Against the background of recent market fluctuations Dogecoin has demonstrated stability and may well grow. Although the price level of $1 seems rather ambitious. Forecasts of experts from Changelly suggest a more conservative growth in value until the beginning of 2024. However, by the end of December, the volume of token trading increased by 19%, which indicates a certain optimism of investors.
The Dogecoin deal created a stir in the market
Recently, a large Dogecoin tranche was made from the Robinhood trading app to an unknown wallet – about 112 million coins worth about $10.4 million. The transfer caused an immediate reaction from the crypto community.
This is not the first time a large amount of Dogecoin has been moved. In December, similar transfers were made using Robinhood. Such transactions have sparked discussion and speculation about how they will affect Dogecoin and the cryptocurrency market as a whole. At the time of writing, Dogecoin is ranked #10 on coinmarketcap.com and is showing a slight increase after a December price decline.
The influence of social networks on the value of Dogecoin
Dogecoin’s quote movements lately resemble a roller coaster ride. Despite support from famous figures such as Ilon Musk, the price of DOGE fell by 0.7% over the week. Dogecoin is a highly volatile asset, just like other meme cryptocurrencies. Their value is highly dependent on community sentiment and news agenda.
The role of social networks in Dogecoin market dynamics is great. For example, a seemingly innocuous social media conversation between Ilon Musk and one of Dogecoin’s creators, Billy Marcus, had an unexpectedly negative impact on the market.
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Investors of this meme coin should consider the factor of high influence of social media on the value of the asset. As practice shows, the news agenda is able to cause a significant increase in price, and can cause a sharp decline in the value of the popular cryptocurrency.
Dogecoin price forecast
Dogecoin is currently trading at a level above $0.09. It is showing an intriguing technical picture. The coin has key resistance levels at $0.0983, $0.1054, and $0.1116. At this time, immediate support is at $0.0876. Further support can be found at $0.0834 and $0.0797.
The Relative Strength Index (RSI) is fluctuating around 56, which indicates bullish sentiment without moving into overbought territory. It should be noted that Dogecoin’s price has exceeded the 50-day exponential moving average (EMA) of $0.0931, which reinforces the short-term bullish trend. In particular, Dogecoin has broken out of a symmetrical triangle pattern, a key technical indicator that often indicates a potential uptrend.
Given these factors, Dogecoin’s growth prospects to $0.0934 are possible. The token could start testing higher resistance levels. But Dogecoin holders should diversify their investment portfolios. For example, they should pay attention to promising low-cost cryptocurrencies with useful features, which are finalizing pre-sales and can grow significantly after the release to exchanges.
Bitcoin Minetrix – an opportunity to earn on bitcoin mining with small investments
Bitcoin Minetrix is a platform for cloud mining via steaking. The project is transparent, and its mechanism is so simple that it is suitable even for novice investors. In the case of Bitcoin Minetrix, mining does not require significant investments, expensive equipment and specialized knowledge. A user only needs to possess basic investment skills and buy a BTCMTX token.
BTCMTX is currently available for pre-sale at a cost of $0.0126. The amount of investments raised has already exceeded $7 million. There are less than 2 days left until the next token price increase, by the end of the presale it will be $0.0148.
To start earning on Bitcoin Minetrix, a user only needs to buy tokens and send them to staking to receive additional rewards in BTCMTX and mining credits. Burning the latter provides the power to mine bitcoin. At the same time, mining takes place with minimal investment and a small negative impact on the environment.
The system of the project after its full-fledged launch will be fully decentralized and managed by the community. The 88% annualized staking yield continues to attract early investors to pre-sell BTCMTX.
Meme Kombat is the new meme cryptocurrency being bought by whales
Meme Kombat, an innovative gaming platform that is currently having a successful pre-sale, has recently come into the focus of whales. A large investor bought $80,000 worth of tokens, which is a significant investment considering the coin’s $0.279 value. The new cryptocurrency has already raised nearly $6 million from investors. There is no more than a week left until the end of the pre-sale.
The MK token is not just a digital asset. It will become the main means of payment in the Meme Kombat ecosystem. Already, the token offers users passive earning opportunities. About 30% of the total is earmarked for steak rewards and in-game rewards. This makes the token a fairly stable and attractive investment.
The P2E format game from the Meme Kombat ecosystem is expected to revolutionize the gaming industry and offer users a new experience – “fighting” memes. DOGE, Shiba Inu, Pepe and other popular crypto-assets will “meet” in the virtual arena. The developers strive to develop the project, expand its capabilities, which makes Meme Kombat more useful, compared to other meme coins.
Conclusion
Since the price of Dogecoin strongly depends on the sentiment in the community, users should consider cryptocurrencies with utility and with more predictable prospects. Meme Kombat and Bitcoin Minetrix projects could be just such. Both coins offer a steaking mechanism and attract the attention of investors with a fairly low cost, which, by the way, grows at each next stage of presale.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
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