DOGS Token Price Tanks 36% in 30 Days Despite Broader Crypto Rally
- DOGS has nosedived 36% in the past 30 days.
- Rival meme coins have outperformed DOGS with double-digit gains.
- DOGS has achieved a market cap of $429 million since its debut in August.
DOGS (DOGS), a community-driven meme coin initiative on Telegram-backed The Open Network (TON), has tanked 36% in the past 30 days, despite the broader recovery of the digital asset sector, with Bitcoin (BTC) reaching the $66,000 price level just a few days ago.
CoinMarketCap data shows DOGS hit a 30-day high of $0.001292 and has recovered from the 30-day low of $0.0008095. The all-time high of DOGS is $0.001644, seen in late August, and the meme coin is down 49.14% from its ATH.
At the time of writing, the TON-based meme coin is trading at $0.0008331, down 1.25% in the past 24 hours. Since its debut in late August this year, DOGS has nosedived 47.81% but has successfully achieved a market capitalization of $429 million. The altcoin’s trading volume also plunged 8.05%.
DOGS Underperforms Compared to Other Meme Coins
DOGS is the 12th-largest meme coin by market cap and has lagged behind its rivals, including Bonk (BONK), Pepe (PEPE), and dogwifhat (WIF), in the past fe…
The post DOGS Token Price Tanks 36% in 30 Days Despite Broader Crypto Rally appeared first on Coin Edition.
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Forex: Weak US Dollar Is Strengthening Bitcoin:Oct-Dec BTC Analysis
The forex market is experiencing a wave of new currency dynamics as the US dollar shows signs of volatility. In the middle of this alternate hedge, assets like Bitcoin and Gold rally higher on the radar, dividing user sentiment into diverse branches of interest.
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Why Is The US Dollar Weakening?
The US dollar is currently at 100.4, down 0.04% in the last 24 hours. The volatile value of the US dollar has primarily been spurred by the Federal Reserve’s recent decision to cut rates by 50 basis points.
The rate cut decision has compelled the US dollar to encounter bearish waves of change as investor sentiment pivots towards alternate assets. To elaborate further, a rate-cut decision often makes dollar-centric assets appear less lucrative to investors, directly impacting the US dollar’s value.
When the Federal Reserve lowers or cuts rates, the US Treasury bonds or other USD-denominated assets appear weaker to foreign investors. This development batters the value of the US dollar, compelling the currency to document a bearish ebb and flow in its price value.
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Why Are Bitcoin and Gold Rallying?
Bitcoin is thriving at $64K. The asset is up 1.39% in the last seven days and has caught up to its earlier price pace. At the same time, gold has spiked a massive rally, breaching $2,600. AUX is heading towards a new high of $3,000, with analysts forecasting the above level to be claimed before the end of this year.
As per a recent post uploaded by The Kobeissi Letter, alternate assets like gold and bitcoin strike massive rallies whenever the US dollar weakens, the phenomenon denotes how investor sentiment shifts to alternate assets like gold and bitcoin during great financial distress.
Bullish forecasts of “Uptober” flooding the market may signal Bitcoin’s historic price rise to $80K, with Gold hitting the coveted $3,000 mark. At the same time, the US dollar may continue to face volatility, bolstering other assets’ prospects.
Bitcoin Price Analysis (October To December)
According to CoinCodex, Bitcoin may hit the $88K level by the end of October 30, 2024.
BTC may then surge towards claiming a new high of $101 by November 30, 2024.
By the end of December, Bitcoin may have stabilized to maintain its historic new price peak of $101K.
“According to our current Bitcoin price prediction, the price of Bitcoin is predicted to rise by 99.36% and reach $ 128,200 by March 29, 2025. Per our technical indicators, the current sentiment is Bullish while the Fear & Greed Index is showing 61 (Greed). Bitcoin recorded 18/30 (60%) green days with 5.69% price volatility over the last 30 days. Based on the Bitcoin forecast, it’s now a good time to buy Bitcoin.”
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