DOGS Price Surge: 40 Billion Tokens Airdropped in 48 Hours – Is a Bigger Rally Ahead?

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Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...

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September 5, 2024

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The DOGS price has fallen by 3% today, dropping along with the wider cryptocurrency market to settle at $0.001055.

The TON-based meme coin is now down by 18% in a week, having fallen by 35% since reaching an all-time high of $0.001633 on August 28.

These falls come after Dogs’ team airdropped 40 billion tokens within 48 hours, with most of its total supply of 550 billion DOGS now in circulation.

But while it seems that many airdrop participants have sold their tokens, its recent momentum could see it rebound in the next few days.

DOGS Price Surge: 40 Billion Tokens Airdropped in 48 Hours – Is a Bigger Rally Ahead?

After coming down heavily from its late-August high, DOGS now seems to be regaining some impetus, with the coin actually up in the past hour.

Its indicators are beginning to reflect this change, with its relative strength index (purple) rising from just under 30 on Wednesday to just over 50 today.

Meanwhile, DOGS’ 30-period moving average (orange) is beginning to rise towards its 200-period average (blue), having spent several days below it.

This would imply that buyers are beginning to return to DOGS, taking advantage of its discounted price.

DOGS launched on the Telegram Open Network (TON), where it emerged as a kind of community-led response to the arrest of Telegram founder Pavel Durov.

It bears the image of Spotty, a canine mascot originally created by Durov, and reused by the DOGS community as a symbol of solidarity with the French and Russian national.

DOGS popularity as a meme token has piggybacked on the online outpouring of support for Durov, particularly on Telegram and X.

And while Durov did receive bail a week ago, he is likely to remain in a legal battle for quite some time, meaning that DOGS will continue to have relevance as a resistance-themed meme coin.

Its team distributed another 40 billion DOGS via an airdrop, sending this amount in batches to X and Telegram users who helped spread awareness of the token.

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 With Potential to Outperform

While some traders may be disappointed about missing DOGS’ airdrop, there are other promising new meme coins in the market that haven’t yet listed.

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.

Shiba Shootout is attracting interest because it’s a rare example of a meme coin with fundamentals.

It’s mixing Shiba Inu memes with Wild West motifs, using these two themes as it builds as online community based around shared participation in competitions and mini-games.

This includes such online events as poker tournaments, lotteries, special staking rewards and virtual treasure hunts, with winners receiving rewards in the form of SHIBASHOOT.

As a token, SHIBASHOOT will have a max supply of 2.2 billion, with 35% going to its sale and 20% to staking.

Holders will also be able to participate in governance votes, providing even further incentive to hold the token.

This will give it plenty of utility, something which could help boost its price once it lists.

While its sale will end soon, latecomers can join by going to the official Shiba Shootout website, where 1 SHIBASHOOT token costs $0.0201.

This price will rise to in just under three days, so interested buyers should act quickly, since Shiba Shootout looks like it has the makings of one of the next big meme coins.

Buy SHIBASHOOT Now