DOGS Token Price Tanks 36% in 30 Days Despite Broader Crypto Rally

DOGS (DOGS), a community-driven meme coin initiative on Telegram-backed The Open Network (TON), has tanked 36% in the past 30 days, despite the broader recovery of the digital asset sector, with Bitcoin (BTC) reaching the $66,000 price level just a few days ago.

CoinMarketCap data shows DOGS hit a 30-day high of $0.001292 and has recovered from the 30-day low of $0.0008095. The all-time high of DOGS is $0.001644, seen in late August, and the meme coin is down 49.14% from its ATH.

At the time of writing, the TON-based meme coin is trading at $0.0008331, down 1.25% in the past 24 hours. Since its debut in late August this year, DOGS has nosedived 47.81% but has successfully achieved a market capitalization of $429 million. The altcoin’s trading volume also plunged 8.05%.

DOGS Underperforms Compared to Other Meme Coins

DOGS is the 12th-largest meme coin by market cap and has lagged behind its rivals, including Bonk (BONK), Pepe (PEPE), and dogwifhat (WIF), in the past few days. Most of the meme coins have seen double-digit gains, while DOGS has not.

DOGS has also not established an uptrend despite the rallying market. While the token has exposure to millions of people using the Telegram application, the price trajectory of the meme coin remains bearish for now.

The Accumulation/Distribution indicator shows that there has been a significant decline in the demand of the DOGS token and the gradient of the line implies that sellers might remain active and distribution of DOGS might continue.

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The chart provided by TradingView above shows the Relative Strength Index (RSI) for DOGS is bearish, and the gradient of the line suggests that lower prices are possible in the short term. The value of the indicator is 37.17, which means that the sellers have control of the DOGS price action.