Upcoming DOGS and Notcoin Burn Event: What’s Next for Investors?

Dogs community announced on X that the DOGS and NOT burn event will happen tomorrow at 1 PM UTC. The event, so happens, will feature a live burn of $4 million in tokens on X.com Space.

We’re excited to announce the $DOGS & $NOT Burn Event, happening Tomorrow at 1pm UTC 🔥🔥🔥

For the first time ever, $4M USD in tokens will be burned live on https://t.co/akACGuAOyN Space

The link will be shared closer to the event – come and join us! pic.twitter.com/2cC0nO8FYc

— Dogs Community 🦴 (@realDogsHouse) October 8, 2024

This unique event aims to engage the community and boost investor confidence. The link to join the event will be shared closer to the time, so participants can connect and witness the live action.

Current Market Overview for DOGS

DOGS is valued at $0.00073 experiencing a 24-hour trading volume of $155,297,438, showing a gain of 3.01%. With a market cap of $377,877,552, DOGS has a circulating supply of 516,750,000,000 tokens and a maximum supply of 550,000,000,000 tokens. The recent burn event is expected to impact the token’s supply positively.

Source: Coinglass

Moreover, the derivatives market for DOGS reflects increased activity. Trading volume surged by 45.04%, reaching $501.68 million, while open interest rose by 5.29% to $97.68 million. These metrics suggest growing speculation in the market. Though the overall long/short ratio is slightly bearish at 0.9562, specific exchanges like Binance and OKX have bullish positioning with long/short ratios exceeding 3.

Related: Notcoin (NOT) Price Prediction 2024-2030: Will NOT Reach $0.05 Soon?

Analyzing DOGS Indicators

The Relative Strength Index (RSI) for DOGS is currently at 34.81, indicating it is approaching oversold territory. This puts the token in a potentially advantageous spot for a reversal. The recent uptick suggests that the bearish momentum may be slowing, which could mean buying pressure is about to increase.

Source: TradingView

Additionally, the Moving Average Convergence Divergence (MACD) analysis shows the MACD line at 0.0000063, while the signal line sits at -0.0001011. Although the histogram has negative values, a slight improvement shows that the downward momentum is weakening. A potential bullish crossover could occur if the MACD line passes the signal line, making investors more optimistic.

Current Market Overview for Notcoin

In comparison, Notcoin is trading at $0.007877 with a 24-hour trading volume of $143,331,474. The token fell by 1.08% yesterday and has a market cap of $807,159,662. The circulating supply for Notcoin is 102,474,422,539 tokens. Despite the dip, the DOGS burn event might affect Notcoin as well.

Source: Coinglass

Notcoin’s derivatives market has also been mixed. The trading volume has increased by 4.43%, reaching $500.34 million, while open interest decreased by 6.16%, showing reduced speculative activity. The 24-hour long/short ratio is balanced at 0.9728. However, specific exchanges still show bullish sentiment, particularly on Binance and OKX, where long/short ratios are around 3.89 to 3.95.

Related: DOGS Token Price Tanks 36% in 30 Days Despite Broader Crypto Rally

Technical Indicators for Notcoin

The RSI for Notcoin stands at 47.31, below the neutral level of 50. However, it is not in the oversold range. This means momentum is low, but suggests a potential upward trend. The RSI has started to rise, meaning that bearish pressure may be easing.

Source: TradingView

Furthermore, the MACD analysis for Notcoin shows the MACD line at -0.000006, while the signal line is at -0.000180. Although slight bearish momentum persists, it remains minimal. The MACD is nearing a bullish crossover, which could indicate a shift toward positive market conditions. Overall, traders should remain vigilant as the upcoming burn event could influence both tokens’ market dynamics.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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