The Dogecoin price has dropped by 5% in the past 24 hours, slipping to $0.077208 as the cryptocurrency market as a whole barely moves today.
Despite the dip, DOGE has risen by 2.5% in the past week and by 27% in the last 30 days, with the meme token up by 10% since the beginning of the year.
While DOGE’s performance today is slightly disappointing, one encouraging sign is that its 24-hour trading volume remains fairly elevated at $1 billion.
This volume could lead to further rallies for the meme token, which continues to wait in hope for any potential news on X’s integration of DOGE payments.
Dogecoin Price Prediction as $1 Billion Trading Volume Comes In – Are Whales Buying the Dip?
DOGE’s indicators are currently in a mixed position, with further falls potentially just as likely as new rallies.
Its RSI has declined to a level just above 50, and depending on the direction of the overall market, it could continue falling along with the Dogecoin price.
Source: TradingView
At the same time, DOGE’s 30-day average (yellow) remains above its 200-day average (blue), yet its angle has softened a little as the meme token loses momentum.
It will therefore be very interesting to see if DOGE’s current support level (green) holds up, because if the coin drops below $0.0750 it could be in for greater losses.
On the more positive side, the altcoin’s 24-hour trading volume remains healthy, having risen from barely $250 million a month ago to around $1 billion today.
This means interest in DOGE remains relatively high, and could be enough to provide the meme token with more gains in the next few days.
151,539,543 #DOGE (12,096,311 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/9TgbrFE9fX
— Whale Alert (@whale_alert) November 20, 2023
Having said that, much of this volume may currently relate to whales and large traders selling DOGE, with the most recent data showing transfers of the meme token to exchanges.
This could mean that the Dogecoin price will have to drop a little more before it begins rising again, with the SEC’s new enforcement action against Kraken hurting the market today.
But more broadly, the market remains in a good position, with analysts and traders expecting the SEC to approve Bitcoin ETFs in the New Year.
Such approvals would lift the entire market, including DOGE.
And if 2024 brings concrete developments on whether X will bring DOGE/crypto payments to its platform, the Dogecoin price will rise even higher.
It could reach $0.10 within the first few weeks of 2024, before rising to $0.20 in the months thereafter.
New Meme Tokens With Strong Fundamentals
The main issue with DOGE is that it remains almost wholly reliant on Elon Musk and X for its price gains, with the meme token having really no fundamentals of its own.
As such, many traders may prefer to put their money with alternatives that do have actual utility, with a number of newer meme coins currently fulfilling this criterion.
One strong example of this ism Meme Kombat (MK), an ERC-20 cryptocurrency that has raised nearly $2 million in its presale.
We hitting new heights this week?
.
.
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— Meme Kombat (@Meme_Kombat) November 20, 2023
What sets Meme Kombat apart from run-of-the-mill meme coins is that it’s not simply a cryptocurrency, but also an online betting platform.
In particular, its platform enables users to bet on AI-generated battles between meme characters, which battles are rendered and visualized in real-time for users to watch.
Users place bets using native token MK, which the platform also uses to pay out winnings.
On top of this, holders can stake MK, providing themselves with a passive income, in addition to any winnings (and price rises for MK).
All these features help explain why Meme Kombat’s sale is doing so well, with new investors able to join by going to the project’s official website.
1 MK currently costs $0.205, with the token having a total max supply of 120 million.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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