Meme Traders Shift to P2E: $SAGA Top Gainer Bullish for $PLAY?
- The meme coin market cap dipped by 9.8% in the last 24 hours as investors seek long-term returns.
- Despite the broader bearish trend, P2E tokens $SAGA and $NOT soared by 28% and 51%.
- $PLAY could be the next big P2E token that potentially generates 5x returns for early supporters.
Yesterday, gaming tokens Notcoin ($NOT) and Saga ($SAGA) became the top 24-hour gainers on Binance, increasing by 51% and 28%, respectively.
Despite a broader market decline where nine out of ten top crypto dumped in the last week, utility-focused projects show resilience and significant investor interest.
The rising trend of play-to-earn (P2E) coins is also evident from new projects like PlayDoge ($PLAY). It raised over $5M barely a month into presale, playing on the Doge meme appeal and 90s pixelated game nostalgia.
Are investors shifting towards long-term plays amidst extreme market volatility, and is P2E the future of crypto? Let's unpack this new market trend below.
Is the Dream of Quick Crypto Gains Over?The meme coin market cap dipped by 9.8% yesterday, and top tokens haven't been doing well:
Some coins, like $NPC and $WOLF, lost over 20% of their value. The weekly chart shows a similar pattern, suggesting a bearish sentiment. Only a few coins (like $BILLY, $GIGA, and $HOPPY) soared last week, driven by major project developments or initial post-listing hype.
The meme coin craze (likely driven by a desire for quick gains) is seemingly coming to an end.An influx of copycat projects, scams, and a broader economic downturn have made investors risk-averse.The GameFi sector's market cap also lost 5.6%, with most coins in the red, yet $SAGA and $NOT showed a clear uptrend.
$SAGA reached $1.35, showing signs of recovery after losing 45% of its value in June. $NOT fell below its listing price on July 5 but now stands at $0.017, a 41% gain for early adopters.
Investors may have fled volatile pastures in search of utility-driven steady returns, but the meme allure remains strong.
PlayDoge understands the longing for a simpler time in the crypto market, when gains hinged on likes and retweets, yet also promises real utility for long-term viability.
The project team is developing a P2E Tamagotchi game where users can earn $PLAY for taking care of their virtual Shiba Inu. If your digital pet running away or dying as a result of neglect wasn't a strong enough incentive, now you also risk losing out on monetary gains.
The $PLAY token is integral to the gameplay(keeping your pet healthy and leveling up) and is the main currency for rewards.
Nostalgic vibes and P2E utility helped PlayDoge's presale raise nearly $5.5M in a month. $PLAY currently costs $0.00516, but the price will increase in the next hour.
We expect to see the PlayDoge mini-game beta release in Q4 2024. If the community receives it well, $PLAY could reach $0.026 post-listing and bring 5x returns for early supporters.
Staking with 104% APY on Ethereum and 74% on BNB Chain incentivizes HODLing, reduces immediate selling pressure, and creates a strong foundation for $PLAY's listing.
If you buy 104,069 $PLAY ($537) today and stake it on Ethereum, you'll have 212,300 $PLAY ($1,095) in one year.
To buy $PLAY while the presale is still on, visit the official website, connect your wallet, enter the number of tokens you want to purchase, and confirm the transaction.
Final ThoughtsVolatility and FUD may have simmered down the meme coin hype, but investors still seek fun experiences.
P2E projects like $NOT, $SAGA, and $PLAY blend entertainment with potential financial rewards, resonating with risk-averse investors seeking long-term profits and sustainability.
ReferencesClick to expand and view references
- Dogecoin Performance (CoinMarketCap)
- Pepe Performance (CoinMarketCap)
- DogWifHat Performance (CoinMarketCap)
- Mog Coin Performance (CoinMarketCap)
- Popcat Performance (CoinMarketCap)
- Turbo Performance (CoinMarketCap)
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