Banana Gun Price Soars 28% In A Week After $8.6M Token Burn, But Experts Say This Might Be The Next Crypto To Explode

Join Our Telegram channel to stay up to date on breaking news coverage

The Banana Gun price dropped 4% in the last 24 hours but is still up 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 and 200 Simple Moving Averages (SMAs) on the hourly chart, which is a sign of a short-term 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 SMA crossed above the 200 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.

Banana Gun Price Chart Analysis Source: GeckoTerminal.com

However, the RSI shows some looming selling pressure. If this pressure intensifies, BANANA could retrace back to the $38 support zone (200 SMA).

Meanwhile, investors are also buying a new play-to-earn (P2E) meme coin, PlayDoge ($PLAY), which aims to follow in the paw prints of its predecessor, DOGE.

PlayDoge Presale Raises Over $6 Million

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 adventures, 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.