Telegram’s meme coin, Dogs (DOGS), has finally been listed on Coinbase’s futures market today, weeks after Binance listed the coin on both its spot and futures markets.
The listing could spark increased interest in the cryptocurrency, but it also puts the Telegram coin in a pivotal position that could either fuel the recent uptrend or drag it down further.
Coinbase Joins Binance In Listing Meme Coin Telegram
The listing of DOGS on Binance occurred on August 26. This was also the day of Meme Coin's Token Generation Event (TGE), when billions of Token were Airdrop to Telegram users.
This morning at 9:30 UTC, Coinbase announced that its users can now trade DOGS, along with POL (formerly Matic), on the futures market.
“Our POL-PERP and DOGS-PERP markets are now fully live on Coinbase International Exchange and Coinbase Advanced. Limit, market, stop, and stop limit orders are all available,” Coinbase Chia on X,
Following this development, the price of DOGS has increased and is currently trading at $0.00098. Despite the uptrend, the In/Out of Money Around Price (IOMAP) indicator shows that over 3 million addresses are still holding 190 billion coins at a loss.
As seen above, this group bought Telegram coins between $0.00098 and $0.0011. This means that 61% of DOGS holder are experiencing a loss of money. A large portion of the remaining are at break Capital, while a few are making a profit.
Furthermore, the small number of profitable holder could make it difficult for DOGS to continue to rise in price. Interestingly, the holding period suggests that many investors in this Meme Coin are not ready to liquidate at a loss.
A spike in Coin holding time indicates that the cryptocurrency has been held without being sold or traded. Conversely, a drop indicates otherwise.
Looking at the image above, DOGS holding time has increased by more than 264% over the past 30 days. Technically, this is a positive sign, as the reduced selling pressure could make some of the 190 billion coins profitable.
DOGS Price Prediction: Some Zeros Will Disappear
A look at the DOGS 2-hour chart shows that the Absolute Strength Index (AO) has formed a bullish double top. The AO measures momentum, and the bullish double top appears below the zero line, with the second peak being significantly higher than the first.
Furthermore, the top formation has pushed the AO reading into positive territory, suggesting continued bullish momentum for DOGS. The same timeframe also shows Meme Coin facing resistance at $0.00097.
However, a strong support at $0.0094 could prevent a fresh decline. Therefore, the current bullish momentum around the Token could prevent it from falling below $0.00094. Instead, the DOGS price could rise to $0.0011.
Meanwhile, crypto traders should keep an eye on the overall market sentiment. If the broader market struggles to maintain its uptrend, Meme Coin’s price could be affected and a drop to $0.00090 could reappear.
Regarding this potential, Juan Pellicer, Senior Researcher at IntoTheBlock, mentioned that Meme Coin could face challenges. Speaking to BeInCrypto, Pellicer said that the Airdrop has affected the momentum of DOGS.
“Unlike TON’s usage growth, the DOGS Token has faced challenges despite the initial excitement from the popular Airdrop . Currently, 61% of the 4.13 million DOGS holder are down from when they received Token. This suggests that the initial enthusiasm has waned,” Pellicer said.
