The crypto market is back on the rise today, and Floki is one of the top-performing meme coins, up over 10%.
Meanwhile, new Play-to-Earn (P2E) cryptocurrency PlayDoge is also showing strength as its total raise surpassed $6 million.
Floki Price Rallies as Institutions Buy the Crypto Dip
Right now, crypto prices are at huge discounts.
Fears of a global recession, starting with an increase in U.S. unemployment rates in July, kicked off the concerns last week.
The issue was exasperated when Japan increased its interest rates.
A mass derisking followed and devestated asset prices globally.
However, Japan u-turned its rate hike decision on Wednesday, so prices are back on the up.
But as the crypto market looks forward, one key takeaway stands out: institutions are hungry to buy.
According to JP Morgan, wirehouses scrambled to scoop up crypto on the last dip.
Reportedly, institutions accumulated $14 billion worth of crypto, while retail sold $1 billion.
Everyone has clicked on, and now retail is following the smart money.
But as is often the case with retail, its first stop is meme coins.
The total crypto market cap is up 3.5% today, but the meme coin market cap is up 12%.
Floki is one of those in the driver’s seat with an 11.5% gain today and an approximate 30% gain off its lows on Monday.
However, the gains might just be getting started.
Its recent momentum has created a restest on a macro-range support level, indicating a higher-time-frame upward move higher is incoming.
Analyst TradingTank highlighted this in a recent tweet and alluded the next move may propel it to $0.000349.
From its current price of $0.000129, this would equate to a 170% increase.
As Floki and the broader meme coin market gather pace, there is a growing opportunity to invest in lower market cap meme coins that could provide even bigger returns.
Currently, one of the most promising new meme coins is PlayDoge. The project is undergoing a presale and has raised $6 million so far.
New P2E Meme Coin PlayDoge Raises $6M as Analyst Predicts Huge Gains
Powered by a cutting-edge Play-to-Earn (P2E) use case, PlayDoge is causing a huge buzz in its presale.
And because it is in its presale, investors can buy in at the ground floor before it launches on exchanges.
PlayDoge is inspired by the 1990s Tamagotchi game.
Like the original, PlayDoge is a pet companion game where users care for a virtual pet, ensuring it is fed, rested, and entertained.
The big difference is that PlayDoge users will earn $PLAY rewards.
Given the meteoric success of the original game, this could make PlayDoge a massive hit.
And that’s not to mention its dogecoin-themed meme coin allure.
It has all the makings of a successful cryptocurrency.
ClayBro says it could be the “next big Play-to-Earn game.”
He continued, “Meme coins like PlayDoge could do so well in the coming month.”
Adding to the excitement, presale investors can stake their $PLAY for passive rewards.
It’s offering a 78% staking APY, but this will decrease over time.
Meanwhile, the PlayDoge presale price will gradually increase, so traders should act fast.
