DOGS Price Surge: 40 Billion Tokens Airdropped in 48 Hours – Is a Bigger Rally Ahead?
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.
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.
Today, We stand with Pavel Durov – Creator of Telegram.
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 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
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