One crypto analyst has caused a stir with a bearish forecast for Dogecoin’s (DOGE) near-term price action.
However, some traders seem much more excited about the potential of PlayDoge (PLAY) – a new P2E meme coin currently in presale.
Dogecoin Faces Rocky Road as Analyst Predicts 13% Drop
Dogecoin’s path ahead could be rocky if the forecast from Crypto Daily Trade Signals proves accurate.
The analyst recently tweeted a bearish DOGE chart, predicting the meme coin could tank another 13% to hit support around the $0.12 level.
Such a plunge would mark a 31% decline from DOGE’s local high.
It would also send the OG joke crypto tumbling to lows not seen since way back on March 1.
Of course, the silver lining is that DOGE could find a floor and a potential base to bounce from that level.
But getting there won’t be pretty for DOGE holders.
Right now, the signs aren’t particularly encouraging for the coin’s long-term prospects.
Though spot volumes remain elevated at $1 billion in the past day, open interest has dipped to $743 million.
That’s often a bearish signal showing traders are losing conviction in potential upside.
Unless DOGE can fend off this bearishness, Crypto Daily Trade Signals’ gloomy forecast may come true.
PlayDoge Gains Momentum & Passes $4M in Presale Phase
While the pessimistic voices keep piling on DOGE, a very different narrative surrounds PlayDoge.
Early traders are displaying lots of bullishness around this brand-new P2E project.
The numbers don’t lie – PlayDoge’s ongoing presale has raised over $4 million from investors in just two weeks.
With a capped supply of 9.4 billion PLAY tokens and 50% set aside for presale investors, the community is already showing firm support for the project.
But it’s not just the community that’s driving the hype.
PlayDoge also brings a unique combo of nostalgic vibes and dog-inspired memes to a space that’s becoming more and more bizarre.
By featuring a cute pixel Doge mascot, PlayDoge looks to stand out from the pack.
Additionally, the project is checking all the boxes that most other meme coins seem to ignore.
These boxes include a clear roadmap, a well-designed tokenomics structure, and a quality whitepaper.
There are even plans to launch PLAY on DEXs once the presale phase ends.
So, while Dogecoin’s prospects might look bleak, PlayDoge is generating huge optimism from early investors.
Nostalgia, Staking, & P2E Mechanics Prompt Huge Buzz Around PlayDoge
It’s easy to see why PlayDoge has raised millions in presale already.
Like breakout hit Axie Infinity, PlayDoge combines gaming with an addictive rewards loop.
Players start by adopting a Doge “pet,” then play mini-games with it to earn PLAY tokens.
It’s essentially Tamagotchi crossed with modern blockchain tech.
However, PlayDoge’s team takes things a step further by introducing a staking system that allows PLAY holders to earn estimated annual yields of 238%.
Players could theoretically nurture their pets all day, earn PLAY tokens, and stake them for passive income.
This model could help PlayDoge make its mark on the P2E scene if executed well.
According to CoinMarketCap, the P2E crypto sector is now valued at over $12.7 billion and regularly brings in almost $2 billion in daily trading volume.
The sector is dominated by FLOKI, NOT, and GALA – all of which have had stellar years so far.
Their success shows there’s still an enormous appetite for P2E projects that offer engaging gameplay.
PlayDoge, with its cute pixel pets and fun mini-games, is well-positioned to tap into this market.
And if the presale continues at its current rate, the planned DEX listings could be a big success.
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.
The post Analyst Gives Bearish Forecast for Dogecoin But Some Traders Are More Positive on PlayDoge Potential appeared first on CryptoPotato.
from CryptoPotato https://ift.tt/7tXqbyZ