DOGS Memecoin Plummets After a Long-Anticipated Listing on Binance [BNB]

DOGS memecoin made a strong entry into the crypto market after a long-anticipated listing on Binance [BNB] on the 26th of August 2024.

DOGS, the memecoin, had a highly anticipated launch on Binance (BNB) on 26 August 2024. The launch timing was noteworthy as it coincided with International Dog Day.

With the listing, Binance made the memecoin available for trading in pairs like DOGS/USDT, DOGS/FDUSD, and DOGS.TRY.

As reported earlier, the listing was anticipated to drive market demand considering Binance’s status as the largest crypto exchange by trading volume.

This favorability positioned the memecoin for a strong user base entry. However, the market responded differently from expectations as prices showed a sharp decline.

DOGS plummets after listing

The Binance listing was anticipated to boost trading activity, demand, and drive prices up through buying pressure.

However at press time, the Ton-based meme coin was trading at $0.00128 after a 19.80% decline over the past 24 hours.

Since its launch, DOGS declined by 23.77%. This marked a strong downward trajectory against market predictions. Before the official launch, the memecoin was predicted to surge to $0.002.

Thus, a decline to $0.00129 left the market worried over future prospects.

Usually, memecoins surge immediately after launch, thus, this launch defied the most common market trend. This showed investor’s lack of confidence in the memecoin’s potential.

Also, according to Coinglass, DOGS has experienced $6.92 million in total liquidation since the launch. Long position liquidation hit $3.55 million, while short position liquidation hit $3.37 million.

Such high levels of liquidation for short and longs show investors’ lack of confidence, fear, and market uncertainty, which is a bearish market sentiment.

This market phenomenon is further shown by the OI-Weighted Funding Rate. The Weighted Funding showed a mixture of negative and positive according to Coinglass.

This indicated a lack of demand for either shorts or longs, suggesting market indifference.

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