NOIDA (CoinChapter.com)— DOGS, the latest Ton-based memecoin, recently saw its price action put a roller coaster to shame. Despite the token’s multiple listings across various exchanges, DOGS’s price action suffered serious setbacks before recovery.
DOGS Price Action Not For The Weak-Hearted
The DOGS USD pair plummeted following its listing on Binance on Aug. 26, giving quite a heart attack to many traders. However, in a move worthy of Nolan’s Batman, the memecoin recovered and closed the day with 42.62% gains on the Gate.io exchange.
However, it does not mean that the token is out of trouble. The DOGS USD trading pair failed to convert its Aug. 26 recovery into a rally. Hence, the token is facing bearish pressure near the $0.002 price mark.
The latest Ton-based offering fell nearly 2% on Aug. 27, reaching a low near $0.0012. A further downtrend from here would bring support near $0.00067 into play. Moreover, failure of the immediate support might force DOGS price to test the support near $0.0033 before recovering.
On the other hand, if traders manage to start an uptrend, DOGS price could rally to the resistance near $0.00214. Breaking and consolidating above this resistance level might help the memecoin target the resistance near $0.0049.
The relative strength index for the Dogs token remained neutral, with a score of 33.45 on the daily charts.
Bot Traders Get Banned, But Price Remains Volatile
The DOGS community recently took action to maintain the integrity of its airdrop distribution. Accounts identified as using bot farms to exploit the airdrop were removed, and their rewards were frozen on exchanges.
Although the number of affected accounts was small, this measure ensures that only genuine participants receive the airdrop.
Recently, the token gained attention after its Aug. 26 Binance listing. Binance’s involvement positioned memecoin prominently in the market. Still, concerns have arisen due to the rushed timeline and limited transparency from the development team.
The token’s listing on other major exchanges, such as OKX, KuCoin, Bitget, and Gate.io, reflects strong interest but also presents the possibility of a sell-off risk as trading gains momentum on these platforms or the token makes substantial gains.
Bitget introduced zero transaction fees for DOGS/USDT trading until Aug. 27. However, the lack of clear information about the DOGS development team remains a concern for its long-term prospects. The token’s future depends on its integration within the Telegram ecosystem and ongoing community participation.
