After its team airdropped 40 billion tokens in the last two days, DOGS has declined, but its current momentum should help it soon rebound.
Along with the overall cryptocurrency market, the DOGS price dropped by 3% today, settling at $0.001055.
The TON-based meme coin has dropped by 35% since hitting an all-time high of $0.001633 on August 28 and is currently down 18% in just one week.
These declines follow the 48-hour airdrop of 40 billion DOGS by the Dogs team, with the majority of the 550 billion DOGS in circulation at this point.
Although it appears that a lot of airdrop participants have sold their tokens, the market’s recent momentum suggests that it will rise over the coming days.
DOGS Price Surge: 40 Billion Tokens Airdropped in 48 Hours – Is a Bigger Rally Ahead?
DOGS appears to be regaining some momentum after sharply declining from its peak in late August; in fact, during the last hour, the coin has increased.
With its relative strength index (purple) increasing from just under 30 on Wednesday to just over 50 today, its indicators are starting to show this shift.
In the meantime, after spending several days below its 200-period average (blue), DOGS’ 30-period moving average (orange) is starting to rise towards it.
This would suggest that customers are starting to come back to DOGS in order to take advantage of its special pricing.
When DOGS first appeared on the Telegram Open Network (TON), it was perceived as a sort of grassroots reaction to Pavel Durov, the founder of Telegram, being taken into custody.
Today, We stand with Pavel Durov – Creator of Telegram.
— TON Society 🆓 (@ton_society) August 25, 2024
In support of the #DigitalResistance, we are updating Toncoin’s logo and profile pictures across TON Community channels to the global symbol of Digital Resistance — the Resistance Dog. Pavel Durov started this movement… pic.twitter.com/Dle4dE5lGP
It features the likeness of Spotty, a dog mascot that Durov originally designed and that the DOGS community has adopted as a sign of support for the French and Russian nationals.
Due in large part to the overwhelming support that people have shown for Durov online, especially on Telegram and X, DOGS has become a popular meme token.
Furthermore, even though Durov was granted bail a week ago, it is probable that he will be involved in a court case for some time to come, which means DOGS will remain relevant as a meme coin with a resistance theme.
Its team also conducted an airdrop, distributing an additional 40 billion DOGS in batches to Telegram and X users who assisted in raising awareness of the token.
You’ll receive 100,000 $DOGS 🦴
— DOGS (@AirdropsDaily_) September 5, 2024
100,000 $DOGS ($1,149) each to the first 5000 people who like and retweets + follows 🔔
Drop your $TON wallet address 👇 pic.twitter.com/optAF2uhj8
Given that it has already amassed quite a following, becoming the eighth-biggest meme coin in the market already, it’s likely to recover from its recent dip soon.
It could reach $0.0013 in the next few weeks, before returning to its ATH of $0.001633 by December.
Newer Meme Coins Often Outperform
Although some traders might be upset that they were unable to participate in the DOGS airdrop, there are other interesting new meme coins available that have not listed yet.
Some of these may end up rallying massively, with one strong example being Shiba Shootout (SHIBASHOOT), a new Ethereum-based coin that has raised $1 million in its presale.
🚀 Ready for the $SHIBASHOOT presale? 🎯
— shibashootout (@shibashootout) September 6, 2024
1️⃣ Get a crypto wallet
2️⃣ Visit our website’s presale section
3️⃣ Connect your wallet
4️⃣ Swap your crypto for $SHIBASHOOT tokens
🔗 Detailed info & schedule on our site. Don't miss out on this digital duel! 🌐https://t.co/Fxf9PWPy67 pic.twitter.com/B0gWNh62v1
Because Shiba Shootout is a unique instance of a meme coin with fundamentals, it is garnering attention.
It combines Wild West themes and Shiba Inu memes to create an online community that revolves around playing minigames and competitions together.
This covers online competitions like poker tournaments, lotteries, rewards for special staking, and virtual treasure hunts where the winners get SHIBASHOOT as a reward.
SHIBASHOOT will have a maximum supply of 2.2 billion tokens, of which 35% will be sold and 20% will be stowed.
To add even more motivation to hold the token, holders will be able to vote in governance matters.
It will have a lot of utility as a result, which could help raise its listing price.
While its sale will end soon, latecomers can join by going to the official Shiba Shootout website, where 1 SHIBASHOOT token costs $0.0201.
Shiba Shootout looks to have the makings of one of the next big meme coins, so interested buyers should move quickly as this price will rise to in less than three days.