With TON ranking dominant, is DOGS brewing a strong recovery? Here are some key information to help you make an informed decision on whether you should include DOGS in your portfolio.
As the selling pressure in the market gradually dissipates and there are slight signs of a rebound, DOGS may become the next bullish opportunity worth looking forward to. Market sentiment often fluctuates with changes in address activity, which cannot be ignored.
It has been more than six weeks since the DOGS meme coin came into being. It rose for three consecutive days when it first came on the market, but then gave up almost all of its initial gains under the general market selling pressure in September. However, judging from its performance so far this month, DOGS seems to have broken away from its previous bearish trend, which indicates that a bullish rebound may occur in the coming weeks, and this trend has begun to show signs.
DOGS has performed particularly well over the past six weeks, especially with a strong 23% rally in the past two days, a sign that the cryptocurrency may have more upside potential, especially as selling pressure has leveled off in the first ten days of October.
So, are DOGS ready for a bullish recovery rally? Judging from the latest performance of DOGS, it has shown significant signs of accumulation in the recent bottom range. However, in order to sustain a stronger upward momentum, it will also require more liquidity inflows. But considering its growing popularity, the task may not be so daunting.
Recent on-chain data also shows positive signals, such as DOGS's outstanding performance in terms of ownership, with TON having 5.6 million holders. Although the total number of addresses with balances peaked at 6.36 million on September 24, and then dropped by about 780,000, the total number of DOGS addresses is still as high as about 12.05 million, of which about 6.05 million addresses have zero balances. It is worth noting that the number of total zero balance addresses seems to have stabilized, indicating that selling pressure is slowing down.
However, despite the recent uptick, there has been no significant positive change in address activity, i.e. the DOGS meme coin has yet to demonstrate strong accumulation momentum. However, market sentiment has improved slightly recently, which may be good news for bulls.
Overall, DOGS has shown multiple signs of a possible long-term bullish recovery. However, in order to be more certain of this trend, address activity needs to show a clear shift toward accumulation.
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