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DOGS Price Plummets 19% In A Week As Investors Pivot To This SHIB Derivative For Its 894% APY

DOGS Price Plummets 19% In A Week As Investors Pivot To This SHIB Derivative For Its 894% APY

InsidebitcoinInsidebitcoin2024/08/30 12:24
By:Insidebitcoin

The DOGS price dropped 15% in the last 24 hours to trade at $0.001288 as of 3.30 a.m. EST on trading volume that plummeted 64% to $737.6 million.

On a weekly basis, the token corrected by over 19%. The DOGS token is closely connected to the Telegram community, as it was created as a community-driven initiative on the TON Blockchain and was designed to leverage Telegram’s massive user base and native meme culture.

Its price has recently been strongly influenced by fundamental factors, specifically the fact that Pavel Durov, the founder of Telegram, was both arrested and released within a single week. Durov was arrested shortly after landing in France, due to his connection to Telegram, which was enough to make the French authorities hold him responsible, at least in part, for enabling criminals to share illegal content and organize operations using his privacy-enabled messaging app.

Since then, there was a massive community backlash that criticized the French authorities for violating the freedom of expression by arresting Durov, who was, in the meantime, released after paying the bail.

Meanwhile, all of this affected the DOGS price in one way or the other, but now, the token has started to fall under the influence of the wider market, which once again finds itself under a strong bearish influence.

DOGS Price Prediction

The DOGS price has been seeing a strong dip since launch, as mentioned, with the price drop being driven by the arrest and accusations raised against Durov, and then by the bearish market. With that said, the token has also approaching what appears to be its bottom, judging by several technical indicators, and it might bounce back up very soon.

The token’s Bollinger bands have been going through a pattern of sudden narrowing followed by a surge in volume that pushed them further apart just as rapidly, only for them to narrow again and repeat the process. Each time when the bands start drifting further apart, the token would see a small recovery. Right now, the bands are once again seeing the distance between them increase, but the price is still stuck to the lower band, pushing it further down.

In other words, the bullish and bearish signals are mixed when it comes to this indicator, reflecting the conflict between the bulls and the bears in the market, where both forces are fighting for dominance.

DOGS Price Plummets 19% In A Week As Investors Pivot To This SHIB Derivative For Its 894% APY image 0 DOGS Price Plummets 19% In A Week As Investors Pivot To This SHIB Derivative For Its 894% APY image 1

The bearish market is still stronger at the moment, which can be seen from another technical indicator — the Relative Strength Index (RSI). The RSI value has been spiraling down from the overbought zone to the oversold area, signaling that traders were initially buying, but have then started massively selling their DOGS tokens.

The RSI sank to 32.45, which is at the threshold of the oversold zone, and typically when its value approaches 30, many among traders take that as a signal that it is time to buy the dip. For now, the DOGS price is still dropping, but that could change relatively quickly if the market conditions allow it.

One conclusion to draw from all of this is that the market is experiencing strong volatility right now and that it is not to be taken lightly. While the experts know what they are doing, even they are exposing themselves to major risks by buying DOGS right now, although their chances of making a profit out of the current situation is far greater than those who lack similar experience. Instead of focusing on DOGS, inexperienced traders should look into alternative investments.

Promising Alternatives to DOGS

With the price of DOGS dropping, opportunity seekers in the crypto sector can either wait until it hits the bottom and try to buy the dip, or turn to a safer alternative. Buying the dip is a risky move with crypto, as you never know for sure that the bear market won’t double down and push the prices even further down. Alternatively, if you can find a high-potential cryptocurrency with strong utility, great demand, and catch it while it is in presale, that means it is all but guaranteed to shoot up post-launch.

One example of this is Shiba Shootout (SHIBASHOOT) — a new Shiba Inu-inspired meme coin that introduced a unique Wild West design. More than that, the project created its own P2E game, that allows users to engage in sharpshooter duels. Right now, the game is a fun way to pass the time, but once the SHIBASHOOT ICO ends, it will receive a Web3 update that will let you earn the project’s native token for winning the duels.

Speaking of the ICO, it recently hit $1 million, and as of August 30, it sits at $1.05m raised. The SHIBASHOOT token sells for $0.02 right now, but in only three days, it will see another scheduled price increase. If you buy it before that, you will get it at a lower price, and the price will only continue to grow as the presale continues to move through more stages.

SHIBASHOOT is available in exchange for ETH, USDT, BNB, or credit/debit card, and you can join by heading to the Shiba Shootout website . ClayBro, a major crypto YouTuber with over 130k subscribers, recently noted that the project has massive potential and that analysts are expecting to see it on Binance soon after it sees its first listings.

Visit SHIBASHOOT official website.

Related Articles:

  • Shiba Shootout Price Prediction – $SHIBASHOOT Price Potential in 2024
  • How to Buy Shiba Shootout – $SHIBASHOOT Presale Review
  • Trader Predicts This High Potential Meme Coin Presale Might Surpass Shiba Inu – $SHIBASHOOT
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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