As a seasoned researcher with a keen eye for market trends, I find it intriguing to witness the resilience and unexpected growth of the DOGS token amidst a broader crypto market downturn. The third consecutive day of its rise, while most cryptocurrencies are retreating, is a testament to the power of community engagement and well-timed events like the Binance Carnival.
For three days running, the value of DOGS tokens increased, while most digital currencies dipped following the release of the latest U.S. employment data which rekindled concerns about a potential economic downturn.
The cryptocurrency known as DOGS (Dogecoin) saw a surge following its airdrop and reached a peak of $0.0011, marking a 16.5% increase from its lowest point this week. However, it’s important to note that this price is still 33% lower than its all-time high.
The recent rally was significant as Bitcoin (BTC) and many other altcoins continued to decline. For the first time in a month, Bitcoin dipped below $54,000. Similarly, Solana (SOL) dropped below $130. Consequently, the combined market capitalization of all cryptocurrencies decreased to approximately $1.92 billion. Furthermore, the crypto fear and greed index moved into the ‘fear’ zone at 30 points.
The surge in the DOGS token was boosted by a rise in trading activity across both the current (spot) and future markets. Notably, the futures open interest reached an all-time high of $124 million on Sep. 3, while the volume in the spot market peaked at $541 million on Aug. 31, marking its highest point since then.
The most likely reason for the rally is the ongoing Binance Carnival, which is offering traders 40 million DOGS and 5 million NOT tokens for participating. The event, where users are depositing and trading the tokens’ futures, will end on Sep. 17.
It’s plausible that the carnival is behind the increased curiosity among dogs towards the futures market on Binance, as $55 million out of a total $124 million in open interest can be found there. Bybit and Bitget come next. Notably, Binance also dominates the volume in the spot market.
Following Pavel Durov’s statement after his arrest, it was observed that not only TON Blockchain tokens but also Dogecoin experienced a rise. Specifically, Toncoin increased by 1.67% and Notcoin surpassed a 2% increase in the same period. In his statement, Durov seemed taken aback by the arrest and highlighted that Telegram has an authorized EU representative responsible for addressing law enforcement inquiries.
The creator of Durov, Telegram, and TON, a platform utilized by more than 900 million people, has been charged for allegedly enabling unlawful activities within the application. Furthermore, he is accused of failing to cooperate with French law enforcement agencies, and if found guilty, he may face up to ten years in prison.
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2024-09-06 21:04