Bitcoin’s explosive rally over the past month has led to a state of euphoria in the crypto market, with investors willing to engage in higher degree of risk-taking. Unsurprisingly, altcoins are witnessing explosive breakouts, with meme coin prices also heating up.
According to CoinMarketCap data, the meme coin market cap has appreciated by 6% over the past 24 hours, with an average price increase of 11%. The top meme crypto – Dogecoin ($DOGE) – has soared by 4% over the past 24 hours, thanks to a 22% bounce in its daily trading volume.
The Dogecoin price has now breached the crucial $0.10 level, creating a monthly high of $0.105 earlier this week. After clearing the $0.069 resistance back in October, $DOGE has appreciated 52% since, climbing 22% this week alone. The top meme coin now has a market capitalization of $14.5 billion, making it the 9th largest crypto in the market.
Why Is Dogecoin Going Up?
Due to the ever increasing likelihood of a spot Bitcoin approval, BTC created a new yearly high of $44.7k earlier this week. However, the largest cryptocurrency has since been consolidating below the $44k level, allowing the market capital to rotate to the altcoins and the meme coins.
As a result, Dogecoin breached all major resistances, paving the way for a strong upside move. Over 63,000 addresses purchased over 3.2 billion $DOGE at $0.095, converting that price point into a strong support for a potential rally to $0.14.
Earlier this week, CoinDesk reported that the Dogecoin price experienced a minor reversal when Elon Musk tweeted that his artificial intelligence startup xAI was not raising any money. However, the dog-based meme coin held strong, immediately reclaiming the $0.10 price mark.
The Dogecoin community is also hyped over the upcoming Astrobotic launch, which could literally send “Doge to the moon”. The Pittsburgh-based aerospace company is planning to send a physical Dogecoin to the moon via ULA’s Vulcan Centaur Rocket on the 23rd of December.
Dogecoin Price Prediction – How High Will Dogecoin Go?
Despite Doge’s strong move to the $0.102 mark, the top meme coin still has tremendous price potential. TradingView’s Dogecoin technical analysis highlights that the meme coin is outperforming all crucial moving average indicators in the daily and weekly time frame, giving it a “Strong Buy” signal.
In the monthly time frame, the bulls are looking to target the 30-month Simple Moving Average at $0.115 mark.
Crypto trader Don of Bots, who has close to 300k followers on X, reveals that Dogecoin invalidated its bearish pattern, with the upper trend line of the ascending channel pattern now acting as a strong support. Consequently, he sees the meme coin hitting the price target of $0.13 in the coming days.
Trader CryptoGodJohn, who has over 500k X followers, is even more bullish on the token, expecting the Dogecoin price to breach the $0.12 mark soon and hit the $0.16 target.
Meanwhile, analyst Crypto Tony believes that the bulls need to target a weekly close above the $0.107 resistance to kickstart a strong upside continuation. In the long run, Tony expects Doge to breach its all-time high of $0.73 and hit the $1 mark in the next bull run.
However, Crypto Tony also highlights that the upcoming meme season will have much more exciting opportunities other than Doge, highlighting Meme Kombat as a possible alternative.
Traders Back Meme Kombat To Display 1000% Bull Rally
While the last meme coin bull market was dominated by Dogecoin and Shiba Inu, an increasingly higher number of tokens are now offering lucrative price potential. In particular, meme tokens with high utility such as Floki are gaining strong traction.
In a similar vein, the new Meme Kombat token – with exciting attributes such as staking, play-to-earn and gambleFi – has been experiencing robust demand. $MK is currently in its presale, in which it has already raised over $2.7 million in just two months.
The Meme Kombat project is set to launch a virtual battle arena that will witness a “war of meme coins”. The P2E platform will have 10 characters – each acting as a mascot to a popular meme coin such as Doge, Shiba, Pepe, Floki, etc. Through AI-based dynamic visualization and random sequencing, the characters will engage in exciting battles, the outcome of which will be unpredictable.
Players will be allowed to bet on their favorite meme coin in various gaming modes such as player vs player, player vs game and direct betting. $MK investors have the option to stake their tokens and earn staking rewards, currently at an APY of over 300%.
Furthermore, analysts have been impressed by the project’s commitment to transparency, considering that the identity of all key team members behind the token has been revealed, reducing the risk of scams and rug pulls.