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Gary McFarlane
Author
Gary McFarlane
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Dogecoin alternative PlayDoge ($PLAY) blasted 24% higher after listing on decentralized exchanges (DEXs) today.
$PLAY is currently priced at $0.00268 on the PLAY/WETH pool and $0.00186 in the PLAY/WBNB pool, where its market cap has zoomed to $17.5 million.
Token claiming by presalers and the DEX listings went live at 10am UTC today (29 August) after the project raised more than $6.5 million from presale contributors excited by the potential of its 2D retro play-to-earn game.
The liquidity pools on BNB and ETH are both locked and are, at the time of writing, valued at $241k and $316k, respectively.
This locking precaution guarantees free-flowing trading and shows that the project owners are fully committed, so there’s no fear of nefarious activities such as rug pulls.
PlayDoge the next Dogecoin – 117,766% returns incoming?
According to CoinMarketCap data, if a trader bought Dogecoin at its lowest price nine years ago, today they would be sitting on a gain of 117,766% – PlayDoge could be the next Dogecoin.
Trading site Dextools shows initial trading volume topping $200,000.
The Dextools project reliability score across both pools is 73 and 74 out of 99, providing further confidence for token holders and new buyers.
To be sure of trading the correct PlayDoge, market participants will need to search using the BNB and ETH contract addresses for the coin, which are:
Bargain hunters are on the prowl as the broader crypto market finds its feet following the shock arrest and charging by French judicial authorities of Telegram co-founder Pavel Durov.
PlayDoge’s Tamagotchi-style virtual pet gaming platform sets it apart from the low-to-no-utility offerings common in the meme coin category.
Naturally there will be profit-taking by some presale buyers. Still, the opportunity to stake at presale and the potential of the gaming business means putting your funds to work with PlayDoge, which could be one of the best risk-reward plays in crypto right now.
As shown in the chart above, the price has dipped temporarily, but this presents favorable entry points for new entrants and the opportunity for some holders to average-down their price.
Are bitcoin maximalist whales looking to get into the meme coin action with PlayDoge?
PlayDoge launches at a possible inflection point in the markets. For example, in the last few minutes one whale has withdrawn 1,000 BTC valued at $59 million from Binance.
Such moves could be indicative of crypto sophisticates with deep pockets looking to reposition their portfolios for the bull run to come, as the Fed sets up the markets for an interest rate cut in September.
This particular whale account appears to be a bitcoin maximalist as it holds no other coins – however that could be changing and coins such as PlayDoge could be on the diversification target list.
Also, keeping $449 million worth of bitcoin on a centralized exchange opens the whale up to unnecessary risk – after all ‘not your keys, not your crypto’ still holds true. That makes trading on DEXs – and perhaps buying $PLAY – an even smarter move for this market participant.
Since the FTX implosion, the trend toward diversifying custodial arrangements by using self-custody and hard wallets benefits coins like PlayDoge, which can currently only be traded on decentralized exchanges.
Of course, buyers must do thorough due diligence, especially when it comes to meme coins. The rewards in this hyper-speculative sector of the cryptocurrency world are now legendary, but it means taking risks to become one of the winners.
Crypto pros are hunting out the projects that will have the staying power to develop and sustain their offering and achieve profitability. The early signs are already there with PlayDoge, which has brought forward its game’s launch and released gameplay teasers.
PlayDoge is in pole position to revolutionize a $6.3 billion sector
PlayDoge betters Tamagotchi because players are rewarded with $PLAY tokens for their pet-care work, so all that effort has an equivalent dollar value.
But the best part is that PlayDoge lets crypto fans connect with their favorite dog breed on a more personal level while earning $PLAY, which the crypto world is increasingly seeing as the best alternative to Dogecoin ($DOGE).
Furthermore, its play-to-earn mechanics place PlayDoge in pole position to revolutionize a market projected to hit a value of $6.3 billion by 2031.
This all points to the prospect of a significant return on investment for patient PlayDoge token holders. When the game launches and more people enter the ecosystem as token holders and players, the $PLAY token’s value will rocket.
Stay up-to-date with the PlayDoge community and the latest news on game development and release dates by joining-up on X and Telegram.
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.
