The meme coin niche is seeing renewed momentum as major players Dogecoin and Shiba Inu rebound while newcomer Meme Kombat makes a splash with its $1.5 million ICO raise. These cryptocurrencies leverage the power of memes and internet culture to drive adoption and trade activity even amidst the bear market.
With staking, rewards, and meme battles, Meme Kombat brings a fresh gaming element to the expanding meme coin landscape. As meme coins bark and slice their way into headlines once more, there’s no shortage of activity for traders and believers in this eccentric corner of the crypto ecosystem.
Dogecoin and Shiba Inu Play Catch Up in October Altcoin Surge
While major altcoins like Chainlink, Cardano, Solana, Polygon and XRP posted double-digit gains of 20-50% in October and early November, Dogecoin and Shiba Inu lagged behind. However, in the last 24 hours, Dogecoin and Shiba Inu have joined the altcoin party with their own double-digit returns.
Dogecoin is now trading around $0.08, up nearly 10% in the last 24 hours. Shiba Inu has broken through resistance at $0.000009 and is close to testing the key $0.00001 level, rising over 12% in the last 24 hours. A breach of $0.00001 for Shiba Inu could signal a new bullish impulse wave ahead.
According to crypto analyst Rekt Capital, Dogecoin has successfully retested former channel resistance as new support just below $0.07 after its breakout. This retest confirms the legitimacy of the breakout and shows traders still have appetite to buy DOGE dips after the initial jump higher. With bullish momentum reaffirmed, Dogecoin looks poised for more upside.
By decisively breaching the downtrend channel that has contained it all year, Dogecoin appears ready to embark on a new bullish impulse wave. With the first target around $0.10 – aligning with the top of the breached channel – Dogecoin could climb nearly 50% in short order from the breakout point.
Dogecoin’s daily RSI is around 60, which indicates bullish momentum and room to run before overbought territory. An RSI above 70 is generally considered overbought.
Shiba Inu Consolidates Above Key Barrier, Burns Accelerate
Shiba Inu is consolidating above the important daily moving average barrier at $0.0000084 after gaining a foothold above it last week. Flipping this key level to support could set the stage for Shiba Inu to gain a zero and challenge resistance at $0.00001134.
Inflows from large holders have also been strong this week for Shiba Inu. According to on-chain data from IntoTheBlock, Shiba Inu has seen a 627% surge in large holder inflows over the past week. This suggests ‘smart money’ sees value in buying up Shiba Inu at current prices.
Additionally, the SHIB burn rate has accelerated recently. An anonymous whale recently burned 140 million SHIB, the largest individual burn in a while. This helped push the SHIB burn rate up by a massive 1,351% as more holders are removing tokens from circulation. Lower token supply can boost prices over time if demand stays strong.
Shiba Inu’s daily RSI is around 52, which is in neutral territory and leaves room for more upside before overbought conditions emerge. As mentioned, an RSI of 70+ indicates overbought territory, while under 30 signals oversold conditions. Shiba Inu has room to rally further if buying momentum continues.
Excitement Builds as Meme Kombat Raises $1.5 Million in ICO
While Dogecoin and Shiba Inu have been around since 2013 and 2020 respectively, a new meme coin called Meme Kombat has generated substantial hype and investment in its recent ICO.
Meme Kombat bills itself as a gaming platform that combines staking, betting, and rewards within a meme-themed battle environment. The project features meme battles where users can bet on their chosen meme to win using the platform’s native MK token.
The recent Meme Kombat ICO raised an impressive $1.5 million, proving there is still substantial interest in new meme coins entering the cryptocurrency scene.
50% of the total MK token supply was made available during the ICO presale. Buyers can stake their purchased tokens to start earning a lucrative 112% APY immediately during its presale.
The tokenomics distribution is as follows:
- 50% Presale
- 30% Staking & Battle Rewards
- 10% DEX Liquidity
- 10% Community Rewards
The current price for 1 MK token stands at $0.189, but the price will increase in just 5 days. With Meme Kombat’s innovative concept at the intersection of gaming and crypto, there is huge potential for growth. The project offers a compelling opportunity, especially with the presale unlocking staking at 112% APY right out of the gate.
Meme Kombat: How Betting on Battles Works
One of the core activities in Meme Kombat is betting on meme battles. Users can acquire MK tokens with ETH or USDT and use the tokens to bet on fight outcomes. There are opportunities to earn more tokens and prizes by making smart bets on meme matchups.
The platform introduces various ways to bet, accommodating different user interests and strategies. Whether actively picking meme fighters to bet on or spectating battles made by others, betting is integral to the Meme Kombat experience.
Meme Kombat has big plans to expand its ecosystem over time. Season 1 delivers staking, battles, and other core features to start. Season 2 is slated to launch in Q4 2023, bringing additional rewards, battle formats, and possibilities.
Starting in 2024, the team envisions exploring potential gaming integrations, partnerships, and other ventures to grow the platform. The built-in staking and rewards systems help expand the community in preparation for future phases.
Conclusion – The Best Meme Coins to Buy Now
With altcoins like Dogecoin and Shiba Inu rallying once more, the meme coin space has proven its staying power even amidst extreme crypto market volatility this year. And with highly anticipated newcomers like Meme Kombat raising $1.5 million out of the gate, there remains substantial interest and participation in this niche intersection of memes and digital assets.
For investors and enthusiasts fascinated by meme coins, there are plenty of developments to pay attention to as established players surge and new contenders like Meme Kombat shake up the landscape. Meme Kombat emerges as an exciting new project in the meme coin space. Investors intrigued by the prospects of staking, betting, and earning rewards through meme battles would do well to research Meme Kombat and consider grabbing MK tokens during the ICO phase.