DOGS Shows Signs of Recovery After Experiencing a Significant Price Dip
DOGS coin tumbled 38% to $0.0011 amid low volume and fading hype. However, recovery is on the horizon as its price gradually reverses.
Highlights:
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DOGS meme coin drops 38%, trades at $0.0011.
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Trading volume plunges, investor confidence weakens.
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While uncertainty remains, DOGS is showing signs of recovery
The DOGS meme coin was a few hours ago in trouble after losing over 38% of its value. Once a favorite among Telegram users, the token now trades at $0.0011, its lowest since August 26.
As the initial excitement faded, investors were left questioning if DOGS' decline will continue. As of writing, this resilient token is showing signs of recovery.
Recovery Imminent Amid Plunged Volume and Investor Sentiment
DOGS' price drop coincides with a sharp decline in trading volume. CoinGecko reports that the coin's 24-hour volume fell to $490 million on Monday.
However, it's worth noting that DOGS reached $1.8 billion just last week. This recent decrease could be due to waning interest from the market.
Additionally, futures open interest in DOGS has also decreased, from $149 million to $118 million. While lower open interest signals decreasing investors confidence, DOGS is exhibiting growth potential.
Factors Behind the Decline
First, the buzz around Telegram founder Pavel Durov's arrest in France is fading. His arrest initially boosted DOGS' popularity, but interest has since waned.
Second, DOGS has been affected by a broader stagnation in the crypto market. Bitcoin has remained in a narrow trading range, between $57,000 and $60,000.
When the price of Bitcoin ranges, altcoins often struggle to gain momentum. Finally, DOGS' price behavior mirrors that of other newly launched tokens.
Many tokens surge in their early days, only to drop as early investors cash out. This trend has been seen with other Telegram-linked tokens, such as Notcoin and Pixelverse.
Both tokens saw significant price drops after initial surges. Meanwhile, DOGS is on a recovery path so it might not fall below the critical $0.0010 mark.
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