Crypto Whales Rush to Accumulate New Dogecoin Competitor
Dogecoin (DOGE) is down another 5% on Friday as recession fears rock crypto market sentiment, with crypto whales rushing to accumulate a new Dogecoin competitor instead that might be able to deliver them upside in a bearish market.
Last at $0.1128, Dogecoin is now down more than 20% from last month’s highs in the $0.14s.
And losses could worsen. Friday’s weak US jobs data has triggered fears that a US recession is near.
And that could sap appetite for risk assets, like meme coins, despite an aggressive rise in Fed rate cut bets.
Couple a potentially bearish macro backdrop with ugly technicals, and the outlook for DOGE is dire.
Dogecoin remains stuck in a downward trend channel from its March 2024 highs. And chart analysis suggests a near-term retest of recent lows around $0.09 is possible.
Amid Dogecoin’s ongoing demise, it’s no surprise that crypto whales are avidly looking for alternatives.
One new Dogecoin competitor that analysts at Cryptonews.com think has great potential is PlayDoge (PLAY).
Sorry $DOGE but Elon said I'm the new chosen one pic.twitter.com/gcEExzbw7F
— PlayDoge (@PlayDogeGame) August 1, 2024
PlayDoge is a new Shiba Inu meme coin-themed play-to-earn game, inspired by the classic Tamagotchi 90s style.
Its native token PLAY is currently available in presale, and investors have already poured in close to $6.0 million as crypto whales rush to accumulate.
The influx of cash comes as a growing flock of crypto influencers come out in support of new Dogecoin competitor PLAY.
ClayBro thinks PlayDoge has the potential to be the next major meme coin.
Jacob Crypto Bury concurs and thinks PLAY could 10x thanks to its play-to-earn utility.
Cryptonews.com’s in-house team of analysts, meanwhile, have ranked it as one of their top
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