The Dogecoin price has slumped by 3% today, falling to $0.07756 as the wider crypto market experiences a very slight 0.2% loss in the past 24 hours.
Today’s loss means that DOGE has now dropped by 9% in a fortnight and by 16% in a month, with the popular meme coin also losing 7.5% in a year.
This latter percentage loss is particularly disappointing, given that most major tokens have enjoyed double-digit percentage growth over the last 12 months.
However, with such underperformance making DOGE highly underpriced, it could lead to disproportionate gains in the not-too distant future.
Dogecoin Price Prediction as Founder Comments on Bitcoin Volatility – What’s Next for DOGE?
Judging by its chart, DOGE appears to be about halfway through a slump, with more losses likely before its ship steadies.
Its RSI (purple) has dipped almost to 40 today, down from 60 a week ago and from 80 in mid-December.
Source: TradingView
Likewise, its 30-day average (yellow) continues to slide almost unavoidably towards its 200-day (blue), with its current price falling below both averages.
The latter development is a particularly bad sign, and likely predicts further losses to come in the next one or two weeks.
DOGE’s volume also remains relatively flat, at around $300 million, compared to over $1 billion a week ago and between $2 billion and $3 billion in December.
As such, it will be interesting to see if DOGE’s current support level (green) can prevent a drop below $0.07750.
If it can, it might be able to recover a little, yet a clear breach of this support may indicate the worst.
Having said all this, it’s entirely arguable that DOGE’s disappointing performance in recent weeks and months makes it more attractive as an investment, given that it’s conceivably selling at a big discount.
And while DOGE is a meme token, it continues to remain in the public eye and attract a following.
good morning to everyone except bitcoin
— Shibetoshi Nakamoto (@BillyM2k) January 23, 2024
The tweet above – from DOGE founder Billy Markus – highlighted this fact yesterday, given that it drew a strong response from the Dogecoin community and Crypto Twitter.
And it shouldn’t be forgotten that the introduction of DOGE payments on X (formerly Twitter) remains a possibility, especially with the latter introducing a dedicated account for its upcoming X Payments feature in the past week.
For this reason, the Dogecoin price could make a concerted recovery in the next few months, potentially returning to $0.1 by the spring.
Alternative Meme Tokens with High Potential
Traders who don’t want to put all their eggs in DOGE’s basket may want to consider looking at newer, smaller cap meme tokens, with a number currently creating plenty of momentum in their presales.
Possibly the hottest such token is Meme Kombat (MK), an ERC-20 coin that has raised $7.4 million in its ongoing presale.
We have surpassed the $7.4 million mark in the $MK presale
One step closer to finishing this up pic.twitter.com/QdKOPIjv5G
— Meme Kombat (@Meme_Kombat) January 25, 2024
Transcending the tag of ‘meme token’, Meme Kombat is also a social gambling platform that will enable its users to bet on the results of AI-generated battles between meme characters.
AI will enable it to randomize battle outcomes, while the use of the Ethereum blockchain and smart contracts will ensure full transparency of results.
At the center of this all is the MK token, which users can spend to place bets, and which they’ll receive if they win.
On top of this, holders will be able to stake MK, making the token more than worth holding.
Investors can grab some early by going to the official Meme Kombat website, where they can buy MK at a final presale price of $0.279 per token.
The sale doesn’t have much further to go until it reaches its hard cap of $10 million, at which point it will list on exchanges, potentially making early investors a nice profit.
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