Key facts:
DOGS is 30% below its all-time high.
The $0.001 area is a strong resistance for DOGS.
DOGS, the memecoin based on the TON network and inspired by a puppy, is showing signs of recovery in its price.
In the last 24 hours, Its value has increased by 5%, going from 0.0009824 to 0.00111 dollars.
At the moment, DOGS is still 30% below its all-time high of 0.00164 dollars reached on August 28, as seen in the following graph TradingView.
The market capitalization of the digital asset amounts to $544 million, according to data from CoinMarketCap.
However, DOGS faces strong resistance in the $0.001 zonea level that has been difficult to overcome in the past due to market psychology, where these points act as invisible barriers.
According to a analysis From the trader and investor who identifies himself as Crypto Whales 360 on the social network X, the following chart shows a period of consolidation around $0.0009 to $0.0010, suggesting a possible accumulation.
Besides, Price is forming a breakout pattern with an increasingly narrow rangeIf DOGS breaks through the resistance at $0.0010716 and stays above that level, “there could be a bullish move in the future,” he notes.
However, if the price falls below recent support levels, it could remain in a downtrend, the trader notes.
The impact of the events surrounding Pavel Durov
DOGS’ performance also has been affected by the recent events surrounding Pavel Durov, founder of Telegram and due to problems with the TON network.
A day after the DOGS token airdrop, Durov was arrested in France, facing 12 charges.
Although the CEO paid a bail of 5 million euros and was released, all this impacted the token airdrop and subsequent listing.
Additionally, the TON network suffered a six-hour outage on August 28 due to an overload of DOGS-related transactions, which temporarily affected the network’s ability to process blocks.
Positive numbers for DOGS on the TON network
Despite these setbacks, DOGS has generated encouraging results on the TON network.
According to data revealed Today, September 10th, from the X account of the TON network, Daily active users on the network have reached 1.1 million on several occasionswith a peak of 14.4 million transactions in a single day.
The distribution of DOGS tokens “was key in this increase in activity,” he says. Currently, DOGS is held by 5 million unique wallets on the TON network.
This memecoin project has “marked a milestone as the largest token generation event (TGE) in the history of meme cryptocurrencies,” he notes. So far, 53 million users have interacted with the DOGS Mini app42 million tokens were eligible for the airdrop, and 17 million people claimed their assets.
The growing community of DOGS
DOGS has been listed on four of the world’s largest cryptocurrency exchanges: Binance, Bybit, Bitget and OKX, as reported by CriptoNoticias.
Inspired by the Spotty mascot created by Pavel Durov, the memecoin attracted a large number of people due to its communal nature. 81.5% of the total 550 billion DOGS was distributed among the Telegram communityprioritizing the platform’s oldest users.
It is worth mentioning that, just as these currencies can become popular overnight, their price can also plummet in a matter of hours. It is, therefore, of highly speculative assets whose value is driven mostly by sentiment on social media and online communities.