{"id":420037,"date":"2024-09-03T04:30:48","date_gmt":"2024-09-02T23:00:48","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=420037"},"modified":"2024-09-02T16:04:33","modified_gmt":"2024-09-02T10:34:33","slug":"dogs-airdrop-helps-toncoin-activity-yet-tons-price-drops-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/dogs-airdrop-helps-toncoin-activity-yet-tons-price-drops-why\/","title":{"rendered":"DOGS airdrop helps Toncoin activity, yet TON&#8217;s price drops &#8211; Why?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">TON\u2019s network activity surged after the DOGS airdrop.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">While DOGS\u2019 indicators were bullish, TON\u2019s indicators hinted at a price decline.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The memecoin mania is nowhere from stopping with the launch of multiple new cryptos, one of the latest being DOGS. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The memecoin gained much traction because of its airdrop news on <\/span><a href=\"https:\/\/ambcrypto.com\/predictions\/the-open-network-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Toncoin [TON]<\/span><\/a><span style=\"font-weight: 400;\">, which also caused a massive rise in network activity. But will this be enough to get rid of the bears?\u00a0<\/span><\/p>\n<h2><b>Bears are here<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">For the uninitiated, DOGS is a memecoin developed as a mini-app on Telegram that allows users to receive DOGS tokens. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The launch also disturbed the working of Toncoin, as the blockchain went down because of the high volume of traffic DOGS generated. But soon after the launch, it witnessed a major price correction. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/dogs\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, DOGS\u2019 price had dropped by more than 33% since its launch. At the time of writing, the memecoin was trading at $0.001105 with a market capitalization of over $570 million. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The launch also disturbed the working of Toncoin, as the blockchain went down because of the high volume of traffic DOGS generated. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to a <\/span><a href=\"https:\/\/x.com\/intotheblock\/status\/1830508213000605849\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> from IntoTheBlock, the TON blockchain processed over 46 million transactions last week, driven by the excitement surrounding the DOGS airdrop.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> However, the massive surge in activity didn\u2019t have a positive impact on TON\u2019s price action. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The token\u2019s value dropped by over 7% in the last seven days. At press time, TON was trading at $5.20 with a market capitalization of over $13.19 billion, making it the 10th largest crypto.<\/span><\/p>\n<h2><b>Will DOGS and TON turn bullish?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto assessed DOGS and TON\u2019s on-chain data to find whether their popularity could stir up bullish sentiment in the market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beginning with DOGS, its Weighted Sentiment improved, which can be inferred as a bullish signal. Additionally, its Trading Volume fell along with its price, hinting at a trend reversal.\u00a0<\/span><\/p>\n<figure id=\"attachment_420038\" aria-describedby=\"caption-attachment-420038\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGS-DOGS-15.15.03-02-Sep-2024.png\"><img decoding=\"async\" class=\"wp-image-420038 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGS-DOGS-15.15.03-02-Sep-2024.png\" alt=\"DOGS' volume dropped\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGS-DOGS-15.15.03-02-Sep-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGS-DOGS-15.15.03-02-Sep-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGS-DOGS-15.15.03-02-Sep-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGS-DOGS-15.15.03-02-Sep-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGS-DOGS-15.15.03-02-Sep-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGS-DOGS-15.15.03-02-Sep-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGS-DOGS-15.15.03-02-Sep-2024-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-420038\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A look at the memecoin\u2019s 4-hour chart also revealed a few bullish indicators. For example, DOGS\u2019s Chaikin Money Flow (CMF) and Relative Strength Index (RSI) both registered upticks, hinting at a price rise. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the Money Flow Index (MFI) remained bearish as it moved southwards.\u00a0<\/span><\/p>\n<figure id=\"attachment_420039\" aria-describedby=\"caption-attachment-420039\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGSUSDT_2024-09-02_15-17-17.png\"><img decoding=\"async\" class=\"wp-image-420039 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGSUSDT_2024-09-02_15-17-17.png\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGSUSDT_2024-09-02_15-17-17.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGSUSDT_2024-09-02_15-17-17-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGSUSDT_2024-09-02_15-17-17-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGSUSDT_2024-09-02_15-17-17-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGSUSDT_2024-09-02_15-17-17-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGSUSDT_2024-09-02_15-17-17-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/DOGSUSDT_2024-09-02_15-17-17-1200x645.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-420039\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Moving on, AMBCrypto then checked TON\u2019s state. Our analysis of Santiment\u2019s data revealed that investors were selling TON. The token\u2019s Supply on Exchanges surged, which pointed to a possible price drop soon.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"https:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">TON Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Another bearish metric was the MVRV ratio, which also declined. Nonetheless, Toncoin whales were confident in the token as the supply held by top addresses increased. <\/span><\/p>\n<figure id=\"attachment_420041\" aria-describedby=\"caption-attachment-420041\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Toncoin-TON-15.19.18-02-Sep-2024.png\"><img decoding=\"async\" class=\"wp-image-420041 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Toncoin-TON-15.19.18-02-Sep-2024.png\" alt=\"TON's supply on exchanges increased\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Toncoin-TON-15.19.18-02-Sep-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Toncoin-TON-15.19.18-02-Sep-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Toncoin-TON-15.19.18-02-Sep-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Toncoin-TON-15.19.18-02-Sep-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Toncoin-TON-15.19.18-02-Sep-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Toncoin-TON-15.19.18-02-Sep-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/Toncoin-TON-15.19.18-02-Sep-2024-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-420041\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, unlike DOGS, TON\u2019s technical indicators looked bearish. For instance, the CMF moved downward. The MFI also followed a similar trend, hinting at a continued price drop in the coming days.<\/span><\/p>\n<figure id=\"attachment_420043\" aria-describedby=\"caption-attachment-420043\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/TONUSDT_2024-09-02_15-20-41.png\"><img decoding=\"async\" class=\"wp-image-420043 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/TONUSDT_2024-09-02_15-20-41.png\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/TONUSDT_2024-09-02_15-20-41.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/TONUSDT_2024-09-02_15-20-41-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/TONUSDT_2024-09-02_15-20-41-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/TONUSDT_2024-09-02_15-20-41-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/TONUSDT_2024-09-02_15-20-41-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/TONUSDT_2024-09-02_15-20-41-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/TONUSDT_2024-09-02_15-20-41-1200x645.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-420043\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>After the airdrop, DOGS\u2019 price dropped substantially, but the trend might change.\u00a0<\/p>\n","protected":false},"author":75,"featured_media":420045,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,5824,66,3,4,20],"tags":[],"class_list":["post-420037","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-memecoins","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>DOGS airdrop helps Toncoin activity, yet TON&#039;s price drops - Why? 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