It’s been a red 24 hours in the meme coin market, with Dogecoin (DOGE) and Shiba Inu (SHIB) posting losses.
DOGE has fallen by just over 1%, while SHIB is down 2% as investor sentiment turns bearish.
However, not all meme coins are experiencing a downturn – the new gaming-focused token Meme Kombat (MK) is still being backed by traders ahead of its upcoming Uniswap listing.
DOGE & SHIB Trapped in Range as Meme Coin Momentum Fizzles
Dogecoin has posted two red daily closes in a row, taking the coin down to the $0.079 level.
DOGE has been trapped around this level for over a week, with buyers and sellers battling it out for supremacy.
The good news for DOGE holders is that the $0.079 level hasn’t been broken to the downside since November 24 – suggesting it’s acting as a floor for price.
However, on the other hand, the 50-day exponential moving average (EMA) is acting as a dynamic resistance level, meaning Dogecoin’s price action remains extremely choppy.
Shiba Inu is experiencing a similar scenario, with the token’s value rising 14% last week before dropping 7% from Tuesday’s high.
SHIB now looks to be falling towards the $0.0000087 level, which has been tapped three times since the start of 2024.
If SHIB breaks below this crucial support zone, it could lead to a further drop back to the $0.0000077 level.
With the meme coin market capitalization falling almost 3% in the past 24 hours, it remains to be seen whether DOGE and SHIB can break out of their current ranges.
XPayments Account Sparks Brief Price Surge for DOGE
Although things are currently looking bearish for the meme coin space, this is in stark contrast to the relatively bullish conditions last week.
This bullishness came from the surprise creation of the “XPayments” account on X (formerly known as Twitter).
Although this account hasn’t yet made a post, and Elon Musk hasn’t revealed what it is about, investors immediately began speculating that it could be related to potential crypto payments functionality.
There have long been rumors about X integrating DOGE as a payment option – so the creation of XPayments naturally led to heightened interest in the world’s largest meme coin.
DOGE soared over 3% on the day the account was created, then soared a further 6% in the days following.
However, this upward momentum couldn’t be sustained – with the coin returning to the red this week.
Meme Kombat Presale Bucks Downward Trend as Highly-Anticipated Launch Nears
Even though Dogecoin and Shiba Inu have struggled in recent days, not all meme coins have been experiencing a sell-off.
One low-cap meme coin still backed by traders is Meme Kombat (MK) – a gaming-focused project hosted on Ethereum.
Unlike DOGE and SHIB, Meme Kombat isn’t yet available on the open market, given that it’s still in its presale phase.
However, this presale phase is now in its final stage – meaning prospective investors have one final chance to buy MK before its Uniswap listing.
MK tokens are on offer for $0.279 during the final stage of the presale and can be purchased using ETH, USDT, or BNB.
Notably, those who purchase MK early can immediately stake their tokens and generate APYs of 119%.
Regarding tokenomics, 50% of the total MK supply has been set aside for presale investors, while 10% will be used to provide DEX liquidity.
A further 30% has been earmarked for staking and battling rewards – highlighting the development team’s focus on rewarding its community.
This approach suggests that Meme Kombat isn’t just another hype-driven meme coin but is instead trying to carve out a niche in the gaming and DeFi spaces.
Leading the project is experienced Web3 entrepreneur Matt Whiteman, who currently serves as COO of North Technologies, an NFT trading and analytics platform.
With Whiteman at the helm and continued interest in its presale, Meme Kombat looks well on its way to making a splash when it launches in the coming weeks.
Visit Meme Kombat Presale
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