Despite its bearish price action today, experts remain confident that the crypto market will soon return to its bullish ways. In particular, investors believe that the meme coin market could be the next asset class to explode, with Dogecoin leading the way.
The Dogecoin price has depreciated 1.4% today – yet, the largest meme coin continues to hold above the crucial $0.80 price mark. Over the past month, Doge has skyrocketed from $0.58 to $0.81 today, representing a bull rally of over 37%. Dogecoin’s market capitalization is now above the $11.4 billion mark, reinforcing its status as the top meme coin, CoinMarketCap data reveals.
However, the important question remains whether the Doge price can create a new all-time high by hitting the $1 mark.
Meanwhile, analysts are also bullish on two new meme coins – Meme Kombat and the SpongeBob token, expecting them to display explosive bull rallies in the coming weeks.
Will The Dogecoin Price Hit $1?
2023 hasn’t been the best year for Dogecoin, considering that it has appreciated by only 14% year-to-date, while other meme coins such as Pepe and Floki have led the headlines, skyrocketing by 1900% and 300% over the same period, respectively.
However, the market sentiment is beginning to shift, with experts believing that it is now Doge’s turn to breakout. Indeed, the Dogecoin price has breached a multi-year descending trend line, which signals a strong bullish continuation as long as the token continues to trade above the $0.65 support.
Popular trader @CryptoGodJohn, who has over 500k followers on X, believes that Doge is currently “the easiest trade of the month”, predicting it to soar to the $0.13 price mark before Christmas, which would represent a 62% bull rally.
Similarly, @DaanCrypto, who has close to 350k followers on X, predicts $DOGE to hit the $0.15 mark in the near future, highlighting that it is one of the most comfortable tokens to hold, as it was during the past week despite the extreme volatility.
These price targets are not unattainable, considering that Dogecoin is receiving a strong boost from an unexpected source – space technology. Pittsburgh-based aerospace company Astrobotic is sending a physical Dogecoin to the moon through its ULA Vulcan rocket in December of this year.
Similarly, the Doge-1 satellite, which is inspired by Dogecoin, is also set to be launched in January 2024. This lunar mission could also lead to Elon Musk backing Dogecoin once again, considering the project is his brainchild and is being carried out by his aerospace company – SpaceX.
Musk hasn’t explicitly supported Dogecoin since April of this year when he changed Twitter’s iconic “Blue Bird” logo to Doge’s symbol. However, he has since been accused of insider trading because of this stunt and is facing a $258 billion lawsuit. Nevertheless, the bulls are hoping that the upcoming Doge-1 launch will bring Musk back into the fold.
Even without that, experts such as @JaconTM1 remain confident that Doge will breach its current all-time high of $0.74 next year and will go on to hit the $1 mark.
Popular trader Crypto Tony, who has over 350k followers on X, is also bullish on Dogecoin in the macro time frame. However, he is also backing a new meme coin – Meme Kombat – as an excellent alternative to $DOGE.
New P2E Token Meme Kombat Nears $2 Million In Presale – Will It 10x After Launch?
Meme Kombat is a high-utility meme coin that features in-demand crypto trends such as Web3 gaming, staking and gambleFi. $MK is currently in its presale phase, where it has already raised close to $2 million in just over a month.
The strong demand for Meme Kombat is not a surprise, considering that other high-utility meme coins such as Floki and Wall Street Memes have also displayed explosive bull rallies.
Meme Kombat’s play-to-earn platform will serve as a virtual battle arena between 11 fictional characters, each of which will represent a popular meme token such as Shiba, Doge, Pepe, Floki, Sponge, etc. The platform will use AI-based dynamic visualization and random sequencing to make the battles unpredictable and entertaining.
The players can choose their champion in this battle of meme coins and bet on the outcome of the game. There can enjoy diverse betting opportunities such as player vs player, player vs game and direct betting.
$MK holders also have the option to stake their tokens and accrue rewards right from the presale itself, currently at an APY of 550%.
Furthermore, the Meme Kombat project has taken strong steps to quell any fear of scams or rug pull from the minds of investors. It has revealed the identity of all key members behind the project, including the founder Matt Whiteman.
Due to this unique value proposition, popular trader Jacob Bury predicts that Meme Kombat will display a 10x bull rally after its launch.
New SpongeBob Token Skyrockets Over 400% Since Launch
The SpongeBob token, inspired by the popular SpongeBob SquarePants cartoon, is another meme coin that is on traders’ watch lists.
Since its launch earlier this year, $SPONGE has skyrocketed 443%, despite the fact that it is trading 58% below its all-time high. The token has appreciated 326% in the past month alone, significantly outperforming top meme tokens such as Pepe, Dogecoin and Shiba Inu.
Similar to Pepe, the $SPONGE token was initially launched as an homage to an iconic fictional character – SpongeBob. Thanks to the global popularity of the show, the token has displayed bullish strength since its launch. However, the token has also now launched its own staking program.
Investors can stake their tokens and receive rewards at an APY of 250%, which is significantly higher than the industry standard. This is an excellent opportunity to generate passive income, irrespective of the token’s price or the volatility of the meme coin market.
$SPONGE has received a strong boost from its staking utility, similar to Floki and Wall Street Memes. The token continues to be launched on new crypto exchanges, with even Tier-1 CEXs such as Gate.io, MEXC, Poloniex and CoinW listing it on their platforms.