Many crypto analysts are predicting the onset of another meme coin season, forecasting the top meme coin Dogecoin to display an explosive rally in the coming days.
The Dogecoin price surged to as high as $0.077 today, before retracing marginally to trade near the $0.73 mark. Owing to an 85% jump in its daily trading volume, Dogecoin has appreciated close to 2% today, bringing its weekly gains to 6%.
DOGE’s market capitalization is now firmly above the $10 billion mark currently at $10.4 billion – which reinforces its status as the top meme coin in the world. According to CoinMarketCap, Dogecoin continues to retain its spot as the 9th largest global cryptocurrency and will flip Cardano (ADA) in 8th position if it rallies a further 17%.
With the approval of a spot Bitcoin ETF now imminent, along with the Federal Reserve pausing its monetary tightening, major cryptocurrencies – including Bitcoin – are now set for another bull run.
Indeed, the TOTAL1 indicator – which represents the total crypto market cap – has successfully flipped the $1.3 trillion resistance to support, indicating an oncoming rally. This provides the ideal backdrop for Dogecoin to delete a zero and start moving towards its all-time high of $0.74.
Dogecoin Price Prediction as DOGE Hits $10 Billion Market Capitalization
Popular crypto analyst @rektcapital, who has over 365k followers on X, reveals that Dogecoin has broken out of a multi-year descending channel, which could result in a strong bull rally.
He highlights that the Dogecoin price unsuccessfully attempted to breach this crucial resistance multiple times over the previous months – however, Doge closed the past week above the Channel Top, signaling a strong oncoming buying pressure. He is also not the only one to give a bullish Dogecoin price prediction.
Trader @CryptoTony, who has close to 350k followers on X, reveals that the $DOGE/$USD pair has successfully held the $0.066 weekly support and could start to pump in the coming days.
Similarly, @jaydee_757, who has over 31k X followers of his own, predicts the Dogecoin price to display a 10-15x bull rally over the coming weeks. He highlights that the last time Doge broke out of a symmetric triangle, it led to an explosive 300x price action.
TradingView’s Dogecoin technical analysis also reveals that the token is outperforming every key moving average indicator in the daily time frame. More importantly, even in the weekly and the monthly time frame, Doge is positioned within striking distance of several significant moving average indicators.
For instance, bulls could look to flip the 50-week simple and exponential moving averages, both of which are hovering near the $0.074 price mark. Similarly, the 10-month EMA at $0.0744 and the 20-month SMA at $0.0796 could also emerge as potential targets.
The top meme coin would also hope to receive a boost from its long-time supporter and X owner Elon Musk. Musk recently announced that none of his companies, including X, will ever create its own cryptocurrency. This means that Dogecoin will likely remain Elon’s favorite crypto and according to speculation, could be a part of his vision of X.
In any case, Bitcoin appears primed to hit the $40,000 price mark before the end of the year, which is also bullish for the meme coin market, considering the strong correlation between the two.
Other Bullish Meme Tokens – Meme Kombat Coin
Dogecoin’s bull rally is expected to kick-start the meme coin season, which will see an increasingly higher amount of capital entering the meme coin market. Investors are now hurriedly looking for the best meme token to invest in, with the new Meme Kombat token emerging as a popular choice.
Smart money traders and crypto whales have been quick to purchase $MK in its ICO. For instance, the admin of the Crypto Whale Pumps group of Telegram – which has over 25k subscribers – has recently made a sizable investment into Meme Kombat, as has Cilinix Crypto, a popular YouTuber who has close to 35k subscribers.
Even @CryptoTony__, who has predicted Dogecoin to pump in the coming days, is also bullish on Meme Kombat coin. Owing to such robust demand, the $MK presale has already raised over $1.2 million in just over a month.
Unlike most other utility-less meme coins, Meme Kombat is capitalizing on several exciting features such as Play2Earn, staking and gambleFi. ThePlay2Earn platform will be a virtual battle arena for 11 different characters, each of which will represent a popular meme coin such as Doge, Shiba, Pepe, Floki, etc.
With the use of AI- based dynamic visualization and random sequencing, the outcome of the battles will be unpredictable, allowing players to wager against each other or against the house itself.
Investors holding $MK can choose to stake their tokens and start to earn staking rewards as early as the presale itself, currently at an APY of 112%. Experts such as Michael Wrubel are bullish on the token due to this feature – after all, Floki crypto also displayed an explosive rally after the announcement of its staking program.
Investors are also praising the project’s commitment to transparency and security, considering that the identity of all team members behind the token has been revealed, including its founder Matt Whiteman. This protects investors from scams and rug pulls.
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
