releases in the market. From dogs to cats and other animals, these meme-themed cryptocurrencies have created a market of $38.95 Billion in market cap. One such token is DOGS, a TON-based crypto that has gained its brand image due to its connection with Telegram and its users. From drawing its inspiration from Spotty, a popular mascot drawn by Pavel Durov in a charity auction to gaining everyone’s attention, the DOGS price has witnessed a roller coaster in its market journey.</p>
<h2 id="analyzing-the-dogs-price-performance">Analyzing The DOGS Price Performance</h2>
<p>This Telegram token has become the talk of the town ever since its listing on various<a href="https://coingape.com/crypto-exchanges/" rel="noopener noreferrer nofollow"> crypto exchanges</a>. At that time, the DOGS price surged more than 150% from its launch price of $0.00054, astonishing the crypto enthusiasts. More importantly, all this happened within a few hours of its listing on Binance, placing it among the most-demand cryptocurrencies.</p>
<p>DOGS was already popular in the market, even before the listing, due to its token-earning features by referring to friends or completing a simple task. Moreover, the <a href="https://coingape.com/markets/missed-dogs-airdrop-buy-dogs-price-here/" rel="noopener noreferrer nofollow">DOGS airdrop</a> was another prominent reason for its demand, which distributed 400 billion tokens, making it the biggest airdrop.</p>
<p>Interestingly, once it got on the exchange, DOGS token witnessed a $ 2 billion in trading volume on the first day of its launch. Moreover, the token’s demand peaked two days ago, when it hit an all-time high of $0.001644 before entering a complete downtrend, putting in an 18.46% loss.</p>
<p><img decoding="async" src="https://coingape.com/wp-content/uploads/2024/08/image-2024-08-30T190327.534.png" alt="DOGS Price" width="670" height="302"></p>
<p>Even at the time of writing, the DOGS price is at $0.001303 after an 8% drop in the last 24 hours. Despite this, it has officially beaten the Popcat, BOME, and many other popular <a href="https://coingape.com/meme-coin/" rel="noopener noreferrer nofollow">meme coins</a>.</p>
<p>The Telegram token is still attempting recovery after its all-time low of $0.001169, which happened three days ago. However, the push is weak despite its high demand in the market.</p>
<h3 id="why-is-dogs-struggling-in-the-market">Why Is DOGS Struggling In the Market?</h3>
<p>The DOGS price struggle began with the Token Generation Event (TGE) on the 26th of August, where 502.48 billion DOGS tokens, equivalent to 91.4% of the total supply, were released. The major portion of this, 400 billion, was distributed among users as a part of the DOGS airdrop to increase the user’s involvement and circulation of the tokens. However, that backfired with high selling pressure in the market, crashing the DOGS token price.</p>
<p>Another prominent reason was the Pavel Durov arrest in France with multiple charges. Though <a href="https://coingape.com/telegram-pavel-durov-released-but-remains-under-judicial-supervision/" rel="noopener noreferrer nofollow">Pavel Durov was released</a> on $ 5 billion bail, all the tokens associated with him are still struggling in the market.</p>
<h3 id="will-dogs-price-surge-anytime-soon">Will DOGS Price Surge Anytime Soon?</h3>
<p>DOGE trading went live with a rising parallel channel pattern, but the trends have reversed now. The token is sitting at $0.001303 after an 8% loss, with the bulls attempting the recovery. However, the constant decline indicated a strong dominance of the bears in this token’s market.</p>
<p>This is not the condition of this crypto only as the entire market is under the bear’s influence, causing the global market cap to decline to $2.09 Trillion. However, there is little hope, as a few analysts have indicated slight positive changes in the buying volume. Surged trading volume and the RSI reaching the upper threshold might turn into a pullback.</p>
<p>Lastly, a significant shift might happen in the overall crypto market next. It is because the US PCE inflation is at 2.5%, which might boost the token’s prices, including the DOGS.</p>
<p>The post <a href="https://coingape.com/trending/dogs-price-fails-to-reflect-the-high-token-hype-whats-happening/" rel="noopener noreferrer nofollow">DOGS Price Fails To Reflect The High Token Hype: What’s Happening?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

DOGS Price Fails To Reflect The High Token Hype: What’s Happening?

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