The canine-themed meme coin DOGS has been gaining traction in the crypto community with its volatile price swings. Recent events involving DOGS, like its Token Generation Event (TGE) and listing on top crypto exchanges, have led to increased brand awareness and popularity for the token.
What is this token all about, and what does the future hold for its price? Find out in our DOGS token price prediction.
What is DOGS?
In July 2024, a new meme coin project called DOGS launched on the Telegram messaging app, featuring Spotty the dog as its logo. Spotty is a familiar character from the Russian social network VK, and it’s interesting to note that he was created by Pavel Durov, who founded both Telegram and VK.
DOGS is a mini-app within Telegram that sprang up in response to the buzz around tap-to-earn games like Notcoin and TapSwap.
However, unlike those games, there’s no need to tap the screen in DOGS; you simply enter the app and receive in-app currency. Tokens are given based on how long you’ve had your account.
The earlier you sign up for Telegram, the more tokens you’ll earn. For instance, if your profile is already 10 years old, you will be entitled to 9,000 DOGS.
DOGS proved to be extremely popular and even crashed Telegram Open Network (TON) due to the high inflow of users, reaching an all-time high of $0.001644 on August 28, 2024, two days listing on major exchanges such as Binance, OKX, Bitget, Bybit, and Gate.io. However, by October 1, the DOGS token value had dropped nearly 60%, falling to an all-time low of $0.0006237.
As of today, October 7, the DOGS token price is approximately $0.00075.
DOGS token news and price factors
On August 26, the DOGS TGE took place, during which 502.48 billion DOGS tokens were issued, with 400 billion distributed through a large airdrop.
On that same day, the coin was also listed on major crypto exchanges.
There are a number of factors potentially impacting the price of DOGS. The arrest of Telegram co-founder Pavel Durov may be playing a role, as seen with other crypto projects tied to Telegram.
On September 2, crypto.news warned of a DOGS price crash, stating that Durov’s arrest and other factors pushing DOGS to fall below the strong level of psychological resistance seen at the $0.0010 mark on September 2, and we’ve now seen DOGS break through that level and fall significantly lower.
So what will the future of DOGS coin be? Let’s take a look at the DOGS price prediction for 2024 and beyond.
DOGS coin price prediction 2024
The DOGS price forecast for the short term will depend entirely on the project’s ability to maintain momentum on social media. The utility of the project hinges on veteran Telegram users wanting to cash in on the age of their account, acting as a sort of rewards program. We’ve already seen that once the initial tide of users collecting points died down, there was a stampede of users cashing out at the same time, collapsing the price.
As a meme coin with little to no price history or utility beyond one-time Telegram rewards, it’s difficult to map out the future of DOGS. While the project does not appear to have much of a use case, this has famously not been a hindrance to many other dog-themed meme coins. If DOGS can build a strong presence on social media and establish a community, it could carve itself out a foothold in the crypto market.
DOGS coin price prediction long-term
In the long-term, the project will be subject to the wider tides of crypto market price action, most notably, peaks and troughs in BTC momentum which has continued to trade in a tight sideways range in recent weeks.
Analyzing price indicators for DOGS is arguably ineffective due to how new the project is, and indeed, indicators such the RSI and 3-day SMA show what traders would typically view as mixed signals, issuing bullish and bearish readings respectively.
FAQs
Will DOGS coin go up?
There’s no telling whether DOGS coin will increase in value or not. As a new project, DOGS has little price history for traders to analyze, rendering the typical indicators used to conduct technical analysis somewhat unreliable.
The success of this project will depend entirely on the sentiment for DOGS on social media as well as the general temperature of the crypto market. As such, potential investors in DOGS may consider monitoring DOGS social media accounts as well as BTC price indicators and trading conditions when evaluating this meme coin for investment.
Is DOGS coin a good investment?
While a few forecasts indicate the possibility of growth, the general sentiment is more cautious, and there’s a lot of variation in predictions. It’s smart for investors to dig into the details and carefully evaluate the risks before jumping in.
Source: https://crypto.news/dogs-coin-price-prediction/