The memecoin mania is nowhere from stopping with the launch of multiple new cryptos, one of the latest being DOGS that affected TON
The memecoin mania is nowhere from stopping with the launch of multiple new cryptos, one of the latest being DOGS., which also caused a massive rise in network activity. But will this be enough to get rid of the bears?For the uninitiated, DOGS is a memecoin developed as a mini-app on Telegram that allows users to receive DOGS tokens.
The launch also disturbed the working of Toncoin, as the blockchain went down because of the high volume of traffic DOGS generated. But soon after the launch, it witnessed a major price correction., DOGS’ price had dropped by more than 33% since its launch. At the time of writing, the memecoin was trading at $0.001105 with a market capitalization of over $570 million.
The launch also disturbed the working of Toncoin, as the blockchain went down because of the high volume of traffic DOGS generated.from IntoTheBlock, the TON blockchain processed over 46 million transactions last week, driven by the excitement surrounding the DOGS airdrop.The token’s value dropped by over 7% in the last seven days. At press time, TON was trading at $5.20 with a market capitalization of over $13.19 billion, making it the 10th largest crypto.
Beginning with DOGS, its Weighted Sentiment improved, which can be inferred as a bullish signal. Additionally, its Trading Volume fell along with its price, hinting at a trend reversal.A look at the memecoin’s 4-hour chart also revealed a few bullish indicators. For example, DOGS’s Chaikin Money Flow and Relative Strength Index both registered upticks, hinting at a price rise.Moving on, AMBCrypto then checked TON’s state. Our analysis of Santiment’s data revealed that investors were selling TON.
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