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Highlights
- DOGS Token will release 502.48 billion tokens (91.4% of the supply) on August 26th, with 72.7% allocated for a community airdrop
- DOGS price gained momentum after listing on Gate.io and inclusion in Binance’s 57th launch pool.
- The $0.001 level stands as major support for DOGS buyers to defend amid token unlock.
DOGS, a Telegram-native meme coin, is gaining traction among crypto participants for its dynamic moves. The token leverages Telegram’s vast user base, aiming to integrate with the platform’s ecosystem through innovative features like its tap-to-earn model. However, the DOGS price is poised for a significant correction, with billions of tokens set to enter the market during the Token Generation Event (TGE). Will buyers sustain this supply pressure?
DOGS Price to Rest Major Support Amid 502.48 Billion Token Release
DOGS, a new dog mascot meme coin originally created by Telegram’s founder, focuses on introducing blockchain technology to a broader audience through fun and engaging experiences, such as tokenized stickers.
The token has recently gained traction among similar projects amid the listing on the Gate.io crypto exchange and being launched in Binance’s 57th launch pool.
On August 26th, DOGS investors are set to experience a significant Token Generation Event (TGE), during which 502.48 billion DOGS tokens, representing 91.4% of the total supply, will be released.
The majority of tokens are allocated to the community airdrop, i.e., 400.02 billion DOGS (72.7%), which aligns with the project’s emphasis on community ownership, potentially increasing user participation and token circulation within the ecosystem.
The further distribution includes marketing with 50.49B DOGS (9.18%), liquidity 29.89 B Token (5.45%), team 29.48 B DOGS(5.36%), Binance Launchpool 22B tokens (4%), and advisory 17.9 B tokens (3.27%).
Typically, token unlocks of such magnitude could flood the market with a flood of supply, leading to a notable drop in the asset’s value. While the community airdrop could dilute the market significantly, the linear vesting schedules for the team and advisory show the tokens will be released over time, gradually adding to the circulating supply.
Can DOGS Token Withstand Looming Supply Pressure?
Amid the mid-August sell-off, the DOGS price found suitable support at the $0.001 level. The psychological level has uplifted the asset by over 200% to test resistance at $0.0031. Such dynamic moves favor meme coin lovers as the asset class is significantly driven by speculation trading.
By the press time, the DOGS token trades at $0.0021. If the upcoming token unlocks accelerate the selling pressure, the price could witness a 50% drop to retest the bottom support. With further breakdown, the asset holders could seek support at the $0.0008 level.
On the contrary, if buyers managed to sustain $0.001 support, the next recovery leap could allow buyers $0.0052.
Post Token Unlock Analysis: DOGS Price Crashed 95%
Following the token unlock, DOGS price experienced a sharp crash to the $0.0001 psychological level, marking a 95% decline from the previous day’s closing price. However, the asset quickly rebounded to $0.00128 as it attempted to reclaim the August 17th low. Securing this support level could signal sustained demand pressure at these discounted prices, potentially stabilizing the market and confirming buyer interest.
Frequently Asked Questions (FAQs)
1. What is the significance of the August 26th Token Generation Event (TGE) for DOGS?
2. What is the major support level for DOGS price amid the upcoming token unlock?
3. What could happen to DOGS price post-token unlock?
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