Dogecoin (DOGE) is down another 5% on Friday as recession fears rock crypto market sentiment, with crypto whales rushing to accumulate a new Dogecoin competitor instead that might be able to deliver them upside in a bearish market.
Last, at $0.1128, Dogecoin is now down more than 20% from last month’s highs in the $0.14s.
And losses could worsen. Friday’s weak US jobs data has triggered fears that a US recession is near.
And that could sap appetite for risk assets, like meme coins, despite an aggressive rise in Fed rate cut bets.
Couple a potentially bearish macro backdrop with ugly technicals, and the outlook for DOGE is dire.
Dogecoin remains stuck in a downward trend channel from its March 2024 highs. Chart analysis suggests a near-term retest of recent lows of around $0.09 is possible.
Amid Dogecoin’s ongoing demise, it’s no surprise that crypto whales are avidly looking for alternatives.
One new Dogecoin competitor that analysts at Cryptonews.com think has great potential is PlayDoge (PLAY).
Sorry $DOGE but Elon said I’m the new chosen one pic.twitter.com/gcEExzbw7F
— PlayDoge (@PlayDogeGame) August 1, 2024
PlayDoge is a new Shiba Inu meme coin-themed play-to-earn game, inspired by the classic Tamagotchi 90s style.
Its native token, PLAY, is currently available in presale, and investors have already poured in close to $6.0 million as crypto whales rush to accumulate.
The influx of cash comes as a growing flock of crypto influencers publicly supports new Dogecoin competitor PLAY.
ClayBro thinks PlayDoge has the potential to be the next major meme coin.
Jacob Crypto Bury concurs and thinks PLAY could be 10x thanks to its play-to-earn utility.
Cryptonews.com’s in-house team of analysts, meanwhile, have ranked it as one of their top meme coins and the best overall presales to invest in.
New Dogecoin Competitor PlayDoge (PLAY) – Everything You Need to Know
The meme coin and GameFi sectors will likely experience massive adoption in the years ahead. Meme coins catch retail traders’ imagination thanks to their humor and simplicity.
GameFi offers substantial advantages over traditional web2 gaming, not least the prospect of earning an income while playing.
One might agree then that a project that effectively blends these two fast-growing niches, like new Dogecoin competitor PlayDoge, could do well.
Stack $PLAY and live life on easy mode 🌊 💰
Join the #Presale 👇 https://t.co/JT0VEofqf2 pic.twitter.com/QVL6JOvjvd
— PlayDoge (@PlayDogeGame) July 29, 2024
So how does the game work?
PlayDoge players will feed, train, and play various arcade-style games with their Doges. These digital dog companions will live on the blockchain as NFTs.
As they navigate through a whirlwind of retro 2D games, players will earn PLAY as they go. Indeed, PLAY is the utility-infused crypto at the heart of the PlayDoge ecosystem.
At the current presale price of $0.00525, PLAY is valued at a modest $50 million.
However, this new Dogecoin competitor could become a billion-dollar crypto if it gains traction and users. That could mean potential gains of north of 10x for this crypto.
Interested investors better move quickly if they want to get into PLAY at bargain prices. The price will jump when the presale hits $6.5 million.
DeFi Degens Also Flocking to PLAY – Here’s Why
The new Dogecoin competitor PLAY is unsurprisingly gaining a lot of traction in meme coin and GameFi circles. But the meme coin is also attracting substantial demand from DeFi degens thanks to whopping staking yields on offer for presale investors.
According to the project’s official website, presale investors who stake their tokens benefit from a yield of 79% APY. PlayDoge’s developers have reserved 12% of the total 9.4 billion token supply for staking rewards.
Strong staking rewards are likely to encourage PLAY HODLing, which will likely reduce sell pressure when the new Dogecoin competitor launches on DEXs soon.
Interested investors can buy PLAY with BNB, ETH, or USDT.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
