News report from Coin World:
The old guard of meme coins is taking a hit, with Dogecoin (DOGE) and Shiba Inu (SHIB) both dropping by over 30% in the past month.
But cryptocurrency traders have not given up on dog-themed tokens.
Some traders are also keeping an eye on PlayDoge (PLAY), a new meme project that promises to combine viral appeal with a PLAY to Earn mechanism.
Dogecoin has faced a difficult period, with a price drop of 30% in the past month.
The world’s largest meme coin, Dogecoin, has encountered difficulties.
Just a month ago, on May 27th, it was as high as $0.174.
Fast forward to today, and the situation is different.
DOGE’s price has plummeted to $0.122, a 30% drop, which has worried many holders.
The decline has not been gradual either.
We’re talking about a near-vertical drop, with a brief rebound touching $0.113 on Monday.
But this rebound looks more like a temporary spike rather than a comprehensive recovery.
From a technical perspective, the situation is also dire.
DOGE’s current trading price is far below the 50-day Exponential Moving Average (EMA) on the daily chart.
Even worse, it has dropped below the 200-day moving average, which is usually seen as the “dividing line” between bull and bear markets.
However, there is still a glimmer of hope.
The $0.120 level seems to be a support, and if DOGE can maintain above this level, the coin may have a chance to regain its footing.
Is Shiba Inu facing an appeal after a 34% drop?
Shiba Inu’s situation is not much better.
A month ago, SHIB’s trading price was $0.0000255.
It even briefly surged at the end of May, reaching a high of $0.0000294.
But since then, everything has been going downhill – SHIB’s current trading price is only $0.0000171.
This represents a 34% drop in the past month.
Like other meme coins, SHIB has also dropped below the 50-day and 200-day moving averages, so the situation does not look good.
The trading volume tells a similar story.
In the past 24 hours, SHIB’s spot trading volume has barely exceeded $191 million.
In the long run, it is now only slightly higher than Floki on the meme coin rankings.
But it’s not all doom and gloom.
SHIB seems to have found support at $0.0000170; if this support continues, it may provide a springboard for a comeback.
However, with DOGE and SHIB still struggling, these coins will face a tough battle in the short term.
New dog-themed project PlayDoge makes a splash with vintage P2E crypto game & $5 million pre-sale
Although OG meme coins are facing issues, traders are still showing confidence in PlayDoge.
This new project sits at the intersection of nostalgia and crypto gaming, and investors are taking notice.
PlayDoge is not just another dog-themed meme coin.
Instead, it brings the P2E mechanism to the table, allowing users to earn PLAY tokens by taking care of their virtual “dogs” in a Tamagochi-style game.
Think of a combination of retro 8-bit graphics and crypto rewards.
This is a combination that appeals to both casual gamers and cryptocurrency investors.
The pre-sale of PlayDoge has seen immediate success, having raised over $5.1 million to date.
Early investors could purchase PLAY tokens at a price of $0.00513 through the pre-sale, which is expected to be a discount compared to the eventual exchange listing price.
PlayDoge’s social media channels are abuzz with talk of this offer, and Twitter and Telegram have seen significant growth in recent weeks.
But it’s not just the low pre-sale price that’s driving the interest.
PlayDoge also offers staking rewards, encouraging investors to hold onto their PLAY tokens rather than sell.
Currently, the expected annual percentage yield is 124%.
Combined with its retro gaming appeal, it’s easy to see why PlayDoge is ranked third on the upcoming cryptocurrency rankings on ICOBench.
Therefore, as Dogecoin and Shiba Inu face challenges, PlayDoge may be the fresh air that investors are looking for.
Visit PlayDoge pre-sale
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