DOGS and NOT Burn Event Set for Tomorrow

• The DOGS token is valued at $0.00073, with a 24-hour trading volume of $155 million and a market cap of $377 million.
• The upcoming burn event aims to enhance investor confidence by burning $4 million worth of DOGS tokens, boosting community engagement.
• Notcoin is trading at $0.007877, showing a 1.08% dip, but may experience positive effects from the DOGS burn event.

Dogs community announced on X that the DOGS and NOT burn event will happen tomorrow at 1 PM UTC. The event, so happens, will feature a live burn of $4 million in tokens on X.com Space.

This unique event aims to engage the community and boost investor confidence. The link to join the event will be shared closer to the time, so participants can connect and witness the live action.

Current Market Overview for DOGS

DOGS is valued at $0.00073 experiencing a 24-hour trading volume of $155,297,438, showing a gain of 3.01%. With a market cap of $377,877,552, DOGS has a circulating supply of 516,750,000,000 tokens and a maximum supply of 550,000,000,000 tokens. The recent burn event is expected to impact the token’s supply positively.

Moreover, the derivatives market for DOGS reflects increased activity. Trading volume surged by 45.04%, reaching $501.68 million, while open interest rose by 5.29% to $97.68 million. These metrics suggest growing speculation in the market. Though the overall long/short ratio is slightly bearish at 0.9562, specific exchanges like Binance and OKX have bullish positioning with long/short ratios exceeding 3.

Related: Notcoin (NOT) Price Prediction 2024-2030: Will NOT Reach $0.05 Soon?

Analyzing DOGS Indicators

The Relative Strength Index (RSI) for DOGS is currently at 34.81, indicating it is approaching oversold territory. This puts the token in a potentially advantageous spot for a reversal. The recent uptick suggests that the bearish momentum may be slowing, which could mean buying pressure is about to increase.

Additionally, the Moving Average Convergence Divergence (MACD) analysis shows the MACD line at 0.0000063, while the signal line sits at -0.0001011. Although the histogram has negative values, a slight improvement shows that the downward momentum is weakening. A potential bullish crossover could occur if the MACD line passes the signal line, making investors more optimistic.

Current Market Overview for Notcoin

In comparison, Notcoin is trading at $0.007877 with a 24-hour trading volume of $143,331,474. The token fell by 1.08% yesterday and has a market cap of $807,159,662. The circulating supply for Notcoin is 102,474,422,539 tokens. Despite the dip, the DOGS burn event might affect Notcoin as well.

Notcoin’s derivatives market has also been mixed. The trading volume has increased by 4.43%, reaching $500.34 million, while open interest decreased by 6.16%, showing reduced speculative activity. The 24-hour long/short ratio is balanced at 0.9728. However, specific exchanges still show bullish sentiment, particularly on Binance and OKX, where long/short ratios are around 3.89 to 3.95.

Related: DOGS Token Price Tanks 36% in 30 Days Despite Broader Crypto Rally

Technical Indicators for Notcoin

The RSI for Notcoin stands at 47.31, below the neutral level of 50. However, it is not in the oversold range. This means momentum is low, but suggests a potential upward trend. The RSI has started to rise, meaning that bearish pressure may be easing.

Furthermore, the MACD analysis for Notcoin shows the MACD line at -0.000006, while the signal line is at -0.000180. Although slight bearish momentum persists, it remains minimal. The MACD is nearing a bullish crossover, which could indicate a shift toward positive market conditions. Overall, traders should remain vigilant as the upcoming burn event could influence both tokens’ market dynamics.