The hype around the Telegram-linked meme coin DOGS has taken a sharp turn, as nearly 99% of its holders are now in losses just about 60 days after its listing.

Once a token of high expectations, DOGS has been hit by relentless selling pressure, leaving early investors deep underwater. With mounting concerns over its future, the meme coin now faces a crucial test. Can it recover, or is it heading towards further decline?

Interest in Telegram’s Flagship Meme Coin Plunges

DOGS, which launched on August 26 with the distribution of approximately 40 billion tokens to around 17 million Telegram users, had an initial price of $0.0017. However, since then, the meme coin has plummeted by 56%. 

According to the Global In/Out of Money (GIOM) indicator, nearly 99% of DOGS holders are at a loss, with billions of addresses that purchased DOGS between $0.00079 and $0.0013 currently holding the token at a loss.

Apart from highlighting the on-chain cost basis, the GIOM also reveals whether a token is facing resistance or support. A large cluster of addresses or tokens within a price range signals significant support or resistance. Presently, the large number of DOGS holders out of the money indicates that the price may struggle to rise and could potentially fall again.

Read more: What Are Telegram Bot Coins?

Another reason DOGS’ price could fall again is its volume. Around the time the meme coin launched, the volume was over $2 billion, indicating that the market was highly interested in it.

As of this writing, the token’s trading volume has dropped to $88.65 million, a significant decline from earlier levels. This drop in volume suggests reduced buying and selling activity, which may make it difficult for the meme coi

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Author: Victor Olanrewaju