Will DOGS Meme Coin Recover After a 39% Price Plunge?

• DOGS meme coin recorded a price drop of over 39% within 24 hours, falling from $0.001856 to $0.001129.
• The major exchanges Binance, OKX, and Bybit listed the meme coin.

DOGS, a new Telegram-native meme coin launched on August 26, 2024, dropped sharply in value despite gaining significant attention in the crypto community. Over the last 24 hours, the token saw its price tumble more than 39%, falling from a peak of $0.001856 to a low of $0.001129.

This downturn followed closely after the coin was listed on major centralized exchanges such as Binance, OKX, and Bybit. Despite an initial surge in interest, the token’s value dropped by 25% within hours of its listing, which was strategically timed to coincide with International Dog Day on August 26, 2024.

At the time of writing, DOGS traded at $0.001274 with a market cap of $672 million. 

DOGS Meme Coin Faces High Volume and Selling Pressure

Since August 23, 2024, DOGS has created a buzz after becoming available on Binance’s Launchpool. Users staked BNB and FDUSD to earn DOGS rewards. This led to a high level of anticipation about the token’s exchange listing.

Upon its market debut, DOGS recorded an impressive trading volume exceeding $2.17 billion, ranking it as the 7th highest among all cryptocurrencies. This reflects the strong initial interest from traders and investors in the meme coin. However, the anticipated surge in DOGS’ prices did not happen as expected.

In a significant Token Generation Event (TGE), 502.48 billion DOGS tokens were released, accounting for 91.4% of the total supply. This release added to the selling pressure and led to the price drop. 

Further, analysts suggest that if this trend continues, the price could potentially fall another 20%, testing support levels as low as $0.0009.

However, according to the DOGS price chart, the sharp decline appears to be slowing. If DOGS can maintain a price above the $0.001 support level, there could be a recovery, with possible upward targets of $0.0032 or even $0.005 for optimistic buyers.

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