DOGS, the fresh face in the meme coin arena, is making waves with a notable 10% price surge following Binance’s announcement that it will soon be available for futures trading. This latest development has propelled DOGS’s price to $0.0010, leaving many to wonder if this momentum could push the coin further beyond its recent lows.
Launched on August 26, DOGS quickly garnered attention with listings on major exchanges, including Binance’s spot market. Now, the addition to Binance’s futures market opens up new avenues for traders, potentially amplifying DOGS’s market presence and trading volume. The futures market’s involvement often indicates increased investor confidence, leading to speculative trading opportunities and potentially higher valuations.
On-chain data from Santiment highlights a surge in DOGS’s social dominance, a metric indicating the frequency of a cryptocurrency’s mentions and discussions. This rising chatter suggests that DOGS is capturing more attention compared to other cryptocurrencies in the top 100 by market cap. Such heightened social engagement often precedes significant price movements, hinting at further bullish prospects for DOGS.
Before the Binance announcement, DOGS’s trading volume languished below $400 million. However, recent trading activity has spiked to nearly $500 million, signaling an uptick in market interest. This surge in volume, coupled with an upward trend, could strengthen DOGS’s market position and drive its price higher in the coming days.
Technical analysis of the 4-hour DOGS/USDT chart reveals a positive shift in the Cumulative Volume Delta (CVD), a key indicator that tracks the difference between buying and selling volumes. A positive CVD reflects increased buying pressure, which, combined with a rising Money Flow Index (MFI), suggests a growing influx of capital into DOGS.
Should this bullish momentum continue, DOGS might break through its current resistance at $0.0011 and potentially target $0.0012. Conversely, failure to breach this resistance could see DOGS fall back to $0.00097. As DOGS gains traction in the meme coin space, all eyes will be on its performance to determine if this recent rally signifies a sustainable upward trajectory or a temporary spike.
The buzz around DOGS highlights the dynamic nature of meme coins and their susceptibility to market trends and major exchange listings. As DOGS navigates its path in the crypto market, the coming days will be crucial in determining if this meme coin can maintain its newfound momentum or if it will face challenges ahead.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
