The much-hyped DOGS token has had a tumultuous start since its listing on August 26, 2024. Currently trading at $0.001217 as per CMC data, the meme coin has seen a 33.4% drop from its all-time high at launch, leaving many investors wondering about its future prospects.
DOGS’ Market Performance and Predictions
Despite the initial stumble, some analysts remain optimistic about DOGS’ potential. Coincodex predicts a possible 236.09% price increase, projecting a value of $0.004377 by September 26, 2024. However, current technical indicators suggest a bearish sentiment, with the Fear & Greed Index sitting at a neutral 48.
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The DOGS team recently announced that over 1.6 million users have traded the token in Wallet so far, showcasing substantial user engagement. They’re also implementing crucial updates to ensure the reliable operation of all Wallet services.
Starting at 15:00 UTC, users will be able to withdraw the memecoin to external addresses. By the end of the day, rewards from Wallet Earn campaigns will be available for withdrawal.
According to Stormgain, if the memecoin achieves a Fully Diluted Valuation (FDV) of $1 billion – similar to Notcoin’s launch in May 2024 – the token price could reach around $0.0018. However, a more conservative $500 million FDV would see the price at $0.001.
It’s worth noting that the DOGS team has observed some users attempting to game the system with multiple accounts. The team also warned that this violates their rules.
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