Dogecoin Loses Weekend Gains While Other Top Cryptos Dipped: Is DOGE a Promising Investment in 2024?

Dogecoin (DOGE) is back in the red after a promising weekend that looked like it was about to turn a corner. The coin pumped by 16% on Saturday, and it seemed like that would just be the start for the meme coin as we head deeper into Q1 of 2024.

However, it wasn’t to be, and we are back below the $0.08 mark again. However, there may still be positive developments on the horizon, which we will discuss later. First, we wish to focus on another meme coin that may be partly responsible for Dogecoin’s lackluster performance as of late.

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Meme Kombat- A contender for the best-performing meme coin of 2024 has arrived

Meme Kombat ($MK) is one of the presales that we are most intrigued about this year. The project as a whole is an innovative mix of a meme coin and a P2E game. Considering how P2E games have fallen behind in the last year, and meme coins have stolen most of the attention, this is a clever move by those behind the scenes of the token.

We are certainly not the only ones who are rushing to get our fair share of $MK. The presale has raised just under a whopping $7.5 million. That means there is just over $500k left to be raised before the presale reaches its hard cap and the listings begin. Whales have been getting involved, which has seen the presale figure rocket toward its end goal.

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We love the utility that P2E games provide an ecosystem, but what we love even more is when a P2E game takes inspiration from a traditional gaming giant. This can bring a whole new potential customer base into the blockchain universe as fans of the game who may not be familiar with crypto are likely to give it a try.

As many readers will have guessed, Meme Kombat is inspired by one the greatest combat games of all time; Mortal Kombat. It was of the original fighting games, and in Meme Kombat you will also be battling it out in the arena, except the entertaining twist is you will be fighting with the most popular memes from the last 10 years.

We love this twist, and what is even cooler is from Pepe to Wojak they all have their own special attributes that make them unique fighters. What really sets the game out from the competition is the characters are AI controlled, which makes their movements incredibly realistic.

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How lots of utility and entertainment make Meme Kombat a winner

AI also helps with the outcome of every battle that you will have playing the game. This is important as we get to our favorite part of the game. As if there was not enough utility already within the ecosystem, players can also win in-game currency by wagering on the outcome of fights.

Players will feel like they have logged into a sportsbook when they go to place their bets because of all the options they will have. You can bet against the computer, against friends or fellow players, and there are even side bet markets. Side betting is for players that wish to bet on fight events like what the first move of the battle will be.

Winning these bets could turn out to be very profitable for players because of the dynamic staking system the project employs. This system is a gamble but can end up being very lucrative for both investors and the project.

To sum it up, the more investors that stake their tokens, the more rewards there will be for everyone, so basically it’s a gamble on the success of the coin. At the moment, over an incredible 30 million $MK tokens have already been staked. This equates to 80% of the total amount of the tokens that have been purchased.

The APY% currently stands at a massive 126%. It will likely go down a little once listings begin, and more tokens are staked, but it will still likely be one of the higher-ranging reward programs on the market. If players stake their tokens, they win from wagering they can make massive gains. You can see why we think this new meme coin is going to be one of the biggest stars of 2024.

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Dogecoin- still struggling but is there hope for the future?

As we can see from the above chart, it has been a tough start to the year for Dogecoin (DOGE). It is down over 17% over the last 30 days and is actually down over 10% over the last year. Considering most major tokens pumped by at least 100%, it is quite worrying for the market’s number one meme coin.

However, there might be light at the end of the tunnel. Over the weekend, an account on X (formally Twitter) popped up that is called Payments. It does not have any posts as of yet, but it is widely speculated that this account will have information regarding new payment methods for the social media site.

Dogecoin’s white whale, for a long time now, has been aiming to be accepted as a payment method for X. Elon Musk, the owner of the social media site, is a long-time supporter of DOGE and has hinted at the meem coin being accepted as payment for quite some time.

After the Payments account became known online, DOGE pumped by 16%. It has lost those gains since, but we are still waiting for news regarding this account. It could be the perfect time to purchase the meme coin as if it is added to the list of accepted payment methods on X expect it to pump.

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Conclusion

So there you have our analysis of two of the more intriguing meme coin situations at the moment. Dogecoin, the market’s number one meme coin, is struggling but may have a light at the end of the tunnel. Meme Kombat, a new challenger, looks set to be a big player in 2024 and could eventually come for Dogecoin’s throne.