The Dogecoin price has dipped by 1% today, with its fall to $0.081625 coming as the cryptocurrency market as a whole has slipped by 0.5% in 24 hours.
Despite its drop, DOGE has posted a 7% gain in a week, helped along by the news that the ‘Doge-1’ satellite mission has received regulatory approval from the National Telecommunications and Information Administration.
Funded entirely in dogecoin, the Doge-1 satellite will launch on a SpaceX Falcon 9 rocket and will broadcast ads back to Earth, with its development helping to boost interest in Dogecoin.
And given that DOGE is now up by 16%, Doge-1’s progress could help the meme token rise even further in the coming months.
Dogecoin Price Prediction as Elon Musk’s ‘Doge-1’ Moon Mission Launch Approaches – Will DOGE Reach $1?
In contrast to some altcoins, DOGE’s indicators remain in a good position, suggesting that the meme token could make more gains quite soon.
Its RSI (purple) has risen to 60 today, signalling rising buying pressure and momentum.Source: TradingView
At the same time, DOGE’s 30-day average (yellow) is still rising further above its 200-day (blue), again signalling that the coin remains in a bullish phase and is capable of rising further before losing momentum.
What’s particularly encouraging is that DOGE’s support level has risen consistently over the past month or so, something which indicates that the token isn’t likely to suffer any major dips on its way to future rallies.
It’s also positive that DOGE’s 24-hour trading volume remains relatively high at $800 million, which contrasts very favorably with the $150 million levels it saw in September and early October.
Such levels would suggest that whales remain interested in the token, with recent transfers showing that some large traders are still accumulating DOGE, sending it off exchanges.
113,140,662 #DOGE (9,143,670 USD) transferred from #Robinhood to unknown wallethttps://t.co/9e1ucvnfLX
— Whale Alert (@whale_alert) November 29, 2023
This all creates a positive context for the news regarding the Doge-1 satellite, which has moved closer to launching after receiving approval from the NTIA.
The only thing left in terms of regulations is for it to gain approval from Federal Communications Commission, at which point it will be legally permitted to launch.
And this launch could provide DOGE with some welcome extra publicity, helping to keep it in the public eye and potentially driving more investors towards it.
The National Telecommunications and Information Administration (@NTIAgov), a Department of Commerce (@CommerceGov) agency, approved DOGE-1 X-Band (0083-EX-CN-2022 on https://t.co/b6iEAYdTPV)
We have yet to get the FCC license grant which will address X-Band and S-Band $XI pic.twitter.com/YSJoyLclQk
— SΔMUΞL RΞIÐ (e/acc) (@SamuelReidGEC) November 28, 2023
Either way, the Dogecoin price is likely to rise along with the wider market, which could have a strong end-of-year rally, with investors expecting Bitcoin ETF approvals.
Based on this, DOGE could reach $0.1 in the next few weeks.
Other Meme Tokens With High-Return Potential
The thing with DOGE, however, is that it remains too reliant on ‘external’ factors to push up its price, and lacks the fundamentals and utility possessed by certain other coins.
Yet there are alts and even a few meme tokens in the market right now that do boast greater utility, with a number of presale coins available that look set to have big rallies when they list.
This includes Meme Kombat (MK), an ERC-20 cryptocurrency that has raised over $2.2 million in its increasingly successful presale.
We have passed $2.2 million raised in the $MK presale pic.twitter.com/rwla7Xxdz3
— Meme Kombat (@Meme_Kombat) November 28, 2023
While Meme Kombat may look like yet another meme coin at first glance, it’s actually an online gambling platform that enables users to place bet on AI-generated battles between meme characters.
It will render such battles in real-time, providing users with an entertaining focus for the bets they can place with each other or with the platform itself.
And as an Ethereum-based platform, the battles themselves will be processed transparently using blockchain, with the results for all to see.
Players will be able to place bets using the native MK token, which Meme Kombat will use to pay out any winnings.
Holders of MK will also be able to stake the token, earning themselves a passive income in the process.
We have already paid out more than 1.2 million $MK since launching our staking dashboard
Do you have yours staked? pic.twitter.com/TircT2o49u
— Meme Kombat (@Meme_Kombat) November 25, 2023
It’s fun and playful design is likely to attract a large and loyal following once it launches in the next few weeks, with investors able to join its presale by going to the Meme Kombat official website.
1 MK token currently costs $0.214, but this will rise to $0.225 in only a few hours.
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.
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