Out of 53 million DOGS bot users, 42.2 million are eligible for the airdrop. Despite the total supply of 550 billion tokens, DOGS may continue to face downward pressure in the short term.
The crypto space is buzzing after a massive DOGS token airdrop, with 40 billion tokens distributed in just 48 hours. Over 2.5 million users worldwide benefited, making it one of the largest token giveaways ever. Notcoin users, the main recipients, were especially excited.
Since August 31, 2.75 billion DOGS tokens, worth about $3.3 million, have been distributed to 150,000 users based on their activity on the Notcoin platform. Active users received more tokens, which also helped cover their platform fees and unlocked special perks like access to staking pools.
The community has welcomed this distribution as it gives early participants a chance to get involved in the growing DOGS ecosystem. However, those who haven’t claimed their tokens should do so soon as time is running out.
DOGS Partners with Bitget
Adding to the excitement, Bitget, a popular cryptocurrency exchange, announced a strategic partnership with DOGS, offering its users additional opportunities to receive DOGS tokens. On August 20, over 400 billion tokens were distributed, marking another monumental event.
According to the company’s Telegram channel, 42.2 million out of the 53 million users of the DOGS bot are eligible for this airdrop. The total supply of DOGS tokens sits at a staggering 550 billion, positioning the token for significant growth in the coming months.
The next phase in the DOGS roadmap involves the token’s entrance into centralized exchanges (CEXs), where users will be able to trade and transfer their tokens seamlessly. The cryptocurrency community is eagerly anticipating the launch, as the token is expected to become a major player in the market. However, recent price fluctuations have raised some concerns.
DOGS Token Faces Market Challenges
DOGS token has faced heavy price pressure since its launch on August 29. Over the past month, its price has dropped by 31%, with a 23% fall in the last week alone. This drop is mainly due to on-chain withdrawals, which allowed airdrop recipients to sell their tokens. As of September 5, 2024, the token is trading at $0.001098, showing a slight 9.50% rise from its daily low.
Technical signals indicate that DOGS may continue to face downward pressure in the short term. The MACD shows a bearish crossover, and the histogram points to weakening momentum. The Awesome Oscillator also indicates ongoing selling pressure. However, if DOGS breaks the $0.0015 resistance level, it could see an upward trend with targets of $0.0017 and $0.003.
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