Dogecoin (DOGE) and Shiba Inu (SHIB), the top two meme coins, are facing a challenging start to the week.
DOGE has dropped by more than 6%, while SHIB has seen a decline of nearly 8%.
In contrast, the presale project PlayDoge (PLAY) is defying the downward trend and has successfully raised over $3.5 million in early funding.
Dogecoin Experiences a Price Dip – What’s Behind the Drop?
DOGE holders have been enduring a tough period lately.
The original meme coin has fallen to $0.138 – its lowest value in almost a month.
This marks a 21% decrease from the recent peak that DOGE reached on May 26.
The downtrend continues, with the coin approaching the $0.130 support level.
If this support level is breached, the situation could worsen for Dogecoin.
Trading volumes also reflect a bearish sentiment.
Less than $1 billion worth of DOGE has been traded in the last 24 hours, indicating a decrease in buying activity.
This decline seems to be linked to the overall negative mood prevailing in the crypto market.
Bitcoin has experienced a significant drop in the past week and is currently trading around $66,860.
Meme coins like Dogecoin tend to follow Bitcoin’s lead, which appears to be the case now.
Shiba Inu Faces Selling Pressure and Nears a Critical Support Level
The gloom isn’t limited to Dogecoin alone.
Shiba Inu has also been affected by the recent crypto market downturn.
SHIB has plummeted to $0.0000218 as selling pressure intensifies, marking a 25% decline in just two weeks.
The token is approaching the critical $0.000021 support level, which has not been breached since February.
Adding to the concern, SHIB is also nearing a retest of its 200-day exponential moving average (EMA).
Falling below this long-term trendline could lead to further downside movement.
There is a slight positive note as SHIB’s spot volumes have surged by 30% in the last 24 hours to nearly $630 million.
However, this increase could indicate growing selling pressure from traders looking to profit and exit their positions.
Overall, the outlook for both DOGE and SHIB appears increasingly bearish.
Yet, setbacks like these are often necessary for long-term development.
Despite the current challenges, there is still a possibility that Dogecoin and Shiba Inu could stage a recovery in the coming days and weeks.
P2E Game PlayDoge Bucks the Trend and Offers Lucrative Staking Opportunities
While DOGE and SHIB struggle, a presale coin is showing resilience.
PlayDoge, a new Play-to-Earn (P2E) project combining Tamagotchi nostalgia with token rewards, continues to perform well.
Despite the market conditions, it has raised over $3.5 million in presale funding in just two weeks.
PLAY tokens are currently available for $0.000506 each, but this rate is set to change soon.
Interested buyers have less than 24 hours to purchase PLAY at this price before it increases.
So, what’s driving the excitement?
In addition to its retro vibes and meme branding, PlayDoge offers real utility and rewards.
Players can adopt a pixel “Doge” pet, nurture it, and earn PLAY tokens by completing side-scrolling mini-games.
The more care players provide to their pets, the higher their PLAY earnings.
But the rewards don’t end there.
PlayDoge features a staking system that allows PLAY holders to earn significant yields.
The current annual yields are estimated at 287%.
The tokenomics have been carefully designed to prevent manipulation, with 50% of the supply allocated to presale investors.
With the gaming industry poised for growth, P2E games like PlayDoge could benefit from this trend.
Early investors in the PLAY presale could potentially maximize their returns if this growth materializes.
Check out the PlayDoge presale for more information.
New Meme Coin Raises Over 35M While Dogecoin and Shiba Inu Face Challenges
