PlayDodge ($PLAY), the Play-to-Earn (P2E) meme coin with a Tamagotchi-inspired twist, has raised $4M in funding just two weeks after going on presale.
PlayDoge’s feat follows the introduction of Ethereum staking two days ago. Over 215M $PLAY tokens have already been staked on the Ethereum network with a current APY of 87%.
While Ethereum staking is the ecosystem’s latest advancement, BNB Chain remains PlayDoge’s go-to network. BNB powers the ecosystem’s upcoming P2E game, and holders have staked over 87M $PLAY with a greater APY of 215% via the chain.
$PLAY’s price is currently only $0.00507. There’s only one day to go until its next price increase. Given the coin’s P2E mechanics – and upcoming exchange listings – this could be its lowest price.
Beyond real-world utility, $PLAY’s appeal follows broader market movements.
The total market cap of meme coins is currently $55B. According to CoinMarketCap, $7B worth of meme coins were traded over the past day alone.
Leading Meme Coins Rise (and Fall)
The rise of meme coins could be attributed to a sizable jump in the number of such tokens on the crypto market, demonstrating their popularity.
Earlier this year, CoinMarketCap announced that 138 new meme coins joined its platform in April 2024. Only 18 new meme coins were added in the same month last year, demonstrating the heft of this growth.
Long-standing players like Dogecoin ($DOGE) and Shiba Inu ($SHIB) continue to lead the pack. $DOGE has a market cap of $20.75B, while $SHIB’s total market value is $12B+.
That said, the prices of both meme coins dropped this week: $SHIB by 15% and $DOGE by 10.90%.
Other meme coins that have slumped over the past seven days include $BENDOG (46.88%), $MOUTAI (45.46%), $GOAT (44.39%), and $DEGEN (44.02%).
The decline of many meme coins could be due to falling investor enthusiasm for coins with no utility. These coins depend on hype and speculation alone, and the crypto community is a fickle one.
With the emergence of projects with real-world utility, investors could be more interested in novel approaches, like PlayDoge, that go beyond potential financial gain.
PlayDoge – the Next Top Dog?
Numerous factors contribute to PlayDoge’s successful presale. The official PlayDoge website highlights a combination of project strengths:
$PLAY serves as in-game currency for PlayDoge’s upcoming P2E app
PlayDoge’s upcoming game is a reinvention of Tamagotchi, creating a sense of nostalgia
Players can earn $PLAY as rewards, opening passive income
Early staking participants can enjoy 215% APY on BNB and 87% APY on BNB
The PlayDoge app is currently under development. However, its presale triumphs will likely accelerate the game’s creation because it has the financial resources to do so.
PlayDoge’s roadmap promises the game will be in full effect by phase 4, followed by the debut of mini-games, community airdrops, and more CEX listings (which will first roll out in phase 3). The exact timing of these ‘phases’ currently remains under wraps.
If PlayDoge were to be listed on Binance, which is likely because it is held on its blockchain network (BNB), this could be a major win for the ecosystem – Binance is the largest CEX.
PlayDoge’s tokenomics also instills confidence and trust in the ecosystem. It fairly distributes its total supply of 9.4B $PLAY across numerous areas to maximize its long-term success.
Tokenomic Features
$PLAY Tokenomics Data
Presale
50% (4.7B)
Community rewards
7.5% (705M)
Liquidity
11.5% (1.1B)
Marketing
12.5% (1.2B)
Project funds
12.5% (1.2B)
Staking
6% (564M)
Further, the project’s security gives prospective investors peace of mind. PlayDoge’s smart contract is audited by SolidProof, flagging potential security concerns.
Joining the PlayDoge presale is straightforward: connect your wallet and purchase your chosen amount of $PLAY using either BNB, ETH, USDT, or FIAT.
Other noteworthy meme currencies gaining traction in presales owing to their utility include WeinerAI ($WAI) and eTukTuk ($TUK). $WAI’s presale notably raised $5.5M yesterday, likely due to its upcoming AI chatbot to help investors with their trading endeavors.
To Summarize
The crypto landscape is a crowded and competitive place. All projects strive for investor attention, making it tricky for newcomers to be noticed.
As more meme coins are created, one thing is clear: innovative concepts with actual real-world utility are capturing investor interest.
PlayDoge’s upcoming P2E game promises excitement in the meme world, likely contributing to its successful presale ahead of its launch.
However, the crypto world is a volatile space, and success is never 100% guaranteed. So, make sure to DYOR before investing.
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