Dogecoin and Shiba Inu Down 30% in a Month as Some Traders Put Faith in Alternative Meme Coin PlayDoge
The old guard of meme coins is taking a beating, with Dogecoin (DOGE) and Shiba Inu (SHIB) both down over 30% in the past month.
But crypto traders arent giving up on dog-themed tokens just yet.
Some traders are also monitoring PlayDoge (PLAY), a new meme project that promises to combine viral appeal with Play-to-Earn mechanics,
Dogecoin Suffers Tough Period with 30% Price Drop in One Month
Dogecoin, the worlds largest meme coin, has hit a rough patch.
Just a month ago, on May 27, it was riding high at $0.174.
Fast forward to today, and its a different story.
DOGE has taken a nosedive, trading at $0.122 a 30% tumble thats left many holders worried.
The drop hasnt been gradual either.
Were talking about a near-vertical plunge that briefly tapped $0.113 on Monday before bouncing back.
But that rebound looks to be more of a temporary surge than a full-blown comeback.
From a technical perspective, things also look grim.
DOGE is now trading well below its 50-day exponential moving average (EMA) on the daily chart.
Even worse, its dipped below the 200-day EMA, often seen as a dividing line between bullishness and bearishness.
There is one glimmer of hope, though.
The $0.120 level seems to be holding as support, and if DOGE can stay above this level, theres a chance the coin could find its footing again.
Is Shiba Inus Appeal Facing After Dropping 34%?
Shiba Inu isnt faring much better.
A month ago, SHIB was trading at $0.0000255.
It even managed a brief surge at the end of May, hitting a high of $0.0000294.
But since then, its all been downhill and SHIB is now trading at just $0.0000171.
Thats a 34% drop in the past month.
Like its fellow meme coin DOGE, SHIB has fallen below both its 50-day and 200-day EMAs so things arent looking great.
Trading volume sells a similar story.
In the past 24 hours, SHIBs spot volume barely topped $191 million.
To put that in perspective, its now just slightly higher than Floki (FLOKI) in the meme coin rankings.
But its not all doom and gloom.
SHIB seems to have found support at $0.0000170; if that support holds, it could provide a launchpad for a comeback.
However, with DOGE and SHIB still struggling, these coins face an uphill battle in the near term.
New Dog-Themed Project PlayDoge Makes Waves with Retro P2E Crypto Game & $5M Presale Raise
While the OG meme coins stumble, traders are still showing faith in PlayDoge.
This brand-new project is right at the intersection of nostalgia and crypto gaming and investors are taking notice.
PlayDoge isnt just another dog-themed meme coin.
Instead, its bringing P2E mechanics to the table, letting users earn PLAY tokens by caring for their virtual Doge in a Tamagotchi-style game.
Think retro 8-bit graphics meets crypto rewards.
Its a combo thats attracting both casual gamers and crypto investors alike.
PlayDoges presale has been an instant success, raising over $5.1 million so far.
Early investors can buy PLAY tokens through the presale for $0.00513 expected to be a discount on the eventual exchange listing price.
And PlayDoges social media channels are buzzing about this offer, with Twitter and Telegram seeing massive growth in recent weeks.
But its not all about the low presale price.
PlayDoge also offers staking rewards, encouraging investors to keep hold of their PLAY tokens rather than sell them.
Right now, estimated annual yields are quoted at 124%.
Add in the factor of its retro-inspired gameplay, and its easy to see why PlayDoge has been ranked 3rd on ICOBenchs list of upcoming crypto launches to watch.
So, with Dogecoin and Shiba Inu facing challenges, PlayDoge could be the breath of fresh air that investors are looking for.
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