DOGS Price Plunges 20% In A Week, But This P2E SHIB Derivative Rockets Past $1 Million In Presale

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The DOGS price plummeted 20% in the past week and 9% in the last 24 hours to trade at $0.0009975 as of 00:47 a.m. EST on trading volume that rose 9% to $496 million.

The steep drop in the past week comes after the DOGS on-chain withdrawal was enabled, which allowed the last batch of investors to withdraw their airdrop allocations.

DOGS Price Prediction: Can Dogs Rebound From The Current Bearish Trend?

Since August 29, three days after its launch, the DOGS price has been on a sustained downtrend, as the bears took full control of the price. On September 2, the $0.0010550 support allowed the bulls to push the price of DOGS up to the $0.001174 before plunging back to the support zone.

The price movements within this range formed a rounding top pattern, which the bears used to push the DOGS price down.

DOGSUSD Chart Analysis (Source: GeckoTerminal)

On the DOGS/USD 1-hour chart, DOGS now trades below both the 50-day and 200-day Simple Moving Averages, affirming the downtrend.

Furthermore, the Relative Strength Index (RSI) is below the 30-oversold level, currently at 29. The RSI seems to be moving in a straight line, which suggests that buyers may be accumulating.

If sellers continue exerting more pressure on the asset, DOGS may plunge further to the $0.0009409 support.

However, the RSI shows that DOGS is currently undervalued, which may be a buying signal for the bulls. If the bulls buy at this level, DOGS could soar, with the 50-day SMA at $0.0010862 acting as the immediate target.

Meanwhile, some dog-themed meme coin lovers are shifting to a new Shiba Inu alternative called Shiba Shootout (SHIBASHOOT), which has surged past $1 million in funds raised in its presale.

Shiba Shootout Raises Over $1.07 Million In Blockbuster Presale

Shiba Shootout is a unique meme coin project that transports its community to a Wild West-inspired digital frontier. Set in the vibrant town of Shiba Gulch, it features characters like Marshal Shiba and the Shiba Sharpshooters.

Saddle up! #ShibaShootout is more than a #memecoin it’s a Wild West crypto adventure! 🐾💥
Join Marshal Shiba & the Sharpshooters in Shiba Gulch for fun and excitement. 🤠🚀 pic.twitter.com/a3BFVx7u42
— shibashootout (@shibashootout) July 1, 2024

The project features a mobile game, Shiba Sharpshooter, which has already amassed over 1,000 downloads on the Google Play Store, with a Web3 app launching soon.

Moreover, the project boasts several innovative features designed to engage its community. One such feature is the Posse Rewards referral program, which incentivizes users to grow the community, offering bonus tokens for successful invitations.

Apart from P2E crypto gaming in Shiba Gulch, $SHIBASHOOT holders can also easily earn passively through the platform’s staking mechanism, which offers 877% in annual rewards.

According to the crypto channel 99Bitcoins, with more than 706k subscribers, investors who buy $SHIBASHOOT can earn “insane rewards.“