After a major sell-off over the last week, TON-based cryptocurrency DOGS is seeing some price recovery gaining over 15% and moving all the way to $0.14. Amid the current developments surrounding Telegram, the TON-based cryptocurrency has faced severe selling pressure with the DOGS price losing 17% of its value over the past week.
Will DOGS Price Recovery Continue?
The altcoin has come into the solid limelight recently after Binance listing earlier this week leading to a 124% surge in its price. As of press time, DOGS is trading 2.69% up at $0.00133 and a market cap of $672 million.
As the DOGS Price has shown strong volatility over the past week, the DOGS liquidation data also paints an interesting picture. In the last 24 hours, DOGS has witnessed more than $2.37 million in overall liquidations with the long liquidations standing at $1.23 million while the short liquidations standing at $1.13 million. This shows that there’s a strong fight between the bulls and the bears as of now. Also, the DOGS open interest is up by 8% moving way past $140 million.
However, the downside to DOGS is that the market supply continues to increase further. Over 150,000 Notcoin users have received a total of 2.75 billion DOGS tokens, worth around $3.3 million. Each user received the amount based on their level and activity, with more engaged users receiving larger rewards. The distribution also granted recipients access to explore pools and other exclusive benefits.
Here’s Why CEXs Promoting DOGS Is Wrong
Leonidas, the founder of Ordi.io, criticized the recent promotion of the DOGS token by centralized exchanges. He added that CEXs have received 8.55 of the DOGS supply, valued at a staggering $60 million, without any lockup and were expected to promote the token heavily for a few weeks. Leonidas believes that the exchanges will soon sell their DOGS holdings.
He also blamed the CEXs for their active involvement in the pump and dump of the DOGS token while questioning the ethics of the trading platform. Leonidas added that if the CEXs truly cared about their users, they would rather select the best tokens for the users to buy, instead of using their platform as an exit liquidity while pumping the DOGS price.
Highlighting the current state of the meme-based cryptocurrencies, Leonidas pointed out that despite being listed by major exchanges, $DOGS has only reached a $700 million market cap, which he finds disappointing. He implied that other memecoins, with similar backing, would have quickly surpassed $2 billion in market cap.
I swear I am not making this up I have never seen someone other than a CEX post about $DOGS
It’s basically a form of culturally acceptable pumping and dumping
The CEXs were sent 8.5% of the $DOGS supply ($60M) with I suspect no lockup and with an understanding that they would…
— Leonidas (@LeonidasNFT) August 31, 2024
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