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The Doginphire price surged more than 236% over the past 24 hours to trade at $0.004254 as of 1:55 am EST as investors rush to buy the new Solana meme coin.
FIRE is among the latest to enter the Solana ecosystem and looks to repeat the success of its predecessors MYRO, BONK, HONK and WIF. Investors have been glued to their screens keeping an eye on the booming SOL ecosystem amid an outbreak of airdrops fever with more drops scheduled to take place in the coming weeks.
One of these events is the SMOG airdrop campaign that’s set to take place soon. Anticipation surrounding this new crypto is evident in the fact that it has surged more than 1,350% since its launch yesterday.
The Doginphire Price Forms An Ascending Channel
1-hour chart for FIRE/USD (Source: TradingView)
The Doginphire price has printed a series of higher highs and higher lows on the 1-hour chart throughout the past couple of hours. This resulted in the formation of a bullish price channel, which the meme coin managed to rise above in the last 3 hours.
However, sellers are trying their best to bring the altcoin’s price down, which is evident by the wicks above the last couple of candles. This sell pressure could also be the result of early investors realizing their profits from FIRE’s strong pump.
If this sell pressure continues, the altcoin may soon correct to $0.003414 in the coming hours. This will also place the crypto’s value at around the middle level of the bullish price channel.
A break below this key mark could put the Doginphire price at risk of falling to $0.002377 in the following 12 hours. Before the crypto can retrace to this level, it will first need to break below the 9 Exponential Moving Average (EMA) line, which is currently acting as support for the meme coin.
Doginphire Price May Continue To Climb
This bearish thesis may be invalidated if the Doginphire price remains above the bullish channel for the next 12 hours.
The Relative Strength Index (RSI) indicator on FIRE’s 1-hour chart suggests the crypto is overbought. Traders may identify this as a signal to sell their holdings and take profit, which could subsequently lead to a correction.
While Doginphire attempts to keep its bullish momentum going, investors are betting big on Meme Kombat as its presale surpasses $8.3 million.
Merging Meme Coins And Blockchain Gaming
Popular memes will soon battle it out on Meme Kombat’s innovative gaming platform. To keep the community engaged, the project will allow token holders to bet on the outcomes of these regularly-scheduled battles for potential rewards.
More-hyped matches will also take place within the ecosystem, opening up the possibility for more lucrative rewards.
$8.3 million 🥳
ONLY 1.7m to go! pic.twitter.com/OxpaUSVqxg
— Meme Kombat (@Meme_Kombat) February 6, 2024
Analysts are bullish on this meme coin project given its strategic combination of the vibrant meme coin space and the booming blockchain gaming sector. In addition to the coupling of these two growing sectors within the Web3 space, Meme Kombat also brings some much-needed utility to the meme coin space.
An Attractive Staking Opportunity On Offer
Apart from being a promising speculative trading opportunity with the potential for token holders to earn frequent rewards, Meme Kombat is also offering presale investors an attractive staking program.
Buyers that purchase the project’s MK token will automatically have their tokens staked and gain access to an annual percentage yield (APY) of 112%. That’s one key reason why YouTube crypto analyst Jacob Bury considers MK to be among the best meme coins to buy now.
Anyone can start earning from the project’s staking program. Investors will just need to purchase MK, which is currently selling for $0.279, on the project’s website. The token can be bought using either ether (ETH), Tether (USDT) or Binance Coin (BNB).
MK can be purchased here.
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