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Highly publicized dog-themed meme coin based on the Telegram-backed Toncoin (TON) network, Dogs (DOGS), has played a crucial role in onboarding more users to the web3 space. In less than a week after its official trading launch on several centralized exchanges, the Dogs meme project has achieved major milestones including nearly 1 million on-chain holders.
As a result, the Dogs meme coin has grown to a mid-cap altcoin with a fully diluted valuation of about $608 million and a daily average traded volume of more than $440 million.
Dogs Impact on Toncoin Network
The highly liquid project has marketed itself as the most Telegram-native meme coin community. The notable Dogs’ success in its initial phase has played a crucial role in democratizing the Toncoin network.
Furthermore, the Toncoin network is celebrating 1 billion transitions achieved in the past year alone. Despite the recent network outages caused by huge demand for Dogs meme coins and other tokens, the Toncoin blockchain has reassured users of scalable solutions in the future in a secure environment.
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The Toncoin network is among the top-tier web3 ecosystems, with over $351 million in total value locked and more than $619 million in stablecoins supply.
Midterm Price Action
The Dogs meme coin has gained popularity among speculative traders due to its launch process that prioritized the community. As a result, the Dogs meme coin, which was inspired by Pavel Durov’s mascot dubbed Spotty, has been consolidating in preparation for a bullish breakout.
From a technical standpoint, DOGS price has been retesting a crucial support range around $0.0011 in the past two days, after breaking out of a four-hour falling logarithmic trend. A consistent close above $0.001166 will propel DOGS towards the next target around $0.0015, which coincided with the four-hour 0.618 Fibonacci Retracement.
Furthermore, the four-hour Relative Strength Index (RSI) has been hovering around the oversold levels.
