Key Takeaway:
– DOGS token price has dropped by over 38% amid decreasing hype.
– Volume on exchanges has decreased significantly.
– Futures open interest for DOGS is declining.
– Factors contributing to the drop include fading news of Pavel Durov’s arrest, waning sentiment in the crypto industry, and typical price action of newly launched tokens.
DOGS Token Price Decline:
The price of DOGS token has plummeted by over 38% from its recent peak, trading at $0.0011, the lowest level since Aug. 26. This decline has been accompanied by a sharp decrease in trading volume on both centralized and decentralized exchanges. Additionally, the token’s futures open interest has started to fall, signaling waning demand among investors.
Crypto Industry Sentiment and Bitcoin Influence:
DOGS token has also been influenced by the overall sentiment in the crypto industry, particularly as Bitcoin remains rangebound between $57,000 and $60,000. Altcoins like DOGS often struggle to gain momentum when Bitcoin is trading within a narrow range. This, combined with the typical price action of newly launched tokens, has contributed to the decline in DOGS’ price.
Token Price Action and Investor Behavior:
Similar to other newly launched tokens, DOGS experienced an initial surge in price followed by a significant drop as some early investors started to sell their holdings. This pattern is common among tokens that see rapid price appreciation in the initial days of trading. Continued selling pressure from investors who acquired the token during its airdrop may further drive down its price in the near term.
