- DOGS memecoin plummets 23.77% after Binance listing.
- Increased market uncertainty has resulted to $6.92 million total liquidation.
As an analyst with over two decades of experience in the crypto market, I’ve seen my fair share of bull and bear runs, hype and crash, and everything in between. The recent plunge of DOGS memecoin after its Binance listing is indeed a peculiar sight.
Dogs meme cryptocurrency officially debuted in the digital market following its much-awaited launch on the Binance exchange, which took place on the 26th of August 2024.
The launch became a social buzz, especially as the launch timing coincided with International Dog Day.
Following its successful launch, I found myself able to trade DOGS on Binance, with a variety of pairing options like DOGS/USDT, DOGS/FDUSD, and DOGS.TRY available for selection.
Previously mentioned by AMBCrypto, it was anticipated that the listing would boost market interest due to Binance’s status as the leading cryptocurrency exchange in terms of trading volume.
Given its popularity, the meme coin was ideally situated to build a robust community. Unfortunately, the market didn’t behave as anticipated, as prices took a steep nosedive instead.
DOGS plummets after listing
It was expected that the listing on Binance would increase trading volume, stimulate demand, and cause prices to rise due to strong buying interest.
Currently, the price of the meme coin on the Ton blockchain stands at $0.00128, representing a drop of 19.80% within the last 24 hours.
After its debut, the value of DOGS has dropped by 23.77%. Contrary to initial expectations, this represents a significant drop compared to market forecasts. Prior to its release, it was anticipated that the memecoin would climb up to $0.002.
Thus, a decline to $0.00129 has left the market worried over future prospects.
Typically, memecoins experience a rapid increase in value upon release; however, this particular launch went against that typical pattern, indicating a possible low level of investor faith in the coin’s future potential.
Additionally, as reported by Coinglass, a total of approximately 6.92 million dollars worth of DOGS have been liquidated since its introduction. This includes 3.55 million dollars from long positions and 3.37 million dollars from short positions.
The substantial amount of selling both in the short-term and long-term positions by investors suggests their apprehension, worry, and unease about the market, indicating a pessimistic outlook, commonly referred to as a bearish market mood.
The market phenomenon can also be demonstrated through the OI-Weighted Funding Rate, which has revealed a blend of both negative and positive values as indicated by Coinglass.
This indicated a lack of demand for either shorts or longs, suggesting market indifference.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
Given the ongoing market trends, it’s possible that the value of DOGS could drop significantly more, approaching approximately 0.0005416 cents. However, if there’s a turnaround, this meme-coin could reach its notable resistance point at around 0.0018 cents.
However, as the memecoin sets foot, all eyes are set to determine how it navigates the market.
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2024-08-27 17:12