DOGS, the community-driven cryptocurrency built on the TON Blockchain, is aimed at leveraging Telegram’s large user base and meme culture. The token has recently garnered investors’ attention for dynamic moves amid market uncertainty in August. With the upcoming token unlock of Billion of DOGS, the asset is at risk of a notable correction.
DOGS Price to Rest Major Support Amid 502.48 Billion Token Release
DOGS, a new dog mascot meme coin originally created by Telegram’s founder, focuses on introducing blockchain technology to a broader audience through fun and engaging experiences, such as tokenized stickers.
The token has recently gained traction among similar projects amid the listing on the Gate.io crypto exchange and being launched in Binance’s 57th launch pool.
On August 26th, DOGS investors are set to experience a significant Token Generation Event (TGE), during which 502.48 billion DOGS tokens, representing 91.4% of the total supply, will be released.
The majority of tokens are allocated to the community airdrop, i.e., 400.02 billion DOGS (72.7%), which aligns with the project’s emphasis on community ownership, potentially increasing user participation and token circulation within the ecosystem.
The further distribution includes marketing with 50.49B DOGS (9.18%), liquidity 29.89 B Token (5.45%), team 29.48 B DOGS(5.36%), Binance Launchpool 22B tokens (4%), and advisory 17.9 B tokens (3.27%).
Typically, token unlocks of such magnitude could flood the market with a flood of supply, leading to a notable drop in the asset’s value. While the community airdrop could dilute the market significantly, the linear vesting schedules for the team and advisory show the tokens will be released over time, gradually adding to the circulating supply.
Can DOGS Token Bounce Post Token Unlock?
Amid the mid-August sell-off, the DOGS price found suitable support at the $0.001 level. The psychological level has uplifted the asset by over 200% to test resistance at $0.0031. Such dynamic moves favor meme coin lovers as the asset class is significantly driven by speculation trading.
By the press time, the DOGS token trades at $0.0021. If the upcoming token unlocks accelerate the selling pressure, the price could witness a 50% drop to retest the bottom support. With further breakdown, the asset holders could seek support at the $0.0008 level.
On the contrary, if buyers managed to sustain $0.001 support, the next recovery leap could allow buyers $0.0052.
Frequently Asked Questions (FAQs)
The TGE will release 502.48 billion DOGS tokens, which is 91.4% of the total supply, potentially impacting the market significantly.
The $0.001 level is a key support for DOGS, critical for preventing further price drops.
The price could drop by 50% if selling pressure increases, but holding the $0.001 support could lead to a recovery to $0.0052.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/dogs-price-crash-94-tokens-unlock-tomorrow/
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