The market’s leading meme coin, Dogecoin, has struggled this week, down 2.72%.
However, newer meme coins have outperformed the top dog, with Meme Kombat leading the pack having recently surpassing $7.4 million in its presale.
Dogecoin Slumps, but Traders Identify Potential Buy Zone
Dogecoin’s price has seen a notable downfall recently, plunging 17% this month and 8.51% this year.
However, the recent pullback has prompted a bullish bias among respected market analysts.
One of those is Jackis, noting that Dogecoin is trading under a trend line resistance but will break out shortly.
Jackis believes Dogecoin’s trajectory will involve a fake breakout, a fake breakdown, and then a pump towards $0.24. From its current price, this would equate to a 209% increase.
Meanwhile, TradingView analyst Pourish123 has identified a different structural level on the Dogecoin price chart. According to the trader, Dogecoin has already broken above a prominent trend line resistance, which will be followed by a retest before a move toward $0.18.
Currently, DOGE is priced at $0.07752, with a $11 billion market cap and 24-hour trading volume of $319 million.
Its market cap makes it the ninth largest crypto, but its trading volume puts it in the 21st spot, illustrating a relative lack of interest compared to other projects.
One of the reasons for Dogecoin’s poor performance is that Elon Musk’s latest venture, X Payments, damaged its market sentiment.
Much of the community hoped Dogecoin would be integrated into X payments, but Musk is seemingly opting to integrate more traditional instruments, seeking to rival PayPal.
Several market analysts are rebuking the narrative that Musk will integrate Dogecoin. Helder J Vasquez explains X Payments is “more about PayPal than crypto,” referencing Dogecoin’s low network throughput as a reason it will not be involved.
Another reason for its recent slump is its lackluster price performance compared to other leading cryptocurrencies. For instance, Bitcoin is up 75% this year, Ethereum is up 41%, and meme coins like Bonk, Dogwifhat, and Myro are up 917%, 108%, and 4,292%, respectively.
However, with the abovementioned meme coins already significantly in the green, traders eagerly seek alternatives with more upside potential.
One meme coin displaying immense bullish momentum and has yet to pump is Meme Kombat. The project is currently undergoing a presale, enabling investors to get in from the ground up. So far, it has raised over $7.4 million, illustrating significant community interest.
Could Meme Kombat be a Dogecoin Alternative? ICO Raises $7.4M and Offers 126% APY
Meme Kombat is a new presale offering an innovative blend of meme coin and crypto gambling platform. The mix is also complimented by AI technology, staking, and Play-to-Earn mechanisms, making Meme Kombat an all-encompassing community token.
It is currently undergoing a presale. However, having raised $7.4 million with a $10 million hard cap, time is running out to secure $MK at its fixed, discounted price.
The project enables users to gamble on AI-generated battles between meme coin characters. It boasts an augmented fight arena where users can watch and bet on the fights up close, providing a unique and immersive experience unlike any other meme project.
Meme Kombat offers numerous game modes and leverages traditional odds mechanics for a fair and realistic gambling experience.
Game modes include single and multiplayer, dynamic side betting, and a quick-fire mode so users can enjoy a fast match.
This use case is complimented by compelling tokenomics, with users requiring $MK to gamble on the fights. Furthermore, users can stake $MK for an additional yield, encouraging long-term holding while rewarding the community.
Currently, staking offers a 126% APY, but this will decrease as the staking pool grows. Presale buyers can start staking their tokens immediately to maximize their investment.