Dogecoin (DOGE) sees a 1% dip to $0.081625 amid a 0.5% overall market slip. Despite this, a 7% weekly gain is fueled by the ‘Doge-1’ satellite gaining regulatory approval from the National Telecommunications and Information Administration.
The National Telecommunications and Information Administration (@NTIAgov), a Department of Commerce (@CommerceGov) agency, approved DOGE-1 X-Band (0083-EX-CN-2022 on https://t.co/b6iEAYdTPV) 📜
We have yet to get the FCC license grant which will address X-Band and S-Band 🛰$XI pic.twitter.com/YSJoyLclQk
— SΔMUΞL RΞIÐ (e/acc) (@SamuelReidGEC) November 28, 2023
Fully funded in dogecoin, the ‘Doge-1’ satellite, set to launch on a SpaceX Falcon 9 rocket, receives NTIA approval. The satellite, broadcasting ads back to Earth, has become a catalyst for DOGE’s 16% rise. The ongoing progress of Doge-1 could potentially drive further gains.
Technical Indicators Favor DOGE’s Momentum
DOGE‘s RSI signals growing buying pressure and momentum as it reaches 60. Additionally, the 30-day average rising above the 200-day indicates a bullish phase. A consistent rise in DOGE’s support level over the past month reduces the likelihood of major dips.
🚨 113,140,662 #DOGE (9,143,670 USD) transferred from #Robinhood to unknown wallethttps://t.co/9e1ucvnfLX
— Whale Alert (@whale_alert) November 29, 2023
DOGE maintains a robust 24-hour trading volume of $800 million, showing sustained whale interest compared to levels in September and October. Recent large transfers indicate whales accumulating DOGE and withdrawing from exchanges, contributing to positive market sentiment.
Future Outlook and Potential Price Projection
With pending FCC approval, Doge-1’s launch could generate additional publicity and investor interest. The positive market context, coupled with the potential end-of-year rally, may lead DOGE to reach $0.1 in the coming weeks.
While DOGE relies on external factors, other tokens offer greater utility. Meme Kombat (MK), an ERC-20 cryptocurrency, stands out. Its successful presale, raising over $2.2 million, positions it as a potential high-return meme token. MK is an online gambling platform allowing users to bet on AI-generated battles between meme characters, processed transparently on the Ethereum blockchain.
