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A new multi-chain play-to-earn (P2E) memecoin called PlayDoge ($PLAY) has raised over $4 million after just two weeks of presale. The news comes two days after the team added Ethereum staking, having originally offered the staking option on PlayDoge’s main base, BNB Chain. The latter is still considered the main kennel for the project, as it supports the upcoming 8-bit P2E game of the same name.
PlayDoge is a retro game featuring the iconic Doge meme, which has inspired six of the top ten memecoins by market cap today. Today, Doge is the central character of the 90s Tamagotchi replica game, creating a fun virtual gaming experience for players, who earn the game's native token $PLAY by following him.
For those who want to get in on the potentially explosive upside ahead of the game’s launch, a presale is currently underway, with investors currently able to purchase tokens for half a cent.
Early adopters who bought during the ICO would have likely bought at the lowest price of the entire year. Given the utility of the underlying premise of the token, this is likely to be the lowest price.
This is because once the game launches and $PLAY hits the open market, word of mouth among gamers and crypto enthusiasts could send the coin soaring, potentially surpassing Dogecoin’s current price level of $0.14 and even reaching the awe-inspiring one-dollar mark.
The summer of memecoins and P2E has arrived, and the demand for memecoins is heating up this summer…
A quick look at some of today’s best performing memecoins shows that when the market is doing well, this space often outperforms crypto market leader Bitcoin ($BTC).
Bitcoin added 1.5% in the past 24 hours, surpassed by Pepe ($PEPE), which gained 7%. Newcomer Brett ($BRETT) gained 6%, while two dog-themed coins, Bonk ($BONK) and Dog Go To The Moon ($DOG), gained 5% and 17%, respectively.
In April alone, CoinMarketCap recorded 138 new memecoin listings. Currently, the meme-based crypto market cap stands at $63 billion.
These coins have attracted consistent gains for holders. Those who bought market leader and original canine meme coin Dogecoin ($DOGE) have seen their gains increase by 142% in the last 365 days.
At the same time, the number of people who firmly held Floki ($FLOKI) increased by 59% compared to the same period last month, and increased by 1,232% compared to the same period last year.
While intraday gains have slowed, with a period of consolidation, it is worth noting that PlayDoge’s other coin category, Play-to-Earn (P2E), has also heated up this summer.
According to Precedence Research, the global video game market is expected to reach a staggering $665 billion by 2033. One of its latest innovations is mobile P2E gaming. The Play-to-Earn Games category on CoinGecko has increased to a total market cap of approximately $13 billion by June 2024.
PlayDoge is not just another memecoin. It is a monetized Tamagotchi replica in Web3, with $PLAY as the game currency.
Fans of handheld digital pets from the 90s will be delighted to see how PlayDoge gives them a strong motivation to rekindle their childhood memories and become attentive virtual pet owners again.
Their efforts to care for their pet will earn them experience points as they tend to the virtual Shiba Inu's needs and embark on exciting adventures and mini-games within the game.
Players with the highest experience points on the game leaderboard will receive an additional $PLAY token and exclusive rewards.
Another way to earn $PLAY is through the game’s staking feature, which allows users to passively earn tokens. Early participants in staking can enjoy a generous APY of 242% on Ethereum and 88% on BNB Chain.
Since the staking contracts for Ethereum and BNB Chain are different, the APY will vary between chains and between staking amounts.
By merging two beloved themes, the iconic Doge meme and Tamagotchi, PlayDoge has created a vibrant gaming economy within the rapidly growing memecoin crypto sub-sector.
While PlayDoge could be categorized as a memecoin, it’s much more than that. By resurrecting a popular 8-bit 90s game, it’s also finding a thriving nostalgia niche in the traditional gaming remake industry.
Last year was dubbed the golden age of gaming remakes. But even before that, sales of major remakes had doubled from 2018 to 2020.
Despite the crypto winter of 2022, the Web3 gaming and metaverse industry still received a large amount of investment of approximately $2.9 billion last year.
These trends show that PlayDoge’s monetized Tamagotchi remake hits the sweet spot between game remakes, play-to-earn, and memecoins.
With the addition of a P2E element, this is a popular sub-segment within crypto gaming that was expected to see a strong breakout, so it’s no surprise that YouTube influencers from 99Bitcoins to ClayBro and CryptoNews are eyeing PlayDoge as the next big memecoin.
As mentioned before, the PlayDoge app is currently under development, but this hot presale could quickly push it through the next phase of the roadmap.
PlayDoge allocated a total of 50% of its 9.4 billion token supply, with approximately 4.7 billion $PLAY tokens allocated for presale, while 12%, or 1.128 billion tokens, were allocated for staking.
It is worth noting that the main chain of $PLAY is the Binance Smart Chain, now known as the BNB Chain. This fact alone will greatly facilitate a potential Binance listing when the P2E game and its native utility token $PLAY take off.
Binance is the world’s largest centralized exchange, so being listed there would be a significant valuation booster as there could be a massive influx of liquidity into the $PLAY trading pair.
BNB Smart Chain is Binance’s internal blockchain. As of March 2024, the global exchange giant has a market share of 49%.
Additionally, PlayDoge’s smart contracts have been fully audited by SolidProof, which provides potential investors with peace of mind regarding the project’s security.
Joining the presale is simple: connect your wallet and start buying $PLAY using BNB, ETH or USDT. PlayDoge also offers the option to use a credit card.
To stay up to date with the latest information about the project, you can connect with the community via X and Telegram.
Visit the PlayDoge website to buy at pre-sale prices. PlayDoge (PLAY) - The latest launch on Binance Chain.
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