DOGS Memecoin Mania Grips the Market, but Will It Be Enough to Get Rid of the Bears?

The memecoin gained much traction because of its airdrop news on Toncoin [TON], which also caused a massive rise in network activity.

output: The memecoin mania continues unabated with the launch of new cryptos, and one of the latest to hit the scene is DOGS. A memecoin that gained a lot of traction because of its airdrop news on Toncoin [TON], which also caused a massive rise in network activity. But will this be enough to get rid of the bears?

For the uninitiated, those who follow crypto closely will know that memecoins are usually mini-apps on Telegram that allow users to receive these tokens. But in case you didn’t know, here’s a quick heads up.

The launch also disturbed the working of Toncoin, as the blockchain went down because of the high volume of traffic that DOGS generated. But soon after the launch, it witnessed a major price correction.

According to CoinMarketCap, DOGS’ price had dropped by more than 33% since its launch. At the time of writing, the memecoin was trading at $0.001105 with a market capitalization of over $570 million.

The launch also disturbed the working of Toncoin, as the blockchain went down because of the high volume of traffic that DOGS generated. According to a tweet from IntoTheBlock, the TON blockchain processed over 46 million transactions last week, which was driven by the excitement surrounding the DOGS airdrop.

However, the massive surge in activity didn’t have a positive impact on TON’s price action. The token’s value dropped by over 7% in the last seven days. At press time, TON was trading at $5.20 with a market capitalization of over $13.19 billion, making it the 10th largest crypto.

We used IntoTheBlock’s REALIZED P&L to assess whether DOGS and TON could turn bullish and found something interesting. Beginning with DOGS, its Weighted Sentiment improved, which can be inferred as a bullish signal. Additionally, its Trading Volume fell along with its price, hinting at a trend reversal.

A look at the memecoin’s 4-hour chart also revealed a few bullish indicators. For example, DOGS’s Chaikin Money Flow (CMF) and Relative Strength Index (RSI) both registered upticks, hinting at a price rise. But the Money Flow Index (MFI) remained bearish as it moved southwards.

Moving on, we then checked TON’s state. Our analysis of Santiment’s data revealed that investors were selling TON. The token’s Supply on Exchanges surged, which pointed to a possible price drop soon.

Another bearish metric was the MVRV ratio, which also declined. Nonetheless, Toncoin whales were confident in the token as the supply held by top addresses increased.

However, unlike DOGS, TON’s technical indicators looked bearish. For instance, the CMF moved downward. The MFI also followed a similar trend, hinting at a continued price drop in the coming days.

AMBCrypto checked Santiment’s data to find out how popular memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) were faring in the market. Our analysis revealed that both memecoins remained in the top 15 crypto list.

While DOGE ranked 11th with a market capitalization of over $14 billion, SHIB followed closely at the 13th spot with a market cap of over $9 billion. Interestingly, both memecoins also saw an uptick in their prices.

At press time, DOGE was trading at $0.14 and SHIB at $0.00004, as both memecoins seemed to be headed for a possible price rise in the coming days. A cheerful sight for fans of these memecoins, no doubt.

output: A memecoin mania is gripping the crypto market with the launch of new cryptos, and one of the latest to hit the scene is DOGS. A memecoin that gained a lot of traction because of its airdrop news on Toncoin [TON], which also caused a massive rise in network activity. But will this be enough to get rid of the bears?

For the uninitiated, those who follow crypto closely will know that memecoins are usually mini-apps on Telegram that allow users to receive these tokens. But in case you didn’t know, here’s a quick heads up.

The launch also disturbed the working of Toncoin, as the blockchain went down because of the high volume of traffic that DOGS generated. But soon after the launch, it witnessed a major price correction.

According to CoinMarketCap, DOGS’ price had dropped by more than 33% since its launch. At the time of writing, the memecoin was trading at $0.001105 with a market capitalization of over $570 million.

The launch also disturbed the working of Toncoin, as the blockchain went down

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