As a seasoned analyst with over two decades of experience in the crypto markets, I’ve seen my fair share of meme coins and their volatile rides. The launch of DOGS, the Telegram-native meme coin, has certainly caused quite a stir, and it’s hard not to get caught up in the excitement.
As a crypto enthusiast, I’m excited to share that the newly introduced TON-based meme coin, DOGS, has managed to secure a spot on another well-known cryptocurrency trading platform. Meanwhile, it seems that some short-term traders are still placing their bets on a potential price drop of this coin.
Following the successful completion of its pre-market phase which started on July 12, DOGS has now been added to the PoolX platform of Bitget as per a press release dated August 27.
Prior to market launch, there was a substantial amount of trading action and curiosity among the TON community, enabling early Bitget users to interact with DOGS tokens earlier than many others during its broader distribution.
In this stage, Bitget carried out a gasless airdrop promotion where users could securely obtain DOGS tokens without paying any transaction costs. Users were able to effortlessly acquire their tokens by linking their accounts via the DOGS Telegram mini-app.
Now that DOGS are accessible on PoolX, users have the opportunity to deposit USDT and join a prize pool of 5 million DOGS. This promotion will continue until 9 AM UTC on September 2.
On the Bitget exchange, there’s an exciting feature called PoolX, which allows users to invest their cryptocurrencies in various ways, such as staking or liquidity mining, and receive incentives. By depositing assets into PoolX, users can accumulate extra tokens or interest, providing a method for generating passive income without constant trading.
On August 26, at 12 pm UTC, the DOGS token officially started being traded on significant platforms like Binance, Bybit, OKX, Bitget, and Gate. In its initial 10 hours, this meme coin native to Telegram achieved a market capitalization of $624 million, while the trading volume reached an impressive $1.74 billion.
After the debut of DOGS, there was a surge in trading activity on platforms like Telegram Wallet and various cryptocurrency exchanges, causing short-term interruptions due to the influx of users eager to trade the DOGS token.
Based on data from hourly charts on CoinGecko, the meme coin has been on a downward trend for 27%, and it currently trades at approximately $0.0012. Its daily trading volume stands at around $1.67 billion.
Based on information from Coinglass, the combined value of outstanding Dogecoin (DOGS) contracts has skyrocketed to approximately $90.38 million, indicating a significant spike in trader enthusiasm for the meme coin. This trend implies that a substantial amount of fresh capital might be fueling its price rise.
Furthermore, data from market research shows that the combined investment rate for DOGS is currently at 0.0094%. This suggests a positive outlook among traders, implying they expect an upward trend in the price of DOGS.
In general, when open interest rises as the price decreases, it often indicates a bearish perspective among traders, who anticipate additional drops in the cryptocurrency’s value.
As I am composing this, the token is additionally popular on Google searches and social networks such as X and Telegram.
Currently, there’s a split among analysts about DOGS’ future prospects. Some voice worries that distributing the tokens via airdrops might result in an instant surge of selling, potentially affecting its lasting worth.
From my perspective as a researcher, I find myself drawn to the optimistic viewpoint held by some individuals regarding the potential of DOGS. They advocate for this belief based on robust community backing and the prevailing meme coin trend. They posit that although volatility is a possible factor, if the community stays active and supportive, the token’s value could not only be maintained but potentially grow as well.
I repeat this is a meme coin, your trading styles might fail. The dogs community is extremely bullish atm, I don’t see it going down soon. This will definitely have a positive impact on the price of $dogs days to come!
Are we gonna experience slight dips ?? YES!
Play wise!!— LIICKO (@lexy_fierce) August 27, 2024
Launching the Dogs token occurred around the same time as the detainment of Telegram’s founder and CEO, Pavel Durov, who designed the emblem “Spotty,” which has since become closely associated with the DOGS token.
This advancement has sparked excitement within the cryptocurrency community, resulting in the rapid spread of the #FreeDurov movement on various social networks. Some market analysts believe that a positive resolution in Durov’s legal case might fuel optimistic trends for DOGS.
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2024-08-27 13:02