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Dogecoin, Shiba Inu Prices Fall as Holders Back New Meme Coin $MK

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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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Cryptocurrency

BTC Rejected Off $64,000 As Crypto Market Suffers $600 Million Of Liquidations

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The price of Bitcoin (BTC) experienced massive volatility on Wednesday, soaring to nearly $64,000 before sinking again to $60,500 within one hour.

Amid the chaos, crypto traders have experienced $638 million in liquidation over the past 24 hours, including $391 million of liquidations in the past 4 hours alone.

  • According to Coinglass, about $55 million of liquidations in the last hour impacted a consortium of little-known altcoins, while $96 million was liquidated on BTC trades directly.
  • Meanwhile, ETH traders suffered $45 million of liquidations, and DOGE traders lost $29 million.
  • In the past 24 hours, a massive 168,988 traders were liquidated. The largest single liquidation occurred on OKX on a BTC-USDT trade for $9.45 million.
  • The price of BTC is $61,400 at writing time, up 21% within the past five days alone.
  • Many credit the asset’s recent surge to the launch of several bitcoin ETFs last month.
  • BlackRock’s Bitcoin ETF – the largest of all newcomers – now holds over $8 billion in BTC, and absorbed a record $520 million of flows on Tuesday.
Bitcoin / USD. Source: TradingView
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Cryptocurrency

BlackRock Bitcoin ETF Smashes Daily Inflow Record, Ranks 2nd In United States

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BlackRock’s Bitcoin (BTC) ETF has cracked a new daily inflow record, helping push Bitcoin’s above $60,000 for the first time since November 2021.

The iShares Bitcoin Trust (IBIT) absorbed another $520 million on Tuesday, bringing the fund’s total flows since launch above $6.5 billion. Furthermore, thanks to Bitcoin’s rising price during that period, the value of the firm’s Bitcoin stash has appreciated to over $8 billion.

BlackRock Breaking Record

By comparison, Fidelity’s Bitcoin ETF now holds $5.6 billion in BTC, but absorbed a much smaller $126 million flow on Tuesday.

Meanwhile, Grayscale – IBIT’s largest competitor – suffered another $125 million of outflows. Though Grayscale still bears a significant lead in total assets at $25 billion, BlackRock’s ETF is slowly gaining ground against the incumbent fund due to its much lower management fee.

According to Bloomberg ETF analyst Eric Balchunas, BlackRock’s stellar inflow figure made it the number two ETF for inflows in the United States yesterday, only behind BlackRock’s iShares Core S&P 500 ETF (IVV).

“This means a good portion of that massive volume was new buying vs arb/algo,” Balchunas wrote to X on Tuesday.

The analyst also noted that individual trades for IBIT’s ETF surpassed those of both the SPY and QQQ. This suggests that a large component of buyers trading the ETFs are retail-based – an unexpected finding given the ETF’s popularity as an institutional trading ground.

Bitcoin ETFs And Surging Price

The price of Bitcoin has skyrocketed by over 25% in the past five days, now trading at over $63,000 at writing time. Many analysts credit its success to the launch of Bitcoin spot ETFs, which have collectively absorbed over $6.7 billion of flows since going live on January 11.

After 30 days, BlackRock and Fidelity’s Bitcoin funds had already broken records as the two most successful ETF launches in history based on flows. BlackRock also tapped a new daily high for trading volume on Monday, surpassing $1.3 billion and entering into the top 11 ETFs in the country by volume.

Bitcoin now approaches its all-time high of $69,000 USD, though, in some currency denominations, it has already broken its prior records. For instance, one BTC is now worth over 95,000 Australian dollars, compared to $87,000 at its peak in November 2021.

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3 Catalysts That Suggest More Gains for Bitcoin After Price Broke $60K

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Bitcoin surged above $61,000 on Wednesday, marking its highest level since November 2021. The rally seems fueled by significant inflows into US-based spot Bitcoin ETFs.

With bullish momentum building, all eyes are on the leading crypto asset’s trajectory, and data suggest that it might be able to break its previously established all-time high of $69,045.

MVRV Ratio Signals Buying Opportunity

The MVRV Ratio, derived from dividing an asset’s market capitalization by its realized capitalization, serves as a pivotal metric in cryptocurrency trading. When below 1, it indicates most holders are at a loss, signaling a potential buying opportunity.

On the other hand, a rising ratio suggests increased profit-taking, potentially leading to selling pressure and market corrections.

Historically, an MVRV Ratio nearing 4 signaled market tops, though this threshold has decreased in each cycle. According to Intotheblock’s latest observation, the value stands at 2.22, essentially hinting at a bullish market that is not yet excessively overheated.

Bitcoin MVRV. Source: ITB
Bitcoin MVRV. Source: ITB

Subdued Retail Crowd

Despite Bitcoin’s remarkable price movement, current data suggests an absence of retail investors. While there has been a rise in the number of new addresses, Intotheblock said it is likely attributed to active market participants engaging with Ordinals.

However, new addresses have since declined and remain relatively consistent. The same pattern is observed with active addresses. Both Google trends and app store data show no significant surge in retail interest yet.

On-chain volume is gradually increasing, reminiscent of the early phases of the 2021 bull market, but it has not reached the frenzy levels seen during the peak.

This implies that institutional investors might be driving this phase, with attention focused on ETFs as potential accumulators.

Meanwhile, those monitoring altcoins are speculating on whether renewed retail interest will shift Bitcoin’s upward trend towards broader market movements. However, the upcoming halving could change this dynamic and push the crypto asset to a new peak.

Bitcoin Halving: A Major Catalyst

The analysis from ITB suggests that the upcoming Bitcoin halving in April typically triggers a surge in price according to historical patterns. However, in the current cycle, the price rally has occurred earlier than anticipated.

This deviation may imply that investors are aware of the potential impact of the halving and are adjusting their investments accordingly ahead of time. In short, these market players are anticipating and acting upon the expected price movement associated with the halving event well before it actually takes place.

Bitcoin Price History. Source: ITB
Bitcoin Price History. Source: ITB
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