The Dogecoin price has bounced by 5.5% in the past 24 hours, hitting $0.097478 as the wider market also enjoys a 5.5% gain today.
Despite this rise, Avalanche (AVAX) has actually leapfrogged DOGE today in the market cap rankings, even though the meme token is up by 19% in a fortnight and by 31% in the last 30 days.
This may come as a blow to holders of DOGE, but with investors expecting further rallies to come towards the end of 2023 and at the start of 2024, the meme token is likely to rise further, even if it may continue losing places to other coins.
Dogecoin Price Prediction as Avalanche Overtakes DOGE in Crypto Rankings – End of Meme Coins?
DOGE looks to be picking up again, with its indicators suggesting that it could have a good few days or weeks.
Its RSI (purple), for instance, has begun rising after dropping below 60 earlier in the week, with its current direction suggesting that DOGE is picking up buying pressure.
Source: TradingView
Similarly the meme token’s 30-day average (yellow) is still rising even further beyond its 200-day average (blue), which is again a sign that more price rises in the short term are possible.
It’s also encouraging that the altcoin’s trading volume remains close to $1 billion, after dipping as low as $300 million towards the end of November.
This signals sustained interest in the token, with Tuesday witnessing a DOGE transfer worth $78.5 million from one unknown wallet to another.
834,967,380 #DOGE (78,491,254 USD) transferred from unknown wallet to unknown wallethttps://t.co/kHERvat6Ik
— Whale Alert (@whale_alert) December 12, 2023
Such a transfer could indeed be a sign that whales are accumulating Dogecoin, yet it’s worth bearing in mind that the meme token is losing place to other coins in the market.
As noted above, AVAX has overtaken DOGE for tenth place in the rankings by market cap, with AVAX’s fundamentals likely making it more attractive to investors than DOGE.
Indeed, in a year which saw Shiba Inu, for instance, introduce a number of utility-enhancing updates and launches, it’s notable that Dogecoin hasn’t really seen anything in the way of a significant development.
This helps to explain why the meme token has languished somewhat and underperformed, having rising by only 7% in the past 12 months.
Still, the incoming bull market could help the Dogecoin price, with analysts expecting Bitcoin ETF approvals and Fed rate cuts to make investors more optimistic next year.
Within such a context, DOGE could rise to $0.2 in the first few months of 2024.
Higher Potential Meme Tokens
Because DOGE remains relatively weak in comparison to other alts, many traders may prefer to look towards newer and more bullish tokens for above-average gains in the shorter term.
This includes presale tokens, which can very often accumulate plenty of momentum before they list on exchanges.
One example doing just this is Meme Kombat (MK), an ERC-20 cryptocurrency that has raised just over $2.9 million in its ongoing presale.
Some whale just dropped a cool $50k on $MK
And with that we also passed the $2.9 million mark in our presale pic.twitter.com/8hbZ4eMA2a
— Meme Kombat (@Meme_Kombat) December 13, 2023
Meme Kombat is generating so much hype right now because it’s set up to be more than a meme token, with its platform also enabling users to bet on AI-generated meme battles.
Yes, users can bet using MK tokens on which of two opposing meme characters they expect to win in a randomly generated fight, with the Meme Kombat platform rendering such battles in real-time for users to watch.
The platform pays out winnings in the form of MK, with its use of the Ethereum blockchain ensuring that such winnings are paid out automatically and transparently.
On top of this, MK holders can also stake the token, thereby earning themselves a passive income in the process, on top of any winnings.
Traders can get involved in the presale by visiting Meme Kombat official website, where 1 MK costs $0235.
This will rise to $0.246 in a matter of hours, meaning that traders who want to acquire some MK before it becomes more expensive should act quickly.
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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