The meme coin space is currently going through a rough patch.
But two much-discussed coins are competing to see which can hit $1 first.
Dogecoin (DOGE) and presale coin PlayDoge (PLAY) have been attracting a lot of attention – but can either of these dog-themed cryptos hit the dollar mark?
Dogecoin Struggles Around the Key $0.10 Level
Dogecoin, the OG meme coin, has been having a challenging period of late.
It’s trading around $0.103, representing a 6% drop in the past five days.
This level has turned into a major battleground.
It seems DOGE can’t decide whether to break through or retreat once more.
Investors are viewing $0.10 as a critical psychological level, with the bulls and bears battling for supremacy.
Spot trading volumes haven’t been too impressive either.
In the past day, they hit around $550 million, barely passing meme coin rival Pepe (PEPE).
Open interest is also fairly stagnant, sitting at $372 million without much action.
So, what does the future hold for DOGE?
Right now, it’s anyone’s guess since the sideways price action doesn’t offer much insight into where the coin is headed.
It’s possible that the bulls could push DOGE far above the $0.10 level, but it’s also possible the bears could pull it back below.
PlayDoge Combines Retro Fun with Crypto Rewards in a New Meme Coin Experience
Now, let’s talk about the new meme coin PlayDoge.
This coin combines three things – Dogecoin vibes, Tamagotchi pets, and crypto magic.
Imagine this: you have a virtual Doge pet right on your smartphone.
You can feed it, play with it, and even take it for walks.
But here’s the twist – you’re earning money while doing it.
It’s a fun P2E setup wrapped in an 8-bit aesthetic that will transport you back to the ‘90s.
PlayDoge’s whole ecosystem revolves around the PLAY token.
The better you care for your virtual pet, the more PLAY tokens you’ll earn.
And there’s even a PlayDoge leaderboard, allowing the top pet parents to snag additional rewards.
It’s early days for PlayDoge, but the community is already buzzing.
The project’s presale has been red-hot, raising over $6 million so far and offering PLAY tokens for just $0.00529 each.
PlayDoge’s Telegram channel members believe this low token price represents a limited-time opportunity to get in early.
With DEX listings planned after the presale, they believe PLAY’s price is only set to rise.
Dogecoin vs. PlayDoge – Who Will Reach One Dollar First?
So, who will reach the $1 mark first – Dogecoin or PlayDoge?
Let’s break it down.
Dogecoin is now a crypto market veteran.
Its all-time high was $0.737 in May 2021, which is impressive, but still quite a distance away from a dollar.
For DOGE to hit $1, it would need to pump 870% from where it is now.
With its current market cap, such an increase would make it the third-largest cryptocurrency in the world.
It’s a big ask.
Now, let’s look at PlayDoge.
As noted earlier, PLAY tokens are currently priced at $0.00529, meaning an enormous 18,800% increase would be needed to reach $1.
But as is often the case with meme coins, sometimes the underdogs pull off the biggest surprises.
PlayDoge’s relatively small market cap gives it a lot of room to grow.
Plus, it has a built-in staking mechanism, which could keep investors engaged over the long term.
Overall, there’s no way of knowing whether DOGE or PLAY will ever hit $1.
However, given PlayDoge’s early presale success, unique P2E game, and growing online community, it seems to have a better chance of reaching a dollar.
