Top meme coin Dogecoin is defying the broader crypto market sentiment, surging by 3.5% over the past day. This is despite the Bitcoin price trading well below the $43,000 mark – currently at $42,700 – which represents an 11% decline from its weekly high of $48,400.
On-chain data platform TheCoinMonitor reveals that $413.1k worth of $DOGE entered long positions on Binance Futures today at the price of $0.081, which is an extremely bullish signal for the meme coin. Since then, the Dogecoin price exploded to trade as high as $0.084, before retracing slightly to currently trade at $0.0824.
According to CoinGecko, Doge has a market capitalization of $11.8 billion, which makes it the 11th largest cryptocurrency on the market. However, analysts believe that the meme coin’s valuation will see a steep bounce over the coming days.
Will Dogecoin Price Reach $1?
The decline in the BTC price since spot Bitcoin ETF approval could be good news for Dogecoin, as it allows the market capital to rotate towards altcoins and meme coins. Several large-cap and mid-caps have already witnessed strong breakouts and analysts believe that $DOGE could be next.
However, the dog-inspired token would need to flip several strong resistance levels in order to kickstart its rally. According to the Dogecoin technical analysis on TradingView, the meme coin is currently underperforming several key moving average indicators in the daily time frame, receiving a “Sell” signal as a result.
Even in the weekly time frame, the bulls would need to flip key resistance levels such as the 100-week Exponential Moving Average and the 200-week simple and exponential moving averages.
Ultimately, the Dogecoin price would have to close above the $0.106 price mark to launch its bullish trajectory.
In order to achieve this, Doge would need help from Tesla and Twitter owner Elon Musk, who has been a long-time fan of the meme coin. Recently in an X space, Musk reaffirmed that he still holds a substantial amount of $DOGE. Bulls are hoping that Dogecoin could be a part of X’s upcoming peer-to-peer payments infrastructure.
However, this would require Musk to successfully settle his ongoing $258 billion lawsuit, in which he is accused of artificially inflating the price of $DOGE.
Dogecoin investors could also receive a potential boost from the upcoming Doge-1 satellite launch, which is due on February 3rd next month. Popular crypto analyst Cephii expects the event to give fresh legs to the Dogecoin price rally.
Therefore, while it seems unlikely that Dogecoin will reach $1 this month, the top meme coin appears poised to hit the $1 mark in 2024.
Could The New Meme Coin Meme Kombat Reach $1 As Well?
Despite Dogecoin’s promising outlook, it will undoubtedly continue to face stiff competition from newer meme coins such as Pepe and Bonk. Analysts are also impressed by the explosive price potential of another new meme coin – Meme Kombat ($MK).
The strong demand for the token is evident in its presale, where it has raised close to $7 million in just a few weeks.
Unlike other utility-less tokens, Meme Kombat is aiming to capitalize on several in-demand trends such as blockchain gaming, staking and even artificial intelligence. For instance, the project will launch its own virtual battle arena, which will feature a “war of meme coins”.
The platform will have 11 fictional characters, each of them representing a popular meme coin such as Doge, Shiba, Pepe and Floki. These characters will engage in exciting and unpredictable AI-simulated battles, while the players will bet on the outcome of the game.
$MK investors can also choose a safer means of generating passive income through staking their tokens. The Meme Kombat staking pool is currently offering an APY of 139%.
One of the meme coin’s best features is its fully doxxed team. Anonymous developer teams lack accountability and carry high risks of scams and rug pulls. To combat this, the identity of all team members behind the Meme Kombat project has been revealed.
The Meme Kombat price is currently at $0.279 in the presale. Considering that analysts such as Jacob Bury back the token to 10x after its launch, $MK could be another meme coin that will reach $1 in 2024.