Telegram meme coin Dogs (DOGS) has finally been listed on the Coinbase futures market today. This comes weeks after Binance listed the coin on both the spot and futures market.
While this listing may spark heightened interest in the cryptocurrency, it also puts the Telegram coin in a crucial position that could accelerate the recent upswing or drag it further down.
Coinbase Join Binance in Listing the Telegram Meme Coin
DOGS’s Binance listing came on August 26. This was the same day as the meme coin’s Token Generation Event (TGE), on which it airdropped billions of tokens to Telegram users.
Earlier today, specifically at 9:30 UTC, Coinbase announced that its users can now trade DOGS, alongside POL (previously MATIC), in the futures market.
“Our POL-PERP and DOGS-PERP markets are now in full-trading mode on Coinbase International Exchange and Coinbase Advanced. Limit, market, stop, and stop limit orders are all now available,” Coinbase shared on X,
Following the development, DOGS’s price increased, and it currently trades at $0.00098. Despite the uptrend, the In/Out of Money Around Price (IOMAP) shows that over 3 million addresses are still holding 190 billion coins at a loss.
Read more: Top 9 Telegram Channels for Crypto Signals in September 2024
As seen above, this cohort purchased the Telegram coin between $0.00098 and $0.0011. This figure means that 61% of DOGS holders are out of money. A large chunk of the remaining ratio is at breakeven point while a small number are holding in profits.
Furthermore, this small number of holders in profit could make it challenging for DOGS’ price to continue appreciating. Interestingly, the Coins Holding Time revealed that many investors in the meme coin are not ready to liquidate at a loss.
Spikes in the Coins Holding Time suggest a high amount of time a cryptocurrency has been held without being sold or transacted. A decline, on the other hand, signifies otherwise.
From the image above, DOGS’ holding time has increased by over 264% in the last 30 days. Technically, this is a bullish sign, as reduced selling pressure could make some of the 190 billion coins profitable.
DOGS Price Prediction: One Zero Is Set to Leave
An assessment of the 2-hour DOGS chart shows that the Awesome Oscillator (AO) has formed a bullish twin peak. The AO measures momentum, and the bullish twin peak appears below the zero line, with the second peak significantly higher than the first.
Furthermore, the peak formation has driven the AO reading into the positive region, suggesting continued bullish momentum for DOGS. The same timeframe also shows that the meme coin faces resistance at $0.00097.
However, strong support exists at $0.0094, which could prevent another decline. Consequently, the current bullish momentum around the token might prevent it from falling below $0.00094. Instead, DOGS’s price might climb toward $0.0011.
Read more: 6 Best Exchanges To Buy and Sell Hamster Kombat (HMSTR) in 2024
Meanwhile, crypto traders should watch out for the overall mood of the market. Should the broader market struggle to maintain the upswing, the meme coin’s price could be affected and decrease to $0.00090 might show up again.
Regarding this potential, Juan Pellicer, Senior Researcher at IntoTheBlock, mentions that the meme coin could face challenges. Speaking to BeInCrypto, Pellicer says the airdrop has affected DOGS dynamics.
“In contrast to TON’s growing usage, the DOGS token has faced challenges despite initial hype from its popular airdrop. Currently, 61% of the 4.13 million $DOGS holders are at a loss relative to when they received their tokens. This suggests that the market’s initial enthusiasm has waned,” Pellicer said.
The post 190 Billion DOGS Coins Face Decisive Moment After Binance, Coinbase Listing appeared first on BeInCrypto.
