- DOGS ranks third in terms of the number of holders.
- Market indicators indicate that the token is ready for recovery.
Dogs [DOGS] token is rapidly gaining popularity and now ranks third in terms of number of holders, behind only USDT and ETH.
Since launching on Telegram’s TON blockchain, DOGS has seen remarkable growth, with over 17 million token claims and 4.5 million unique wallets containing the token.
This memecoin, inspired by Pavel Durov’s dog drawing, has quickly become one of the most used tokens in crypto history.
With daily active users at 1.1 million and single-day transactions peaking at 14.4 million, DOGS has set records for user engagement.
Source: TonViewer
As September progresses, TON expects even larger token generation events (TGEs), potentially bringing in millions of new users.
While this rapid growth may pose technical challenges, the focus remains on scaling and addressing any issues to support mass adoption.
Token price action within reach
Looking at the price action of DOGS, the DOGS/USDT pair is currently on a bearish trend since the token’s launch.
After an initial rise, followed by consolidation and another peak, the token has been on a downward trend, reaching a low at $0.0009233.
Throughout September, the price has traded within a sideways range, indicating that the bottom may have been found.
Source: TradingView
If the token maintains its position above $0.0009233, the price will rise and possibly reach the previous high of $0.00166, marking a 72% gain.
However, if the price falls below this key support level, a reassessment of the situation will be necessary to determine the next price target.
Trading volume and OI funding rate
DOGS’ trading volume and open interest (OI) also provide positive signals. As of September, trading volume has been robust, with today’s volume at $859.24 million at a price of $0.0011.
The current open interest stands at $124.57 million, indicating growing interest in the token, especially after many traders sold their tokens following the airdrop.
The OI-weighted funding rate currently stands at 0.0069%, which indicates that holders are paying traders who liquidate their positions. This dynamic indicates a balance between long-term holders and short-term traders.
Source: Coinglass
Comparison with USDT & ETH
Compared to USDT and ETH, DOGS exhibits strong liquidity. The volume to market capitalization ratio stands at 53.63%, indicating that there is sufficient liquidity for DOGS to support the increased trading activity.
This high ratio usually indicates strong investor interest and can lead to more volatile price movements.
Source: Coinpare
Despite DOGS’ smaller market cap compared to its peers, the token’s liquidity and growing user base position it for potential price recovery, especially as the initial post-airdrop selling pressure subsides.
DOGS could see higher prices as it gains traction in the market.