American singer Ty Dolla Sign has drawn attention to the SUNDOG meme coin by making a substantial purchase and causing its price to rise.

Purchase and Market Reaction

On October 8, 2024, Ty Dolla Sign announced on the social network X that he purchased 1.66 million SUNDOG tokens for $502,000. Following this purchase, the token's price increased. The market was also significantly impacted by the statement that the singer used over 3.2 million TRX for this transaction, according to the Lookonchain tracker.

Current Price Momentum Analysis

The price of SUNDOG has risen by 6.5% in the past 24 hours, reaching $0.2605. The token's trading volume also increased by 4.5%, indicating strong interest from traders. Technical analysis shows that the token faces significant resistance at the $0.272 level.

Bearish On-Chain Metrics

Despite the current rise, analysts note a bearish sentiment in the market. According to Coinglass, the long/short ratio stands at 0.919, indicating a bearish market sentiment. Open interest has also risen by 3.9%, pointing to an increase in short positions among traders.

Ty Dolla Sign's purchase has attracted attention to SUNDOG, but analysts still see bearish signals in the market, which may affect future price dynamics.