- Crypto Jack highlights DOGS memecoin’s critical stage, signaling a potential major move in either direction.
- As DOGS gains attention, recent blockchain disruptions expose risks amid its rapid ascent.
- Traders closely monitor DOGS for signs of a rebound or further decline in the volatile memecoin market.
DOGS memecoin is in a critical stage in its market cycle, and therefore, it holds a lot of potential. In a recent X post, Crypto Jack noted that the price of DOGS is near the tipping point of having a big bounce or a big drop. The analyst stressed that the situation is critical and if a bullish daily candle appears soon, he will consider going long on memecoin.
The reason as to why DOGS has gained a lot of attention has to do with its history and the fact that it is a memecoin. The analytical platform CryptoQuant shared its data, revealing that memecoins dominate the audience’s attention, and DOG is in the spotlight in particular.
DOGS Airdrop Triggers Blockchain Disruptions
The rise of the coin has not been without some problem. After the last airdrop, token created a lot of congestion on the TON blockchain and led to a block production halt. Several validators were unable to clear old transactions, which led to a loss of consensus on the network due to the outage.
The first technical issue was noticed on August 28, which led to the halt in block creation for six hours. The problem resurfaced two days later on August 30th, causing another one-hour downtime. Between these outages, on 29th of August, the network was busy and was handling an average of 100 transactions per block. Specifically, the transactions accounted for as much as 35% of all transactions in some blocks, illustrating the influence of the coin.
Nevertheless, the further development of DOGS is till now unclear. The coin’s potential to rebound from the existing decline will be vital in identifying its capacity to maintain the current trend or fall massively. Over the last 24 hours, coin has been down by 12.92% and sits at $0.001106.
Traders and investors are keenly observing DOGS in search of buy signals that may indicate a potential reversal. The subsequent few days will be crucial for memecoin as the company’s activity in this time frame might define further outcomes. DOGS is one of the memecoin that is gaining much attention , and like any other memecoin, it has the potential of either making a big leap or a big plunge.
