DOGS Token Plunges 8%, Telegram Crypto Downturn Continues

DOGS (DOGS), the meme coin built on The Open Network blockchain, has plunged 8% in the last 24 hours as part of a wider downturn affecting cryptos tied to the social messaging platform, Telegram. The meme coin project relies on Telegram’s large user base to attract new users.

For now, the price of the DOGS token is $0.0009218, with its trading volume down 27.57% to $193 million, according to CoinMarketCap. The meme coin’s market capitalization is roughly $476.34 million, placing it 122nd. It is worth noting that over 3.65 billion DOGS tokens will be unlocked on September 26th, which could further impact the meme coin’s price.

Other Telegram Tokens Also Down

Other Telegram-based tokens, including Toncoin (TON) and Notcoin (NOT), have also dropped. TON fell 4.43% in the past 24 hours and is currently trading at $5.51. Despite a 14.97% decrease in the past month, the altcoin remains among the top 10 digital assets by market cap with a valuation of $13.9 billion.

Meanwhile, Notcoin (NOT) dropped 7% and is trading at $0.007496. The altcoin has a market cap of $769 million and has fallen 30.20% in the last 30 days.

DOGS Price Outlook Bleak

In line with the broader downtrend of TON and NOT, DOGS has also crashed a significant 42.12% in the past 30 days. Telegram tokens started bleeding since the earlier arrest and later release of Pavel Durov, the founder of Telegram.

Read also : DOGS Meme Coin Takes Telegram by Storm, Prepares for Major Exchange Listing

The accumulation of the DOGS token has steadily declined in the past few weeks, showing that investor interest in the meme coin is low. The trendline suggests this pattern may continue.

The Relative Strength Index (RSI) is at 37.48, indicating that sellers are in control of the DOGS price action. The slope of the line suggests that lower prices are likely in the near term.