DOGS Leads Crypto Gainers with 21% Spike, Trading Volume Hits $1.9 Billion

DOGS’ rise to prominence reflects a growing trend among meme-inspired tokens, particularly those connected to large online communities like Telegram.

Unlike other short-lived token surges, analysts suggest that DOGS’ community shows long-term commitment rather than chasing quick profits.

The token’s recent consolidation in price further indicates a stabilizing market position.

The success of the DOGS airdrop, especially in regions like Nigeria, has also fueled its rise. Nigerian crypto enthusiasts have been keen to participate in airdrops following delays and disappointments with other projects.

DOGS’ timely and successful distribution has been a breath of fresh air for these investors.

Data from Coinglass, a leading crypto analytics platform, shows that DOGS’ rally is driven by a 42.6% increase in open interest, reaching $162.49 million, along with a 119.7% surge in trading volume.

However, the weighted funding rate has dropped, signaling a slight decline in bullish sentiment.

Despite this, DOGS continues to gain traction, consolidating its place in the market. The community-driven nature of the token and its association with Telegram have positioned DOGS as a strong contender in the growing world of memecoins.

Currently, the price of DOGS is $0.00148, and analysts predict further growth as the token gains more attention globally.