Meme Coins Lead the Rally After Crypto Bounce, New Dogecoin Competitor Steals the Spotlight
As the crypto market recovers from the Mt Gox dip, meme coins are leading the rally. Retail investors are on the lookout for meme coin gems, and a new viral GameFi meme coin is stealing the spotlight.
In this article, deep-dive into this week’s meme coin market trends and unpack why PlayDoge play-to-earn is gaining attention in the market.
Lets start by taking a step back and looking at the bigger picture, at present Bitcoin price is under significant pressure from mining firms that are rapidly selling their accrued BTC to remain afloat post-Halving.
Alongside largely overdramatic FUD from Mt Gox, this scheduled leaning out of the Bitcoin network is the key market dynamic to watch until the highly anticipated September FOMC meeting.
Consequently, Bitcoin’s price currently rests at a -11% month-on-month loss despite remaining at a +39% year-to-date gain.
However, note that the RSI indicator has cooled off to incredible bullish divergence, suggesting a strong current value proposition from the top coin with an increased likelihood of an upside move.
Meme Coin Markets Are Leading The Crypto Market Recovery – Here’s Why
Yet, beyond fundamental reassurance from the ongoing Bitcoin price consolidation, the bigger picture also reveals a marked trend of meme coins fuelling the biggest gains so far in the recovery rally.
(Source)
For many, this will come as no surprise; after all, the meme coin vertical has outperformed all other crypto sectors, with meme coins averaging a +1,834% return in 2024. By comparison, the nearest rival RWAs have seen just +213% growth.
Therefore, it should come as no surprise that this week’s market trends have seen substantial growth for leading gainers POPCAT, MOGU, BENDOG, WIF, and PEPE.
However, as the meme coin market matures, there’s also an increased interest in sophisticated new meme coin ecosystems – fuelling major attention for the sector.
First and foremost is the unmissable and seemingly unstoppable rise of Coinbase’s very own BASE chain.
(Dune Analytics, WatermelonCrypto)
BASE is emerging as a hive of activity for post-Solana season developers, with volume increasing due to BASE chain’s impressive new user growth – which has been enabled by Coinbase smart wallet.
This has fuelled substantial growth for BASE meme coins such as BRETT – which many anticipate could surge to a $20Bn market cap at the peak of a theorized bull run.
Aside from BASE chain, BLAST chain is also making headlines this week, following the controversial distribution of its long-awaited airdrop – which has left many traders frustrated due to a series of nuisance claim requirements, including watching a long (and bloody boring) video.
With so much momentum remaining in the meme coin market, it’s easy to see why search volumes for new meme coins are exploding – and emerging as a pack leader is Playdoge.
What is PlayDoge? Why Are Investors Going Crazy For Multi-Million PLAY Token?
Amid the frenzied positioning ahead of the big Q3 bull pump, PlayDoge is rapidly stealing the limelight as a market favorite for the months to come – with some analysts even going as far as to make 100x predictions for this new meme coin.
Inspired by the blockbuster success of the much-loved original Tamagotchi pets, this Nostalgic reimagining of the Tamagotchi ecosystem aims to bring digital pets to Web3.
This involves launching an engaging and endearing nostalgic 2D play-to-earn ecosystem, which enables 90s-wave meme coin investors and traders alike to relive this childhood classic while earning PLAY tokens.
PLAY tokens are backed by a high-demand, low-supply tokenomic design – which is fuelled by a creatively brilliant NFT marketplace that enables players to upgrade, customize, and trade their Doge-themed digital pets.
The idea is spreading like wildfire; so far, PlayDoge has raised $5.18M at the presale stage, a testament to the incredible excitement surrounding this project in the meme coin vertical.
As for the 100x price prediction? Let us quickly assess that claim ourselves.
For PLAY token to 100x from here, it would need to grow from $5.18m to $518m – a capital influx of around $513m.
By comparison, DOGE would require a capital influx of $1.755Tn to achieve a 100x gain, so PLAY’s value proposition and opportunity really speak for themselves in the current presale stage.
So don’t miss out.
Follow PlayDoge on X and Telegram for the latest updates.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
