DOGS Prices Freefall, Will Shiba Shootout (SHIBASHOOT) Become an Alternative?

Bittime—The DOGS token price has declined 20% in the last week and 9% in the last 24 hours. As of September 4, DOGS was trading at $0.0009975. Trading volume also rose 9% to $496 million.

This sharp drop occurred after on-chain DOGS withdrawals were activated, allowing final investors to withdraw their airdrop allocations.

DOGS: Is It Possible to Revive from a Bearish Trend?

Source: GeckoTerminal

Since August 29, three days after its launch, DOGS prices have experienced a continuous decline.

DOGS/USD's 1-hour chart shows that DOGS is now trading below both the 50-day and 200-day Simple Moving Average (SMA), further confirming the downtrend.

The Relative Strength Index (RSI) is currently below level 30 (oversold), namely at 29. This condition can be a buying signal for investors who want to take the opportunity when prices are low.

If buyers are able to resist the selling pressure, DOGS price has the potential to rise back to the support level of $0.0010862 (50-day SMA). However, if sellers continue to dominate, DOGS price could fall further to the support level of $0.0009409.

Also Read: YesCoin Implements Token Burning for Inactive Users

Shiba Shootout (SHIBASHOOT): A New Alternative Amid DOGS Decline?

Amid the decline in DOGS, dog-themed meme coin lovers seem to be turning to a new Shiba Inu alternative called Shiba Shootout (SHIBASHOOT). The project managed to raise more than $1 million in its token presale.

Shiba Shootout: P2E Game with Wild West Community

Shiba Shootout is a unique meme coin project that takes its community to the digital Wild West. Set in the vibrant town of Shiba Gulch, the game features characters such as Marshal Shiba and Shiba Sharpshooters.

The project features a mobile game, Shiba Sharpshooter, which has been downloaded more than 1,000 times on the Google Play Store, with a Web3 app launching soon.

Shiba Shootout also offers innovative features to attract its community, such as the Posse Rewards referral program which provides token bonuses for each successful invite.

In addition to P2E crypto gaming at Shiba Gulch, $SHIBASHOOT holders can also earn passive income through the platform's staking mechanism, which offers annual rewards of up to 877%.

Future Predictions for DOGS in the Crypto Ecosystem

The future of the DOGS token is highly dependent on several factors, among others:

1. Project Development: The DOGS development team needs to continue to provide innovation and new features to attract investor interest. The development of a broader ecosystem, such as a DeFi platform or metaverse, could increase the long-term value of the token.
2. Adoption by Community: The more communities that adopt the DOGS token, the stronger its position in the market will be. Marketing activities and an active community are critical to driving adoption.
3. Competition: The crypto market is very competitive, especially in the meme coin segment. DOGS must be able to differentiate itself from its competitors by offering unique advantages.
4. Regulations: Changes in crypto regulations could have a significant impact on DOGS prices. Clearer and more supportive regulations will provide certainty for investors.
5. Market Sentiment: Overall market sentiment will also influence the price of DOGS. If the crypto market in general experiences an increase, then DOGS also has the potential to increase.

Read Also: Tomarket $TOMATO: Latest September Airdrop and Coin Listing

Investment Strategy for DOGS

For investors interested in DOGS, some strategies to consider are:

1. Long Term Investment: If you believe in the long-term DOGS project, then long-term investment could be a good choice. However, keep in mind that investing in crypto always carries risks.
2. Short Term Trading: For those who prefer trading, DOGS can be an attractive asset due to its high volatility. However, short-term trading requires strong technical analysis and good risk management.
3. Portfolio Diversification: Never invest all your funds in one asset. Portfolio diversification can help reduce risk.

Conclusion

The plummeting price of DOGS may make investors look for other alternatives. Shiba Shootout, with its Wild West concept and interesting features such as staking and referrals, could be a promising alternative.

However, it is important to always do your own research before investing in any crypto project.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

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