DOGS memecoin plummets by 23.77%: what's next?
DOGS memecoin made a strong entry into the crypto market after a long-anticipated listings on Binance (BNB) and WhiteBIT (WBT) on the 26th of August 2024.
The launch became a social buzz, especially as the launch timing coincided with International Dog Day.
With this favorability, the memecoin was well-positioned to create a strong user base. However, the market did not respond as expected, as prices have expressed a sharp decline.
The listings were anticipated to boost trading activity, and demand, and drive prices up through buying pressure.
However, at press time, the Ton-based meme coin was trading at $0.00122 after a 19.80% decline over the past 24 hours.
Since its launch, DOGS declined by 23.77%. This marked a strong downward trajectory against market predictions. Before the official launch, the memecoin was predicted to surge to $0.002.
Thus, a decline to $0.00129 has left the market worried over future prospects.
Usually, memecoins surge immediately after launch, thus, this launch defied the most common market trend. This showed investor’s lack of confidence in the memecoin’s potential.
Also, according to Coinglass, DOGS has experienced $6.92 million in total liquidation since the launch. Long position liquidation has hit $3.55 million, while short position liquidation hit $3.37 million.
Such high levels of liquidation for short and longs show investors’ lack of confidence, fear, and market uncertainty, which is a bearish market sentiment.
If the current market condition holds, DOGS may plummet further to a pre-listing value of around $0.0005416. But a reversal will drive the meme-coin to its significant resistance level of $0.0018.
However, as the memecoin sets foot, all eyes are set to determine how it navigates the market.
The launch became a social buzz, especially as the launch timing coincided with International Dog Day.
With this favorability, the memecoin was well-positioned to create a strong user base. However, the market did not respond as expected, as prices have expressed a sharp decline.
The listings were anticipated to boost trading activity, and demand, and drive prices up through buying pressure.
However, at press time, the Ton-based meme coin was trading at $0.00122 after a 19.80% decline over the past 24 hours.
Since its launch, DOGS declined by 23.77%. This marked a strong downward trajectory against market predictions. Before the official launch, the memecoin was predicted to surge to $0.002.
Thus, a decline to $0.00129 has left the market worried over future prospects.
Usually, memecoins surge immediately after launch, thus, this launch defied the most common market trend. This showed investor’s lack of confidence in the memecoin’s potential.
Also, according to Coinglass, DOGS has experienced $6.92 million in total liquidation since the launch. Long position liquidation has hit $3.55 million, while short position liquidation hit $3.37 million.
Such high levels of liquidation for short and longs show investors’ lack of confidence, fear, and market uncertainty, which is a bearish market sentiment.
If the current market condition holds, DOGS may plummet further to a pre-listing value of around $0.0005416. But a reversal will drive the meme-coin to its significant resistance level of $0.0018.
However, as the memecoin sets foot, all eyes are set to determine how it navigates the market.
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