Dogecoin is back in the green today after a turbulent week, currently trading at an almost 2% premium from yesterday’s price.
At the same time, the new presale meme coin PlayDoge is also enjoying success, recently surpassing the $5 million total raised mark.
Dogecoin (DOGE) Price Rises, But Analysts Say More Is to Come
Dogecoin’s price peaked at $0.15 today, ending the “down-only” price action that sweepingly affected crypto prices recently.
Currently, the Dogecoin is trading at $0.143, up 3% today but down 11% this week.
Its monthly price action is near breakeven, up 1.5%.
Dogecoin (DOGE) currently holds a $20 billion market cap and a $1.2 billion 24-hour trading volume, up 12% today.
The rise in trading volume reflects a sigh of relief from traders after Federal Reserve Chair Jerome Powell left positive remarks surrounding rate cuts later this year in his speech after FOMC on Wednesday.
With rate cuts likely to occur, analysts anticipate that a lot of liquidity will flow into the market, bolstering the price of cryptocurrencies, including Dogecoin.
Moving to Dogecoin’s price action, traders are optimistic that it will continue to gain pace in the coming months.
A popular X account that goes by CEO urged its audience to “Study what happens to Dogecoin (DOGE) when BTC goes into price discovery.”
The analyst displayed a price chart that depicts Dogecoin’s meteoric 2021 rise, which occurred after BTC broke its previous all-time high.
Indeed, with BTC already breaking last cycle’s ATH in March, the analyst alludes that Dogecoin is set to repeat its bullish trajectory.
Meanwhile, Chimp of the North anticipates a continued consolidation until July, followed by a break of structure and a parabolic rally to the revered $1 mark.
But with Dogecoin spearheading the high-octane meme coin market, its bullish outlook reflects a further-reaching excitement surrounding meme-focused crypto assets.
One of the most promising is the doge-themed PlayDoge, which combines the virality of meme coins and the utility of Play-to-Earn (P2E). The project is currently in its presale and has raised over $4 million so far.
New Meme Coin PlayDoge Presale Raises Over $4M with Just 1 Day Until Price Hike
The PlayDoge presale enables investors to buy $PLAY ahead of its widely anticipated game launch.
The well-known Tamagotchi game from the 1990s is the inspiration for this game. With PlayDoge, users may take care of a doge by making sure it gets enough food, entertainment, and relaxation.
But PlayDoge ups the ante over the original game by bringing in cutting-edge P2E dynamics that reward players for taking part.
The aim of the game is to rise up the project’s leaderboard by earning XP. Players can earn XP by caring for their pets or completing minigames.
By rising up the project’s leaderboard, users will become eligible to earn more $PLAY rewards.
They can cash these tokens out for other cryptocurrencies, use them for in-game purchases, or stake them.
Right now, staking offers 216% APY, but this figure will decrease as the staking pool grows.
Furthermore, PlayDoge’s presale price will keep going up during the campaign; the next price increase is about to happen.
The price is currently $0.00507, however, it will increase in a day or when the $4.6 million total rise is reached.
With that in mind, prospective buyers have limited time left to purchase the tokens at the lowest possible price.
With that said, interested buyers have limited time to purchase tokens at the lowest possible price.
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