Meme coin giants Dogecoin (DOGE) and Shiba Inu (SHIB) have seen heavy losses over the weekend as the crypto market turns red once more.
Investors have become increasingly cautious, given the macroeconomic and geopolitical factors affecting the broader market.
With the top meme coins struggling, many traders are searching for the next big thing in the space – and all eyes are turning to the new gaming coin Meme Kombat (MK), which is gaining traction due to its unique use case.
Dogecoin Breaks Below Key Support as Selling Pressure Builds
DOGE is hovering around $0.059 at the time of writing, having broken below the strong support region at $0.060.
DOGE hasn’t closed below this region since October 2022, so this breakdown indicates high selling pressure.
The meme coin king is now 92% below May 2021’s all-time high and looks unable to hold key support levels.
As such, some analysts are speculating that DOGE could drop all the way back to the $0.053 level to fill the wick left in June.
A steep drop in network activity and user interest has accompanied the falling price of Dogecoin.
According to data from IntoTheBlock, Dogecoin’s daily active addresses have plunged from 2021’s peak of 2.08 million to just 38,000 in the past day.
This enormous decline in users signals waning enthusiasm and engagement with the world’s largest meme coin.
SHIB Whale Activity Plunges as Bulls Lose Steam
Shiba Inu has not been immune to the pressures weighing down the meme coin sector, with the token’s price falling over 4% in the past day.
Currently, SHIB is trading around $0.0000069 and has broken below the support zone at $0.0000070.
Much like Dogecoin, SHIB is suffering from a lack of investor enthusiasm – and has sunk 14% since the turn of the year.
Moreover, on-chain data has revealed that large transactions on the SHIB network have plunged to just 20 in recent days.
This massive decline in whale activity indicates that major holders have potentially liquidated large portions of their holdings, possibly contributing to Shiba Inu’s downward momentum.
With the heatmap from Coin360 showing a sea of red in the crypto market, Dogecoin and Shiba Inu investors are likely re-evaluating their positions given the challenges these meme coins face.
Emerging Meme Coin MK Captures Investor Attention with Innovative Battling & Staking Mechanics
While heavyweights like DOGE and SHIB struggle, one emerging meme coin that’s capturing trader attention is Meme Kombat (MK).
This innovative project combines the viral power of memes with the thrill of PvP battle arenas in a completely unique way.
The Meme Kombat ecosystem revolves around its native token, MK, which enables staking, wagering, and earning rewards.
After connecting their wallets, users can stake their MK tokens to earn 112% APY during the ongoing presale phase.
Once staked, the tokens can be allocated to bet on various AI-powered battles featuring famous meme characters.
These on-chain battles have programmatically determined outcomes, providing an unpredictable and engaging experience for players and spectators.
Winners of bets earn more MK tokens, incentivizing further participation and providing a route to income generation.
Beyond betting, Meme Kombat aims to foster a vibrant community united by a shared interest in memes and cryptocurrency.
The project’s official Telegram channel has recently seen a massive influx of new members, while the Meme Kombat Twitter account has grown to almost 7,000 followers.
However, with Meme Kombat still in its presale phase, the only way early investors can get their hands on MK tokens is through the official website.
MK tokens are currently being offered for just $1.667, with the developers aiming to launch these tokens on exchanges once the presale ends.
All in all, while major meme coins suffer from negative investor sentiment, Meme Kombat is maintaining its momentum – priming itself as a potential breakout star in the space.