As the meme coin asset class continues to gain notoriety on the world stage, the Doge-themed cryptocurrency lineup is growing by the day, and the newly launched PlayDoge ($PLAY) is the latest rendition to cause a buzz.
While meme coins are thriving, Playdoge wants to top the bill through its Play-to-Earn (P2E) initiative.
The project has gotten off to a firecracker start after launching today, raising over $200K in its opening hours.
PlayDoge could be this cycle’s BSC frontrunner
Emerging as a BSC-based cryptocurrency, PlayDoge could become the ecosystem’s premier meme coin, and there are droves of BSC enthusiasts awaiting this cycle’s meme father.
During the last market cycle, SafeMoon Inu launched on the Binance Smart Chain and reached a market cap of multi-billions.
Fast forward to today, the network’s meme coin market remains wide open, presenting a lucrative opportunity for PlayDoge to take center stage.
Exemplifying this vast potential, DeFiLlama data shows that BSC currently boasts a $6.75 billion TVL, the third-largest of all blockchains.
This means there is copious amounts of liquidity sitting on-chain which could be deployed into a new meme coin.
Speculation is also brewing that the team has internal connections to Binance, bolstering the likelihood of a listing on the tier-one exchange.
But these are not the only factors drawing attention to PlayDoge.
A P2E game that captures the essence of meme culture
PlayDoge is a mobile-based P2E game that turns the beloved Doge character into a Tamagotchi-style virtual pet powered by the $PLAY token.
For those who don’t know, a Tamagotchi is a small handheld gaming device in which you care for a digital Tamagotchi pet.
It launched in 1996 and quickly became a cultural icon, selling over 82 million units.
PlayDoge encapsulates its 90s zeitgeist, providing nostalgic appeal for those who remember the game while also appeasing new players interested in digital currency and P2E gaming.
Indeed, its 90s-themed game aligns with the laid-back meme coin spirit, which often favors grass-roots culture over contemporary innovation.
But with utility baked into the ecosystem, PlayDoge is much more than your average meme coin.
Meme coins are thriving, but utility changes the game
New data shows that over 20,000 new cryptocurrencies are created daily, many of which are meme coins.
With that in mind, how easy is it to find the next Pepe or Dogecoin?
The answer is that it is near-impossible. However, finding the next Shiba Inu or Floki (a utility-based meme coin) might be significantly easier.
That’s because traders can assess the project’s “memeability” while also considering traditional fundamental metrics like use cases and tokenomics.
Focusing on utility-based meme coins also helps filter out a large number of newly launched projects that end up being rug pulls, leaving a more refined selection of cryptos with real potential for growth.
In the case of PlayDoge, its novel P2E use case, coupled with its warmly welcomed presale launch, suggests that it could be the next big utility meme coin after Floki and Shiba Inu.
It’s also worth noting that both these cryptos have been outperformers lately.
Floki is currently the best-performing top-eight meme coin, up 34% this week.
Meanwhile, Shiba Inu has decisively outperformed market leader Dogecoin this year, up 198%, while Dogecoin is up 122%.
PlayDoge remains in its opening day of presale, enabling investors to buy in at its lowest-ever price of $0.00501.
However, the price is set to increase throughout the ICO, and the next uptick will occur in four days or when the total raise hits $1.3 million.
So don’t miss PlayDoge’s current discounted price. Follow the project on X or join its Telegram to keep updated. Alternatively, visit its website to buy tokens.
