Play-to-earn crypto game PlayDoge shot up 24% in its first minutes of trading after listing on decentralized exchanges (DEXs) on Ethereum and Binance Smart Chain.
Ahead of the launch, PlayDoge raised more than $6.5 million through a presale of its $PLAY token, creating a community of thousands of meme coin investors and crypto gamers. The project’s much-hyped launch was everything early investors hoped for and more.
According to crypto analysis platform DEXTools, $PLAY now has a combined market cap of $23.3 million between its tokens on ETH and BSC. Trading volume in the 4 hours since $PLAY launched is up to $385,000 on ETH and $154,000 on BNB.
$PLAY has more than $550,000 in locked liquidity spread across the two chains and DEXTools rates each pool with a reliability score of 73 out of 99. These metrics signal that the PlayDoge project team is fully committed to the success of the $PLAY token and investors don’t need to be worried about a rug pull.
$PLAY is currently priced at $0.002410 on ETH and $0.002401 on BSC. Most trading activity in the two liquidity pools is on Uniswap V3 and Uniswap V2, respectively.
PlayDoge Eyes Huge Potential in Growing Play-to-Earn Market
The $PLAY token launch is just the first step on a journey to what the team behind PlayDoge sees as the ultimate prize: dominance in the play-to-earn crypto gaming market, which analysts expect to be worth $6.3 billion by 2031.
PlayDoge has real potential to be the #1 crypto game by this time next year. It’s based on the play style of the 1990s-era hit Tamagotchi, which sold more than 82 million units and brought in millions of people who wouldn’t otherwise describe themselves as gamers.
PlayDoge adopts the same companion pet gameplay and pairs it with play-to-earn rewards, enhanced graphics, and improvements like side adventures to keep players coming back to PlayDoge.
Perhaps most important, PlayDoge will be available through mobile apps for iOS and Android—no dedicated device required. That expands the potential audience for PlayDoge from 82 million to hundreds of millions of people around the world.
The potential for the $PLAY token is massive. While anyone can join PlayDoge, only players who hold $PLAY can earn rewards. So, as the game’s popularity surges, demand for $PLAY is expected to skyrocket and drive the token’s price higher.
Even if PlayDoge captured just 5% of the play-to-earn gaming market—a conservative expectation given Tamagotchi’s success—that would translate to a roughly $315 million market cap for $PLAY. That’s a more than 10x gain from the token’s market cap today.
PlayDoge hasn’t announced a launch date for its play-to-earn game yet, but look for a beta version to launch soon. The PlayDoge team is expected to release updates about the game on the project’s X and Telegram channels.
Early Profit-Taking Offers Entry Point for New $PLAY Investors
While $PLAY delivered an impressive 24% gain after hitting exchanges, the token has actually dropped below its list price in the last few hours.
That’s largely a result of profit-taking by early investors, many of whom bought $PLAY very early in the presale. These investors are taking the opportunity to realize gains after waiting for the $PLAY token launch for several months.
The upside to this profit-taking is that it offers a chance for new traders and investors to get in on $PLAY at a very attractive price. $PLAY is currently priced at $0.002410 on ETH, a more than 50% discount to the token’s list price.
Analysts don’t think this bargain price will last for long. ClayBro, a prominent meme coin analyst who’s been right about many token launches in the past, called PlayDoge the ‘best play-to-earn game in crypto’ and told his followers to get ready for gains.
Historically, major meme coins have gone through a consolidation phase between launch and explosive price action. For example, $PEPE traded sideways for several weeks between its listing and when the token rocketed higher in one of the biggest pumps in crypto history. $WIF went unnoticed for months before it shot up more than 10x.
$PLAY could be doing the same, and traders who miss this chance to buy may not get another one.
As an added benefit, PlayDoge is currently offering 61% APY on staked $PLAY tokens. So, investors who buy now can start earning more $PLAY ahead of the token’s meteoric rise.
