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The Banana Gun price dropped 4% in the last 24 hours despite surging 28% in a week to trade at $45.40 as of 03:57 a.m. EST on trading volume that climbed 8% to $128 million.
This comes after the team burned 2% of the total supply, totaling about $8.6 million. The step reduces the supply, which then increases the demand for the asset.
"How was your day honey?"
– "Good, burnt $8.6M worth of $BANANA. 🍌🔥"2% of total supply destroyed forever.https://t.co/uVVwWDanke pic.twitter.com/O4hZehHRWQ
— Banana Gun 🍌🔫 (@BananaGunBot) August 13, 2024
Can the burn allow the BANANA price to soar?
Banana Gun Price To Continue Soaring
The Banana Gun price has surged in the last three days, forming an ascending triangle pattern. According to GeckoTerminal data, the BANANA price bulls struggle to push the price above the $48.56 resistance.
BANANA price now trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), a sign of an uptrend.
However, the Relative Strength Index (RSI) shows that the selling pressure is beginning to form around level 52, indicating that investors are preparing to sell.
The Banana Gun price analysis shows a bearish bias, as the bulls aim to push the asset above the ascending triangle pattern. Moreover, the 50-day SMA crosses above the 200-day SMA, forming a golden cross at $36.54. If the bulls capitalize on these two factors, they could propel BANANA over the triangle by targeting $55.
However, the RSI shows some looming selling pressure. If this pressure intensifies, BANANA could retrace back to the $38 support zone (200-day SMA).
Meanwhile, investors are also buying a new play-to-earn (P2E) meme coin, PlayDoge (PLAY), which aims at following on the paw prints of its predecessor, DOGE.
PlayDoge Presale Raises Over $6 Million – Best Meme Coin To Buy?
PlayDoge, a DOGE derivative, has continued to gain traction in the crypto community, raising over $6 million in presale as it rapidly approaches its target of $6.6 million.
It’s a cutting-edge P2E mobile game that merges the nostalgic feel of 90s virtual pets, similar to Tamagotchis, with advanced blockchain technology. In addition to engaging gameplay, users can earn $PLAY tokens by interacting with their 2D Doge pet in the retro-style app.
Don’t ghost your #Doge or it’ll die 👻
Feed your Doge, earn rewards, and level up. No mazes, just fun!#Presale has launched! 🙌#PlayDoge #P2E #Memecoin pic.twitter.com/Fp2sFwycpj
— PlayDoge (@PlayDogeGame) May 31, 2024
Through the P2E mechanics, the project allows players to earn rewards by caring for their pet and taking it on adventurous journeys, earning $PLAY tokens in the process.
Token holders can also earn from its lucrative staking system, which offers investors an impressive 76% annual percentage yield (APY).
According to Jacob Bury, a prominent crypto analyst and YouTuber, PlayDoge could surge 10X after its launch.
You can buy $PLAY tokens for $0.00529 each. With a price hike coming a day, buy soon to lock in the best deal.
To join the presale, buy $PLAY from the official website using BNB, USDT, or a bank card.
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