Meme coins are thriving in 2024 and some new projects are taking the market by storm.
Newly launched Memeinator has caused a stir following its initial exchange offering (IEO), and now PlayDoge is gaining pace after raising $500K at presale.
Memeinator Surges 80% After Successful ICO
The Memeinator exchange launch got off to a trailblazing start, pumping over 80% and reaching a $30 million market cap.
Its out-the-gate success was fueled by excitement surrounding its triumphant presale and the market’s insatiable interest in new meme coins.
As per its website, “Memeinator is a new crypto project that leverages AI technology, powerful viral marketing and a voracious dislike of crap memes to advance itself to become the ultimate meme coin token.”
The project’s presale raised over $7.7 million, equipping its team with funds to develop the ecosystem.
Yet, this presale momentum spilled over into its IEO, which took place on 29 May.
With immediate launches on Uniswap and MEXC, the token became available to a wide user base.
As such, demand initially skyrocketed, pushing its price to $0.04.
Coverage in media outlets also contributed to its early success.
However, bearish momentum soon creeped. Following its peak at $0.04, Memeinator’s price has retraced and is currently trading at $0.025. This represents a 37% drawdown from its highs.
While the project’s immediate pump illustrates the market’s strong interest in meme coins, its proceeding selloff may reflect an internal issue.
Despite the token launching on exchanges, presale investors could only claim 25% of their tokens on 29 May, with the other 75% set to be released over three unlock events on 29 June, July, and August.
This means a significant portion of MMTR tokens has yet to be released on the market, so there will be three sell events in the near future.
As such, new traders may be awaiting these token unlocks before buying.
Evidently, the vesting schedule has proved bearish for Memeinator and likely suppressed its price potential.
With that in mind, let’s explore another promising meme coin presale that does not require investors to lock their tokens.
Could Trending Presale Token PlayDoge be the Next Meme Coin to Explode?
PlayDoge is a newly launched P2E meme coin that has raised over $500K in its opening days of presale.
While harnessing the viral essence of meme coins, the project’s P2E use case sets it apart from others.
Inspired by the hit 90’s Tamagotchi game, where players would raise and care for a pet, PlayDoge ushers in contemporary twist that financially incentivizes users to keep them playing.
By interacting with their pets or completing mini-games, PlayDoge users will rise up the leaderboard, and the higher they go, the more $PLAY they earn.
The $PLAY token is at the center of the ecosystem. Users can cash it out, make in-game purchases, or stake it.
Currently, stakers can garner a 550% APY, but this will decrease as the staking pool grows.
With multiple utilities and a memetic allure, there is every chance that PlayDoge could be the next big meme coin.
In a recent video, renowned analyst Jacob Bury speculated that it could 10x.
$PLAY is currently available at $0.005, but this will rise throughout the campaign, with the next uptick in one day or when the total raise hits $787K.
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