The $DOGS token community has seen a significant shake-up recently, and it's raising eyebrows. The number of token holders has fallen to 5.41 million
The price of $DOGS (CRYPTO:DOGS) token has fallen sharply in recent weeks, sparking concerns among investors.
According to data from CoinGecko, the memecoin has declined by over 15% during the last 30 days.
On Monday, the token was trading at $0.00000000032, down from a high of nearly $0.0000000004 at the beginning of October.
However, despite the recent price decline, $DOGS has still managed to generate gains of over 1,200% since the beginning of the year.
What Happened: An announcement from the official Dogs team on Telegram revealed that data from on-chain analytics firm OchainAlytics showed a decrease in the number of token holders.
According to the announcement, the number of token holders, which stood at 5.5 million previously, has now decreased to 5.41 million.
Insights from IntoTheBlock also confirmed this decrease, signaling a potential shift in sentiment within the community.
While market fluctuations are not uncommon, especially for memecoins, this downward trend in both holder count and price has certainly caught the attention of investors.
Could this be just a temporary blip, or are more people losing faith in $DOGS? Time will tell, but for now, stay alert and keep an eye on this fast-evolving situation.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.