The popular meme coin Dogecoin (DOGE) saw its price rise above the significant $0.08 resistance level on Monday. This marks notable progress for DOGE, which has struggled to break past this level since mid-November.
Several catalysts appear to be driving Dogecoin’s recent upside momentum, including increased exchange support and the hype surrounding its upcoming physical coins journey to the literal moon in December.
One major development was Coinbase announcing that it will add support for perpetual futures contracts on Dogecoin, as well as other large altcoins like Cardano, Chainlink, and Stellar. Coinbase earlier launched a derivatives exchange targeting overseas users, and the addition of DOGE futures will allow more traders global exposure to speculate on Dogecoin’s price movements.
This increased exchange support brings Dogecoin to more potential investors and traders who may look to take positions ahead of major upcoming events for the coin.
Perhaps most notably, physical Dogecoin and Bitcoin tokens are scheduled to launch via SpaceX’s rocket on Dec. 23 in what is being billed a literal journey “to the moon.” This mission capturing the “to the moon” mantra of crypto has excited the Dogecoin community.
The upcoming launch is less than a month away, and many traders are hoping Dogecoin’s price could climb to $0.10 in the weeks leading up to and following the historic mission.
From a technical perspective, Dogecoin has exhibited signs of an established uptrend. The price action saw a bullish breakout from a descending triangle pattern, surpassing the key 200-day moving average – a sign that confirms the shift to an uptrend is underway.
DOGE had previously tested but failed to hold above the $0.08 resistance level in August, pulling back on some profit-taking. However, this week we’ve seen the price breakthrough $0.08 once more, signaling the potential for the uptrend to continue.
While momentum signals are mixed in the short-term, overall trends remain bullish. The MACD line sits slightly below the signal line on the daily chart, presenting a bearish signal. However, the RSI has risen above 80, indicating the market may be becoming overbought.
This can often precede a temporary consolidation or correction as excitement cools. But given the strong fundamentals and technical structure, pullbacks could present another buying opportunity for momentum traders to enter positions before the next leg higher.
As Dogecoin eyes its upcoming moon mission, traders have turned their attention to an up-and-coming meme coin with gaming mechanics called Meme Kombat (MK). Currently in presale with over $2.1 million already raised, Meme Kombat differentiates itself by incorporating a battle arena where popular meme mascots like Doge, Shiba Inu, and others literally fight against each other in AI-powered matches.
Players can challenge opponents in PvP modes to earn MK tokens by predicting winners. Meme Kombat utilizes a randomized algorithm on Ethereum to ensure fair and unpredictable fights that crown a “Meme Kombat Champion” through multiple tournaments. With 10 memes duking it out in the inaugural competition, there will be ample wagering opportunities for players.
Meme Kombat utilizes a decentralized tokenomic model, allocating 50% of supply to its ongoing presale. Another 30% is earmarked for rewarding stakers and battle victors. The remaining 20% supports community initiatives and provides liquidity.
Early adopters can benefit from Meme Kombat’s presale discounts of up to 23% off the final price. Already over $9.3 million has been staked, reaping $1.4 million in rewards.
In contrast to popular hype-driven meme coins prone to volatile dumps, Meme Kombat gamifies price speculation while rewarding long-term holders. Its tokenomics focus on sustainable growth through play-to-earn mechanics and incentives.
Meme Kombat presents itself as a highly different meme investment combining crypto, games, and viral web culture in a novel way. Whether its battling concept can ignite widespread adoption remains to be seen, but MK’s presale success signals strong belief in its vision.
Dogecoin still holds significant standing as the original crypto joke turned mainstream phenomenon. With its upcoming mission capturing global attention, Dogecoin appears poised to maintain relevance among crypto’s most vibrant communities.
Whether these meme projects herald a reinvigorated bull market or prove short-lived fads, their unique approaches to merging finance with culture continue to captivate audiences worldwide. In any case, with relentless innovation across decentralized protocols, the merge of crypto with gaming and social trends shows no signs of slowing.