Source: Bing Image Creator
The Dogecoin price has fallen by 1.5% in the past 24 hours, slipping to $0.078079 after the number of non-zero DOGE wallet addresses passed the 5 million-mark yesterday.
DOGE is now up by 1.5% in a week and by 13% in the last 30 days, with the meme token up by a relatively modest 11% since the start of 2023.
This pales in comparison with some of the gains recorded by bigger coins (e.g. BTC, ETH, XRP, SOL) since January, yet the news of Dogecoin wallets reaching 5 million underlines the coin’s potential as a medium of exchange.
And with the Dogecoin community still hoping that next year may see X add DOGE payments to its network, the original meme coin could witness big gains in the not-too distant future.
Dogecoin Price Prediction as Adoption Grows to 5 Million Wallet Addresses – Can DOGE Reach $10?
While many analysts are expecting a strong end to the year, DOGE’s chart looks like it may have begun a medium-term comedown after November’s market-wide exuberance.
Its RSI (purple) has dropped below 60 and looks like it will reach 50 in the next few days, meaning that further losses may be in store for the meme token.
Source: TradingView
On the other hand, DOGE’s 30-day average (yellow) continues to rise higher than its 200-day (blue), which is usually a sign that an asset remains in the middle of a phase of growth.
Reinforcing this view is the token’s support level (green), which has risen in recent weeks and which has prevented DOGE from falling below the $0.070 level.
As such, today’s decline may be short-lived, with DOGE’s trading volume at around $600 million today.
88,166,514 #DOGE (6,882,648 USD) transferred from #Robinhood to unknown wallethttps://t.co/DoFxrqRCo8
— Whale Alert (@whale_alert) November 27, 2023
Indeed, whales are still accumulating the token, so it may be in store for further rises fairly soon.
This will depend on the overall trajectory of the market, however, with the mood largely based on the progress of Bitcoin ETF applications.
Such applications will receive a decision in January, meaning that DOGE – along with the market – may see its biggest rallies in recent memory around then.
Otherwise, the Dogecoin price is more or less wholly reliant on X, which may eventually bring in cryptocurrency/DOGE payments at some undefined point in the future.
Such a payment feature could be popular, given that there are now roughly five million Dogecoin wallet addresses holding some DOGE, testifying to the enduring popularity of the coin.
Newer Meme Tokens For Newer Rallies
Because DOGE has relatively underperformed this year, traders may be inclined to investigate alternative meme tokens, particularly newer coins that have yet to have their initial breakthrough rallies.
The prime candidates for such rallies include presale tokens, which can often generate substantial momentum during their sales, momentum that is then converted into big listing rallies.
One token likely to enjoy such rally is Meme Kombat (MK), an ERC-20 cryptocurrency that has raised just over $2.2 million in its token offering.
Ladies and gentlemen…
We got it. pic.twitter.com/VLHNzRe3EM
— Meme Kombat (@Meme_Kombat) November 25, 2023
This figure attests to the considerable interested Meme Kombat has generated over the past few weeks, with the platform due to launch in the next few weeks.
When it launches, it will enable users to place bets on AI-generated battles between popular meme characters, with these battles rendered in real-time for users to watch.
Users can place bets against each other or against the platform, which will pay out winnings in its own native token, MK.
Users can also use MK for staking, making the token potentially very lucrative.
It has a total max supply of 120 million, with 50% of this going to the sale and another 30% going to battle and staking rewards.
Given its playful and colorful use of memes, as well as its unique betting platform, Meme Kombat is likely to prove a success when it launches.
Investors can join its presale by heading over to the Meme Kombat official website, where 1 MK costs $0.214.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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