DOGS can’t bark, down 55% from listing price

The highly anticipated DOGS token, a meme token native to Telegram, has had a bumpy beginning since going live on August 26, 2024. The token first gained enormous traction shortly after increasing its market capitalization to more than $600 million in the first ten trading hours.

The joy, was fleeting as the token soon experienced considerable volatility, falling more than 55% from its peak of approximately $0.001817. It is currently trading at $0.0009, down over 4% over the past day, according to Binance data.

The abrupt decline in DOGS’s value can be explained by market volatility and the actions of early adopters. The significant drop in the token’s value can be explained by the fact that most of them took a huge loss, in an attempt to realize quick profits.

The difficulties with the token have increased partly because of the arrest of Telegram CEO Pavel Durov. Given that DOGS is a token that is intimately linked to the Telegram ecosystem, the platform’s general issues have affected it.

As a reaction, the Telegram community started the Telegram campaign on social media to show support for Durov and voice worries about the future of the token.
Even with that initial error, some analysts remain optimistic about DOGS’s potential for recovery.

The Money Flow Index (MFI), on the hourly chart, has increased noticeably, suggesting that more money is entering the cryptocurrency. A technical indicator of the amount of capital flowing into a cryptocurrency is the MFI. The indicator highlighted increased selling pressure when it declined.. Conversely, an increase suggests the opposite.

DOGS, declining price combined with an increasing Money Flow Index indicates that buyers are intervening and selling pressure is lessening, resulting in a bullish divergence. Usually, this formation suggests that a price increase is imminent.

A result like this could drastically change the token’s value and, in turn, offer investors and holders of DOGS a way out. However, it’s critical to acknowledge that the current technical indicators indicate a bearish outlook for DOGS soon.

CoinCodex’s analysis suggests risks involved and that now might not be the best time to buy DOGS. The DOGS team has been putting a lot of effort into keeping its services dependable amid the market turmoil.

Through the Wallet platform, more than 1.6 million users have exchanged DOGS as of right now. Since the token’s listing, there has been a lot of demand for the Wallet services, so the team has announced some critical updates to guarantee their steady operation.