The cryptocurrency known as Dogs [DOGS], a digital asset based on The Open Network [TON] blockchain and inspired by the popular dog character “Spotty,” has been witnessing fluctuations in its market value ever since its inception.
Featuring a total token supply of 550 billion, with more than 516 billion currently in circulation, DOGS is mainly distributed among Telegram users based on their engagement levels.
Despite garnering attention within the crypto community, the price movement of DOGS has been quite turbulent, oscillating between gains and losses.
Having achieved an all-time high of $0.001633 on August 28th, the memecoin faced a notable setback shortly after, dropping by 32% from its peak.
In a span of 11 hours, DOGS hit an all-time low, trading at $0.0009802.
Nevertheless, following this considerable decline, DOGS displayed signs of recovery, showcasing a 9% increase in price over the last day, resulting in a current trading value of $0.001094 as of the current moment.
DOGS: Analysis and Prognosis
An esteemed crypto expert, Captain Faibik, has shared an optimistic outlook for DOGS, predicting a potential rebound in the immediate future. In a recent X post (previously known as Twitter), Captain Faibik emphasized,
“DOGS is breaking out of a Falling Wedge on the Hourly Time Frame Chart. Anticipating a +40% Bullish Rally shortly. Stay tuned for this exciting journey.”
In simple words, a falling wedge symbolizes a positive trend in technical analysis. Typically formed during a downtrend, this pattern illustrates decreasing highs and lows, culminating in a converging range.
A breakout from the upper trendline of this wedge generally indicates the conclusion of the downtrend and the initiation of a bullish momentum.
Captain Faibik’s interpretation of DOGS’ data hinted that a breakout from this pattern could result in a 40% upsurge in the near future, offering hope for holders of the memecoin.
Noteworthy Whale Transactions and Open Interest
The fundamental aspects of DOGS also unfold some intriguing observations. According to insights from IntoTheBlock, transactions involving large amounts (exceeding $100,000) have witnessed a notable decline recently.
Having peaked at 244 transactions on August 27th, the number of substantial transactions has dwindled to 64 at present.
This reduction in whale activity may indicate a waning interest from major investors, potentially influencing the coin’s short-term price trends.
Conversely, DOGS’ Open Interest, which signifies the total value of active derivative contracts, has shown a significant surge.
Data sourced from Coinglass indicates a 13.84% rise in the memecoin’s Open Interest, amounting to $124.56 million.
Moreover, the Open Interest escalated by 28.41%, reaching $1.40 billion at the moment.
This uptick in Open Interest implies that traders are positioning themselves for potential market movements, which could contribute to heightened volatility in DOGS’ trading landscape.