Dogecoin (DOGE and Shiba Inu (SHIB), the two leading meme coins, have had a rough start to the week.
DOGE is down over 6%, while SHIB has dropped by almost 8%.
However, the presale project PlayDoge (PLAY) is bucking the bearish trend – and has now raised over $3.5 million in early funding.
Dogecoin Price Plummets – What’s Causing the Decline?
It’s been a difficult few days for DOGE holders.
The OG meme coin has plummeted to $0.138 – its lowest price in nearly a month.
That marks a 21% decline from the local high that DOGE fetched just a few weeks ago on May 26.
The selling hasn’t let up either, with the coin approaching support around $0.130.
If that support level gives way, things could get even uglier for Dogecoin.
And trading volumes tell an equally bearish story.
Less than $1 billion in DOGE has changed hands over the past 24 hours as buying momentum dies down.
This downturn seems linked to the broader negative sentiment that’s gripping the crypto market right now.
Bitcoin has taken a nosedive in the past week and is trading around $66,860.
When Bitcoin falls, meme coins tend to follow suit – and that’s what appears to be happening with Dogecoin.
Shiba Inu Also Faces Selling Pressure & Approaches Key Support Level
The malaise isn’t just confined to Dogecoin, though.
Shiba Inu is also feeling the effects of this latest crypto beatdown.
SHIB has plunged to $0.0000218 as selling pressure ramps up – a 25% decline in just two weeks.
The token is now hovering close to the $0.000021 support level, which hasn’t been closed below since way back in February.
To make matters worse, SHIB is also approaching a retest of its 200-day exponential moving average (EMA).
Failure to stay above that long-term trendline may result in further downside.
One semi-bright spot is that SHIB’s spot volumes have actually surged 30% in the past 24 hours to nearly $630 million.
But that could also signal growing selling pressure from traders taking profits and abandoning ship.
All told, the signs are increasingly bearish for both DOGE and SHIB.
However, pullbacks like these are often necessary for long-term growth.
So, even though things may seem bleak at the moment, there’s still a chance that Dogecoin and Shiba Inu could make a comeback in the days and weeks ahead.
P2E Game PlayDoge Defies Market Trends & Offers High-Yield Staking Opportunities
While DOGE and SHIB have been taking a beating, one presale coin is continuing to perform well.
That coin is PlayDoge, a new Play-to-Earn (P2E) project combining Tamagotchi vibes with tokenized rewards.
Despite the bearish conditions, it has raised over $3.5 million in presale in just two weeks.
PLAY tokens are currently on offer for just $0.000506 each – but that rate will end soon.
Buyers have less than 24 hours left to buy PLAY at that price before the cost goes up again.
But what’s all the hype about?
Beyond leveraging retro vibes and meme-style branding, PlayDoge offers real utility and rewards.
As the project’s whitepaper outlines, players can adopt a pixel “Doge” pet, care for it, and earn PLAY tokens by completing side-scrolling mini-games.
The better players care for their pets, the more PLAY they’ll earn.
However, the rewards don’t stop there.
PlayDoge also has a staking system that lets PLAY holders earn high yields.
Right now, annual yields are estimated at 287%.
The tokenomics structure is also carefully balanced to avoid a pump-and-dump – 50% of the supply has been set aside for presale investors.
With the video game market expected to explode in value, P2E games like PlayDoge could benefit from the growth.
And investors who get in early on the PLAY presale will be well-positioned to maximize their returns if this comes to pass.
