Connect with us

Hi, what are you looking for?

Income Innovator HubIncome Innovator Hub

Editor's Pick

Dogecoin Price Prediction as $1 Billion Trading Volume Comes In – Are Whales Buying the Dip?

The Dogecoin price has dropped by 5% in the past 24 hours, slipping to $0.077208 as the cryptocurrency market as a whole barely moves today.

Despite the dip, DOGE has risen by 2.5% in the past week and by 27% in the last 30 days, with the meme token up by 10% since the beginning of the year.

While DOGE’s performance today is slightly disappointing, one encouraging sign is that its 24-hour trading volume remains fairly elevated at $1 billion.

This volume could lead to further rallies for the meme token, which continues to wait in hope for any potential news on X’s integration of DOGE payments.

Dogecoin Price Prediction as $1 Billion Trading Volume Comes In – Are Whales Buying the Dip?


DOGE’s indicators are currently in a mixed position, with further falls potentially just as likely as new rallies.

Its RSI has declined to a level just above 50, and depending on the direction of the overall market, it could continue falling along with the Dogecoin price.

Source: TradingView

At the same time, DOGE’s 30-day average (yellow) remains above its 200-day average (blue), yet its angle has softened a little as the meme token loses momentum.

It will therefore be very interesting to see if DOGE’s current support level (green) holds up, because if the coin drops below $0.0750 it could be in for greater losses.

On the more positive side, the altcoin’s 24-hour trading volume remains healthy, having risen from barely $250 million a month ago to around $1 billion today.

This means interest in DOGE remains relatively high, and could be enough to provide the meme token with more gains in the next few days.

151,539,543 #DOGE (12,096,311 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/9TgbrFE9fX

— Whale Alert (@whale_alert) November 20, 2023

Having said that, much of this volume may currently relate to whales and large traders selling DOGE, with the most recent data showing transfers of the meme token to exchanges.

This could mean that the Dogecoin price will have to drop a little more before it begins rising again, with the SEC’s new enforcement action against Kraken hurting the market today.

But more broadly, the market remains in a good position, with analysts and traders expecting the SEC to approve Bitcoin ETFs in the New Year.

Such approvals would lift the entire market, including DOGE.

And if 2024 brings concrete developments on whether X will bring DOGE/crypto payments to its platform, the Dogecoin price will rise even higher.

It could reach $0.10 within the first few weeks of 2024, before rising to $0.20 in the months thereafter.

New Meme Tokens With Strong Fundamentals


The main issue with DOGE is that it remains almost wholly reliant on Elon Musk and X for its price gains, with the meme token having really no fundamentals of its own.

As such, many traders may prefer to put their money with alternatives that do have actual utility, with a number of newer meme coins currently fulfilling this criterion.

One strong example of this ism Meme Kombat (MK), an ERC-20 cryptocurrency that has raised nearly $2 million in its presale.

We hitting new heights this week?

.
.
.

pic.twitter.com/ggXZiNuak8

— Meme Kombat (@Meme_Kombat) November 20, 2023

What sets Meme Kombat apart from run-of-the-mill meme coins is that it’s not simply a cryptocurrency, but also an online betting platform.

In particular, its platform enables users to bet on AI-generated battles between meme characters, which battles are rendered and visualized in real-time for users to watch.

Users place bets using native token MK, which the platform also uses to pay out winnings.

On top of this, holders can stake MK, providing themselves with a passive income, in addition to any winnings (and price rises for MK).

All these features help explain why Meme Kombat’s sale is doing so well, with new investors able to join by going to the project’s official website.

1 MK currently costs $0.205, with the token having a total max supply of 120 million.

Visit Meme Kombat Now

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.

The post Dogecoin Price Prediction as $1 Billion Trading Volume Comes In – Are Whales Buying the Dip? appeared first on Cryptonews.

Enter Your Information Below To Receive Latest News, And Articles.

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Source: Ark Invest / Instagram ARK Investment Management, led by prominent investor Cathie Wood, has reduced its holdings in the Grayscale Bitcoin Trust (GBTC)...

    Latest News

    A super PAC that has overseen much of Ron DeSantis’s presidential operation has fired its CEO less than two weeks after the previous chief...

    Stock

    Popeyes is expanding its menu beyond chicken sandwiches — and it’s a permanent change this time. The fast-food chain announced Wednesday it’s adding five...

    Latest News

    WINDHAM, N.H. — It’s pouring rain Saturday morning as New Hampshire Gov. Chris Sununu (R) arrives at Mary Ann’s diner in Windham, fielding calls...

    Disclaimer: Incomeinnovatorhub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 incomeinnovatorhub.com