DOGS Token faces a major challenge as 99% of holders are underwater
The buzz surrounding Telegram-linked meme coin DOGS has taken a turn for the worse, as nearly 99% of its holders are bankrupt 60 days after listing.
Once a highly conservative symbol, DOGS has been hit by relentless selling pressure, leaving early investors deep in the water. With growing concerns about its future, MemCoin now faces a critical challenge. Can it recover or is it headed for further decline?
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DOGS, which launched on August 26, had an initial price of $0.0017, distributing around 40 billion tokens to around 17 million Telegram users. However, since then Mem Coin has declined by 56%.
According to the Global In/Out Money (GOM) indicator, nearly 99% of DOGS holders are at a loss, with billions of addresses that bought DOGS between $0.00079 and $0.0013 currently holding the token at a loss.
In addition to highlighting the on-chain cost base, the GIOM token also shows whether it is facing resistance or support. A large set of contacts or signals within a price range indicates significant support or resistance. Currently, the number of DOGS holders out of the money indicates that the price may rise and fall again.
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Another reason why the price of dogs may decrease again is the size. At the time of Mem coin's launch, the amount was more than 2 billion dollars, which shows that the market has a high demand.
As of this writing, the token's trading volume has dropped to $88.65 million, a significant drop from previous levels. This decrease in volume will reduce buying and selling activity, making it difficult for MemCoin to recover from its current lows.
With low market activity, price recovery can be challenging as fewer traders interact with the token.
DOGS Price Prediction: Low Lows
Based on the daily chart, Bollinger Bands (BB) around DOGS have contracted. This suggests that volatility is currently low, and prices may remain in a range without experiencing significant price volatility.
As the bands widen, it often indicates greater volatility and the potential for more dramatic price movements. However, with the BB contract, the market seems to be expecting stability or muted price action for DOGS in the short term.
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Considering the current movement of DOGS, the price of MemCoin may drop below $0.00061. However, if investors come in and buy dips in large numbers, the trend may reverse. In that case, the price of MemCoin can go up to $0.00081 or even $0.0010.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
