New Meme Coin Raises Over 35M Despite Dogecoin Shiba Inu Struggles
PlayDoge (PLAY), a presale project, has defied the downward trend faced by meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) this week. While DOGE has dropped by over 6% and SHIB by almost 8%, PlayDoge has managed to raise more than $3.5 million in early funding.
Dogecoin has experienced a significant decline, currently trading at $0.138 – its lowest price in nearly a month. This marks a 21% drop from its recent peak on May 26. The selling pressure has continued, with the coin nearing the $0.130 support level. If this level is breached, the situation could worsen for Dogecoin.
Trading volumes for DOGE have also decreased, with less than $1 billion in transactions over the past 24 hours. This downward trend is attributed to the negative sentiment prevailing in the overall crypto market, influenced by Bitcoin’s recent decline to around $66,860.
Similarly, Shiba Inu has faced selling pressure, dropping to $0.0000218, a 25% decrease in two weeks. The token is approaching the $0.000021 support level and its 200-day exponential moving average, indicating potential further downside.
Despite the bearish outlook for DOGE and SHIB, PlayDoge has been a standout performer. The Play-to-Earn (P2E) project has raised significant funds in just two weeks, offering PLAY tokens at $0.000506 each. Players can adopt a pixel “Doge” pet, earn tokens through mini-games, and stake their holdings for high yields of up to 287% annually.
With the growing popularity of video games and P2E projects like PlayDoge, early investors in the presale may benefit from potential market growth. As the project gains traction, there is optimism for a possible resurgence in Dogecoin and Shiba Inu in the future.
