DOGS Crypto Traders Profit up to 400% after Listing

Bittime - A crypto trader made a 400% profit from meme coin DOGS after listing on a major exchange. This article highlights the potential volatility and profit opportunities associated with meme coins, while raising questions about their long-term sustainability.

Profitable DOGS Trading

According to data from Lookonchain, the trader purchased 55.9 million DOGS tokens with an initial investment of around $18.4k. This purchase was likely made on a decentralized exchange (DEX) before the token was listed on a centralized exchange (CEX). 

With anticipation of a major listing driving the price up, the trader then sold 20 million tokens for a profit of around $34.6k. 

Finally, they deposited the remaining balance into CEX, where further trading activity resulted in a total profit of $77.3k, representing a 420% increase on their initial investment.

Triggering DOGS Price Increases: Exchange Listings and Market Optimism

The recent rise in DOGS prices can be attributed to two main factors: exchange listings and general market optimism. On August 26, DOGS was listed on major platforms such as OKEx, Gate.io, and Bybit. 

This significant development brings the token to the attention of a wider audience and facilitates easier trading for investors. Additionally, its listing as the 57th protocol in Binance's Launchpool program further increases its visibility and instills confidence in the project.

DOGS: A Meme Coin with Utility

Despite being classified as a meme coin, DOGS has some utility within its Telegram network ecosystem. The token plays a role in features related to non-fungible tokens (NFTs) and other potential functions in the future. 

However, it is important to note that the long-term value of meme coins is often driven by hype and speculation, not by strong fundamentals such as strong use cases or robust technology.

What Awaits DOGS?

The recent price increase and successful exchange listing mark an important milestone for the DOGS project. However, the crypto market is notorious for its volatility, and meme coins are particularly susceptible to sudden price fluctuations. 

Whether DOGS can maintain its uptrend or undergo a correction remains to be seen. Going forward, the project's long-term success will likely depend on its ability to grow beyond its meme coin status and provide concrete value to its users.

This also raises questions about the long-term viability of DOGS and suggests the importance of considering both the potential rewards and risks associated with investing in such volatile assets.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is 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 make sure that 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. 

Learn How to Buy Crypto on Bittime.

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