Dogecoin Gaming A Bit Too Ambitious or Can it Revive DOGE Price?
Release: 2024/08/11 02:04 Reading: 713
Dogecoin's Gaming Aspirations: Can it Revive the Meme Token's Price?
Dogecoin, the original meme cryptocurrency, has hinted at its potential to enter the gaming industry. Jordan Jefferson, CEO and co-founder of MyDoge, revealed this during a period of Dogecoin's price struggles.
Despite the excitement surrounding this new venture, the token's market performance remains under pressure. Dogecoin's price has declined by 6.2% in the past week and 3.2% in the past month.
Dogecoin's Gaming Ambitions
"Gaming on Dogecoin is coming," Jefferson announced on x (formerly Twitter), accompanied by a video featuring Shiba Inu characters. This suggests a potential Dogecoin-themed game.
Not everyone in the cryptocurrency space was impressed. Shytoshi Kusama, the enigmatic leader of the Shiba Inu project, responded with a playful jab: "Laughs in Shiba Eternity," referring to Shiba Inu's gaming efforts.
In October 2022, Shiba Inu launched "Shiba Eternity," a mobile game that quickly gained popularity. The game has undergone several iterations and the team is currently working on a blockchain version. This version, releasing on the Shibarium mainnet, will allow players to earn rewards through gameplay.
Rivalry and Price Struggles
The rivalry between Dogecoin and Shiba Inu is well-established. Both projects have loyal communities and are often compared in terms of innovation and market performance. Kusama has repeatedly expressed his belief that SHIB will eventually surpass Dogecoin in value.
Despite the excitement surrounding Dogecoin's gaming aspirations, its price has struggled to gain momentum. It briefly attempted a recovery after a 1% drop on August 10, but the rally was short-lived. DOGE's price now hovers around $0.10, facing resistance at the 20-day EMA.
Market sentiment for Dogecoin remains mixed. Some analysts predict a rise to $2.55 by 2025, while the short-term outlook is challenging. Recent data indicates a decline in futures open interest and negative OI-weighted funding rates, suggesting bearish sentiment.
Optimism and Challenges
Many DOGE holders remain optimistic about the token's long-term prospects. According to CoinGlass, 68% are still in profit and 67% have held their assets for over a year.
However, the network faces growth challenges. New address creation has been steadily declining, which could hinder Dogecoin's ability to maintain its market position. Analyst Cryptorphic predicts a potential 10x surge to nearly a dollar, based on Dogecoin's breakout from a long-term accumulation channel and significant buying pressure.
Whether Dogecoin's gaming ambitions can revive its price remains to be seen. The token's future performance will depend on various factors, including its adoption in the gaming sector, market conditions, and investor sentiment.
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