DOGS Price Shows Signs of Recovery: Is Profit Taking On the Horizon?
DOGS, TON-based cryptocurrency has shown a price recovery of over 15%, reaching $0.14, after experiencing a significant sell-off last week. Recent developments surrounding Telegram have led to substantial selling pressure, causing the DOGS price to drop by 17% over the past week.
The altcoin gained attention following its listing on Binance, resulting in a 124% price surge earlier this week. At present, DOGS is trading at $0.00133, up by 2.69%, with a market cap of $672 million.
DOGS Showing Rebound Signal
Notably, DOGS has exhibited strong volatility, as evidenced by liquidation data. Over the last 24 hours, liquidations for DOGS totalled more than $2.37 million, with long liquidations at $1.23 million and short liquidations at $1.13 million. This indicates a significant battle between the bulls and the bears. Additionally, DOGS’ open interest has increased by 8%, surpassing $140 million.
Read Also: Breaking: Massive Shiba Inu Whale Sells 255 Billion SHIB Token
However, the market supply of DOGS continues to rise, with over 150,000 Notcoin users receiving a total of 2.75 billion DOGS tokens, valued at approximately $3.3 million. The token distribution was based on user engagement, with more active users receiving larger rewards and access to exclusive benefits.
CEXs Faces Criticism For Promoting DOGS
Criticism has been directed at centralized exchanges (CEXs) for promoting DOGS without any lockup, receiving 8.55% of the DOGS supply, valued at $60 million. This has raised concerns of potential heavy promotion followed by the sale of DOGS holdings by the exchanges. Furthermore, concerns have been raised about the ethical implications of CEXs actively participating in the pump and dump of DOGS, rather than prioritizing the best tokens for their users.
A critique of the state of meme-based cryptocurrencies highlighted that despite being listed by major exchanges, DOGS has only achieved a $700 million market cap, which is considered disappointing given its backing. This has led to implications that other memecoins with similar support would have quickly surpassed $2 billion in market cap.
Read Also: Expert Warns: 95% of XRP Holders Risk Being Left Behind For Ignoring Essential Crypto Principles
Follow us on Twitter, Facebook, Telegram, and Google News
Cryptolifedigital is a cryptocurrency blogger and analyst known for providing insightful analysis and commentary on the ever-changing digital currency landscape. With a keen eye for market trends and a deep understanding of blockchain technology, Cryptolifedigital helps readers navigate the complexities of the crypto world, making informed investment decisions. Whether you’re a seasoned investor or just starting out, Cryptolifedigital’s analysis offers valuable insights into the world of cryptocurrency.
