The Dogecoin price has dropped by 5% in the previous 24 hours, slipping to $0.077208 as the cryptocurrency market as an entire barely strikes right now.
Regardless of the dip, DOGE has risen by 2.5% in the previous week and by 27% in the final 30 days, with the meme token up by 10% since the starting of the 12 months.
Whereas DOGE’s efficiency right now is barely disappointing, one encouraging signal is that its 24-hour buying and selling quantity stays pretty elevated at $1 billion.
This quantity might result in additional rallies for the meme token, which continues to attend in hope for any potential information on X’s integration of DOGE funds.
Dogecoin Price Prediction as $1 Billion Trading Volume Comes In – Are Whales Buying the Dip?
DOGE’s indicators are at present in a combined place, with additional falls probably simply as seemingly as new rallies.
Its RSI has declined to a degree simply above 50, and relying on the route of the total market, it might proceed falling together with the Dogecoin worth.
At the identical time, DOGE’s 30-day common (yellow) stays above its 200-day common (blue), but its angle has softened just a little as the meme token loses momentum.
It is going to subsequently be very attention-grabbing to see if DOGE’s present assist degree (inexperienced) holds up, as a result of if the coin drops under $0.0750 it might be in for larger losses.
On the extra optimistic aspect, the altcoin’s 24-hour buying and selling quantity stays wholesome, having risen from barely $250 million a month in the past to round $1 billion right now.
This implies curiosity in DOGE stays comparatively excessive, and might be sufficient to supply the meme token with extra features in the subsequent few days.
🚨 151,539,543 #DOGE (12,096,311 USD) transferred from unknown pockets to #Robinhoodhttps://t.co/9TgbrFE9fX
— Whale Alert (@whale_alert) November 20, 2023
Having stated that, a lot of this quantity might at present relate to whales and huge merchants promoting DOGE, with the most up-to-date information exhibiting transfers of the meme token to exchanges.
This might imply that the Dogecoin worth should drop just a little extra earlier than it begins rising once more, with the SEC’s new enforcement action against Kraken hurting the market today.
However extra broadly, the market stays in a superb place, with analysts and merchants anticipating the SEC to approve Bitcoin ETFs in the New 12 months.
Such approvals would carry the total market, together with DOGE.
And if 2024 brings concrete developments on whether or not X will deliver DOGE/crypto funds to its platform, the Dogecoin worth will rise even increased.
It might attain $0.10 inside the first few weeks of 2024, earlier than rising to $0.20 in the months thereafter.
New Meme Tokens With Robust Fundamentals
The primary challenge with DOGE is that it stays virtually wholly reliant on Elon Musk and X for its worth features, with the meme token having actually no fundamentals of its personal.
As such, many merchants might desire to place their cash with alternate options that do have precise utility, with numerous newer meme cash at present fulfilling this criterion.
One sturdy instance of this ism Meme Kombat (MK), an ERC-20 cryptocurrency that has raised almost $2 million in its presale.
We hitting new heights this week?
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🔥 pic.twitter.com/ggXZiNuak8— Meme Kombat (@Meme_Kombat) November 20, 2023
What units Meme Kombat other than run-of-the-mill meme cash is that it’s not merely a cryptocurrency, but in addition a web-based betting platform.
In specific, its platform permits customers to guess on AI-generated battles between meme characters, which battles are rendered and visualized in real-time for customers to look at.
Customers place bets utilizing native token MK, which the platform additionally makes use of to pay out winnings.
On high of this, holders can stake MK, offering themselves with a passive revenue, along with any winnings (and worth rises for MK).
All these options assist clarify why Meme Kombat’s sale is doing so properly, with new buyers capable of be part of by going to the project’s official website.
1 MK at present prices $0.205, with the token having a complete max provide of 120 million.
Disclaimer: Crypto is a high-risk asset class. This text is offered for informational functions and doesn’t represent funding recommendation. You may lose your entire capital.