PlayDoge ($PLAY) introduced Ethereum (ETH) staking to its presale, and the APY is four times higher than that of Binance Chain (BNB) staking (93% vs 397%).
This introduces multichain and bridging functionalities to $PLAY and a different staking contract. We estimate this change will impact PlayDoge’s price, community sentiment, and future outlook after listing.
The number of ETH tokens is proportional to the percentage sold during presale (4.7B tokens).
The ETH staking addition has renewed investor interest in PlayDoge, with over $3.6M raised and 1 $PLAY token worth $0.00506.
Let’s explore how this will impact the project going forward.
How Will ETH Staking Influence PlayDoge’s Presale?
On June 7, PlayDoge announced on X that the project would go multichain on Binance Chain and Ethereum.
The project was also mentioned in a Bitcoin.com news piece on X, which should spotlight the project and attract more investors.
In this Weekly Update, @maplesyrupsuckr discusses @JoeBiden‘s veto on the repeal of SAB-121, which effectively bans financial institutions from holding #crypto on their balance sheets.
Other highlights include: Peter Thiel’s venture capital firm leading @Polymarket‘s Series B… pic.twitter.com/vpP5AxxdiL
— Bitcoin.com News (@BTCTN) June 8, 2024
Here’s why this is important and why our PlayDoge price prediction might improve:
- By launching on Ethereum, PlayDoge becomes a multichain project on BNB and ETH. This ensures seamless transactions between the two blockchains, attracting multichain supporters.
- Compared to BNB staking (93%), ETH staking is 4x higher (397%), so buying 106,126 $PLAY for $537 will result in 527,448 $PLAY or $2,669 in one year (at the current price of $0.00506).
- ETH staking and multichaining bring extra utility, which will become a mark of trust in the community. This should improve community sentiment and the token’s reputation, attract new investors, and contribute to the presale process.
$PLAY will retain BNB as its primary chain to support its Play-to-Earn (P2E) ecosystem, but the tokenomics allocation has changed to account for ETH staking.
Visit the official presale website to learn more about the project’s P2E feature and ETH staking implementation.
47M $PLAY Tokens Staked on Ethereum
$PLAY holders have staked over 47M tokens on Ethereum with 397% APY.
PlayDoge’s P2E system introduces other passive income opportunities, too. By caring for your virtual Shiba Inu and being listed on leaderboards, you can earn $PLAY tokens and XP, which you can convert to tokens and sell.
According to the presale website, the rewards will be disbursed over three years. The staking lock-up period is currently unknown, but it typically lasts from a few months to a year.
The current APY will decrease as more tokens are staked, so if you want to buy $PLAY and grow your portfolio long-term, this could be a good time to do it.
In Summary
PlayDoge’s implementation of ETH staking and transition to a multichain ecosystem add significant utility to the project. This should attract more investors, helping the presale finish faster and list publicly.
The 397% ETH staking APY has already driven significant buyer interest, with over $3.6M raised and the next price increase already in sight.
Remember to DYOR before investing in meme coins like PlayDoge. The crypto space is volatile and uncertain, so it’s best to invest responsibly.
