- DOGS ranked third in holder count.
Market indicators show the token is set for recovery.
As a researcher with a keen eye for spotting trends and a heart for all things crypto, I’ve been closely following the meteoric rise of DOGS token. With its third rank in holder count, it’s hard not to take notice. It’s like watching Pavel Durov’s dog drawing go from a simple doodle to a global phenomenon!
The Dogs [DOGS] token is swiftly becoming more well-liked, currently holding the third position in terms of the number of holders, with USDT and ETH having more holders ahead of it.
After being introduced on the TON blockchain of Telegram, the DOGS token has experienced significant expansion, boasting more than 17 million claimed tokens and approximately 4.5 million distinct wallets that hold this token.
The meme-based cryptocurrency modeled after Pavel Durov’s canine sketch has experienced rapid popularity, making it one of the most commonly owned digital assets within the realm of cryptocurrencies.
1 million people are actively using DOGS each day, while a single day’s transaction volume reached an impressive 14.4 million, establishing new heights for user interaction.
As the days pass by in September, TON anticipates bigger Token Generation Events (TGEs) taking place, which could attract up to millions of new users.
Although fast expansion could potentially bring up some technical hurdles, our primary aim is to expand and tackle any problems that might arise to facilitate widespread acceptance.
Price action of token in range
Examining the behavior of DOGS, the DOGS/USDT pair indicates a downward trend or bear market since the token was first launched.
Following an initial rise, then stabilization and another peak, the value of this token has been on a gradual decline, reaching its lowest point at $0.0009233.
During September, it moved mostly sideways, hinting at a potential bottom having been reached.
If the token stays above 0.0009233, there’s a likelihood it could increase further and possibly reach its earlier peak at 0.00166, which would mean an approximately 72% rise in value.
Should the price drop beneath this crucial support point, it may become necessary to reevaluate the current scenario and identify a new potential price goal.
Trading volume and OI-funding rate
The strong trading activity and open interest levels in DOGS are promising indicators. As we stand in September, the trading volume has remained substantial, reaching an impressive $859.24 million today, with each trade being made at $0.0011.
The current open interest stands at $124.57 million, indicating growing interest in the token, especially after many traders sold their tokens following the airdrop.
As a researcher, I’m observing that the OI-weighted funding rate stands at 0.0069%. This figure indicates that traders who are liquidating their positions are being compensated by those holding onto their positions for a longer term. This dynamic seems to suggest a balanced interplay between long-term investors and short-term traders in the market.
Comparison with USDT & ETH
Compared to USDT and ETH, the digital currency DOGS exhibits high levels of trading fluidity. Its volume-to-market capitalization ratio stands at 53.63%, implying an ample supply of liquidity that can accommodate a surge in trading demand for DOGS.
A high proportion often suggests significant investor attention, potentially causing prices to fluctuate more dramatically.
Although the dog’s market capitalization is smaller than that of its competitors, its high liquidity and expanding user base indicate a promising outlook for price recovery. This becomes even more likely as the initial selling pressure due to the airdrop lessens over time.
DOGS could see higher prices as it continues to gain traction in the market.
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2024-09-12 00:08