The DOGS token, a meme coin linked to the Toncoin (TON) network, has recently captured significant attention. Following its launch, DOGS quickly attracted nearly 1 million on-chain holders. Moreover, it achieved a fully diluted valuation of approximately $608 million, with daily trading volumes exceeding $440 million.
Recent Developments and Price Action
Recently, DOGS experienced a notable recovery. On September 2, it rose nearly 9% to around $0.00114. This followed a significant drop of about 19% on September 1. Currently, the price consolidates around a crucial support level of $0.0011. Analysts suggest that a consistent close above $0.001166 could trigger a bullish breakout. This breakout could propel DOGS towards the target of $0.0015, aligning with the four-hour 0.618 Fibonacci retracement level.
Despite its initial successes, market sentiment remains cautious. Some investors worry about potential bearish trends and the risk of a pump-and-dump scenario. Increased social media activity surrounding DOGS raises these concerns. Therefore, traders should carefully consider the sustainability of the current bullish sentiment.
Technical Analysis
Technical indicators reveal mixed signals for DOGS. The four-hour Relative Strength Index (RSI) hovers near oversold levels. This indicates potential for upward movement if buying pressure increases. However, if the price fails to maintain its current levels, it could drop to lower support levels around $0.000624 or even $0.00031.
Impact on the Toncoin Network
The DOGS token significantly impacts the Toncoin network. During peak activity, it accounted for 35% of all transactions. This surge in activity led to network congestion and outages. Nevertheless, the TON blockchain reported over 1 billion transactions in the past year. This showcases its scalability and the growing demand for its services.
In conclusion, DOGS has made significant strides in both price action and network impact. As the meme coin consolidates, traders eagerly anticipate a potential 35% price surge. The DOGS community and Toncoin network continue to thrive, setting the stage for future growth.
