The DOGS meme coin is facing significant selling pressure and is down nearly 11% today on Friday.
While the Telegram-based meme coin is still trending on CoinMarketCap alongside Toncoin, the recent decline has sparked concerns amongst investors.
Meanwhile, a new meme coin listing – Base Dawgz (DAWGZ) – is stealing the spotlight. Smart money investors are gearing up for its highly-anticipated launch on September 4th, with some even eyeing 100x returns from it.
DOGS Meme Coin Crashes – Cause For Concern?
DOGS had an explosive debut on Binance, with its price seeing an initial 150% uptick. The meme coin also went live on other top-tier exchanges such as Bybit and Bitget, resulting in a trading volume of over $2 billion on the first day.
Meanwhile, the DOGS airdrop turned out to be such a massive success that it resulted in an outage on the TON blockchain. As per the Tonscan data, over 40 million investors participated in the airdrop.
However, the meme coin has been facing substantial selling pressure since and traded as low as $0.0012, over 20% below its all-time high of $0.00165.
Nevertheless, experts remain bullish on DOGS in the long term.
It isn’t unusual for Binance listings to mark the local top for meme coins. Additionally, the airdrop is also contributing to the selling pressure as the beneficiaries cash out their profits.
Most importantly, the broader crypto market is also showing substantial weakness. The Bitcoin price fell following the PCE data today, with meme coins such as Floki, Popcat and Dogwifhat faring even worse.
In fact, popular crypto trader Bala.ton (@Bala_ibb) is impressed with DOGS’s resilience. He cites its excellent marketing strategy and the upcoming utility as the key reasons behind his optimism.
In fact, smart money investors are now betting on a bullish reversal. Crypto analyst Unknown Trader (@Learnernoearner) has opened a long position on DOGS today, expecting the meme coin to rally to $0.00145 in the short term.
Similarly, CryptoGVR (@GVRCALLS) projects that the DOGS price could trade as high as $0.003 in the next 45 days, which would mean nearly 3x growth from its current price.
The bulls would also hope for an improvement in the broader market sentiment. For instance, the Fed’s interest rate cuts in September could pave the way for another crypto bull run, resulting in new all-time highs for altcoins including DOGS.
Investors will also closely watch the storylines surrounding Telegram founder Pavel Durov’s legal troubles in France. After all, the DOGS meme coin is based on Spotty, a meme that was drawn by Durov during a charity auction.
Is Base Dawgz The Next 100x Crypto?
A new meme coin – Base Dawgz (DAWGZ) – could be next to score a number of top-tier exchange listings.
DAWGZ already has strong community backing, as is evident by the $3.2 million raised by the meme coin in its presale. With the token going live on DEXs on September 4th, reputable CEX listings could be the next step.
Meanwhile, investors are still rushing to the Base Dawgz presale to stack the token at its discounted price. After all, Base meme coins could be the new meta, especially after Brett’s remarkable success.
However, DAWGZ’s visibility isn’t limited only to Base investors. The meme coin is also live on Ethereum, Solana, BNB Smart Chain and Avalanche, maximizing its brand awareness among meme coin enthusiasts on all chains.
Additionally, DAWGZ investors can also stake their coins and earn passive income, currently at an APY of over 733%.
Unsurprisingly, smart money investors have been quick to recognize the meme coin’s potential, with some backing it as the next 100x crypto.
