DOGS Crypto (DOGS) Rallies 22% After Telegram CEO Pavel Durov's Release from Jail

On Wednesday, the 28th of August, Telegram CEO Pavel Durov was released from a French jail, tipping most crypto projects linked to its messenger app

Telegram CEO Pavel Durov was released from a French jail on Wednesday, and several crypto projects linked to the messenger app saw a relief rally.

DOGS crypto, a Telegram native memecoin, was perhaps the top-performing project after the Durov update.

It topped CoinMarketCap charts, saw a 22% jump in the past 24 hours, and was the top trending token on the tracking platform.

DOGS’ rally was more than double that of the second daily gainer and was the complete opposite of major drawdowns across top crypto tokens.

Durov Boosted Dogs? But…

This Durov effect, however, seemed temporary as the Telegram chief was only released from jail but banned from leaving France until further notice.

It appeared that the market has re-adjusted from the earlier euphoria witnessed across DOGS markets.

At the last check, the Open Interest (OI) rates in the derivatives market declined by nearly 18% ($24M). This highlighted a slight dip in the earlier bullish market sentiment as liquidity was withdrawn from the DOGS futures market.

It is important to note that DOGS earlier saw a surge in interest amid tier-1 exchange listing on Bybit, Binance, and OKX, among others. But it declined by over 20% after listing on Binance earlier in the week.

So, the Durov release was just an additional catalyst.

However, the spot CVD (Cumulative Volume Delta) fluctuated at the last check. The spot CVD measures the difference between buy and sell volume to further gauge market sentiment and traders’ position.

The flat spot CVD reading meant that DOGS’s buying volume was equal to its selling volume- a neutral position that signaled that the price of DOGS could move in either direction.

On the price charts, DOGS traded at $0.0014 at the last check, down slightly from its recent high of $0.0016.

The 50% and 38.6% Fib levels were key short-term levels to watch if the sentiment improves and DOGS attempts to reclaim its recent high of $0.0016.

But a sharp retracement to $0.0012 (78.6% Fib level) couldn’t be ruled out if a weak sentiment extends.

This bearish outlook, however, could be invalidated if Bitcoin [BTC] and the rest of the market recover and erase recent losses.

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