DOGS get listed on Bitget’s PoolX platform, short traders expect downfall

The recently launched TON-based meme coin DOGS has been listed on another popular cryptocurrency exchange, while short-term investors continue to bet on its price to fall.

According to a press release on August 27, DOGS was listed on Bitget’s PoolX platform following a successful pre-market phase that began on July 12.

The pre-market period generated significant trading activity and interest in the TON community, allowing early Bitget users to interact with DOGS ahead of its wider launch.

During this phase, Bitget also conducted a gas-free airdrop campaign that allowed users to claim DOGS tokens without paying any transaction fees. Participants were able to easily access their tokens by connecting their accounts via the DOGS Telegram mini-app.

With the launch of DOGS on PoolX, users will be able to stake USDT to participate in the 5 million DOGS raffle that will last until September 2nd at 09:00 CET.

PoolX on Bitget is a platform feature that allows users to stake cryptocurrencies or earn rewards by participating in liquidity mining. Users can earn additional tokens or interest by staking assets on PoolX, providing a way to earn passive income without actively trading.

The DOGS token began trading on major centralized exchanges, including Binance, Bybit, OKX, Bitget, and Gate, at 12:00 UTC on August 26. In the first 10 hours, the Telegram-native meme coin reached a market cap of $624 million and a trading volume of $1.74 billion.

Following the launch of DOGS, Telegram Wallet and the aforementioned cryptocurrency exchanges experienced temporary outages as millions of users flocked to trade the DOGS token.

According to hourly charts on CoinGecko, the meme coin has since fallen by 27% and continues to fall. Memecoin was trading at $0.0012 and had a daily trading volume of $1.67 billion.

According to Coinglass data, total open interest for DOGS saw a massive increase to $90.38 million, reflecting a massive increase in trader interest in the memecoin. This suggests that a large influx of new money is driving the price rally.

Additionally, market intelligence data reveals that the total funding rates raised by DOGS stand at 0.0094%, indicating that investors are optimistic about the continued rise in the price of DOGS.

However, an increase in open interest while the price is falling usually reflects a bearish sentiment, and investors expect a further decline in the price of the cryptocurrency.

At the time of writing, the token was also trending on social media platforms such as Google and X and Telegram.

Meanwhile, analysts’ opinions are divided on the future of DOGS, with some expressing concerns that distributing the token via airdrops could lead to immediate selling pressure and cast doubt on its long-term value.

Others believe in the potential of DOGS, citing strong community support and the broader trend of meme coins. They suggest that despite potential volatility, the token could maintain or even increase in value if the community remains active and supportive.

Again, this is a meme coin, your trading styles may fail. The dog community is currently overly optimistic, I don’t think it will fall soon. This will definitely have a positive impact on its price $dogs The days to come!
Will we experience slight declines? YES!
Play smart!!

— LIICKO (@lexy_fierce) August 27, 2024

The launch of the Dogs token coincided with the arrest of Telegram founder and CEO Pavel Durov, who created the “Spotty” mascot that has now become synonymous with the DOGS token.

This development has galvanized the crypto community, leading to the #FREEDUROV campaign that has quickly gained traction on social media platforms. Some market observers suggest that a positive outcome in Durov’s legal case could lead to bullish momentum for DOGS.