$DOGS, a meme-based altcoin recently modeled after Toncoin, might see a price rebound soon, according to crypto analyst Jack. His recent 4-hour chart analysis of DOGS/USDT reveals a period of volatile pricing through late August, characterized by sharp drops and recoveries.
Starting in September, the cryptocurrency exhibits a horizontal trend. It hovers at a low, showing signs of stabilizing at approximately 0.001081 USDT. Jack points out this could be a crucial juncture. An upward arrow on his chart suggests a potential bullish turn. This development could prove pivotal for investors monitoring the DOGS/USDT pair, anticipating possible upward movements.
Toncoin’s network faced significant disruptions this past week, with $DOGS memecoin at the center of the chaos. Inspired by Pavel Durov’s pet dog, Spotty, $DOGS quickly gained traction among Telegram enthusiasts and beyond.
On August 28, the TON Network experienced a six-hour block production outage. A similar incident occurred again on August 30 for one hour. TON officials reported, “Several validators struggled with clearing old transaction data from their databases, leading to a breakdown in consensus among them.”
DOGS Token Surges by 20%, Outperforming Top 100 CryptosDuring a brief period of stability on August 29, network activity surged. Each block processed an average of 100 transactions within seconds. Remarkably, $DOGS transactions constituted up to 35% of the activity in certain blocks, illustrating the overwhelming influence of this new memecoin.
The repeated technical issues underline the growing pains associated with rapidly increasing transaction volumes, especially with trendy new tokens like $DOGS. These events highlight the need for ongoing adjustments in network management to accommodate such spikes in user engagement and transaction processing.
The DOGS price has seen a notable decline over the past 24 hours. As of reporting time, it hovered at $0.001121, making a strong bearish move. According to CoinMarketCap data, the 24-hour trading volume was reported at $498.48M, indicating significant market activity despite the drop in price.
The 24-hour technical indicators for the price of $DOGS suggest a cautious market sentiment, as reflected in the chart. The Relative Strength Index (RSI) stands at 40.90, hovering near the bearish zone under 50, signaling weak buying momentum.
Concurrently, the Moving Average Convergence Divergence (MACD) illustrates a continued bearish trend. Its movement below the baseline with increasing red bars suggests a potential decline in DOGS’ price.
