After some criticism for being an overly shilled ‘VC coin’ and dumping in price since its launch, is the Saga price finally starting to recover?
For those new to the project, Saga Protocol is a layer-1 blockchain designed to facilitate the development of play-to-earn (P2E) games. The project's native token, $SAGA, is gaining traction in the crypto market, and investors and gamers alike are closely watching its performance and speculating about its future potential.
Saga's Unique Approach to Token Distribution
Saga Protocol took an unconventional approach to its token launch earlier this year, implementing a 'Play-to-Airdrop' model. Instead of a traditional public sale or airdrop, players had to compete in a series of games to earn points towards the $SAGA airdrop. This strategy not only created a strong initial user base but also ensured that tokens were distributed to engaged community members.
The competitive nature of the airdrop, in which only the top-performing players on game leaderboards qualified, has sparked some interest within the project’s community. According to Saga, this approach is a step towards reaching the broader goal of becoming a launchpad for P2E-specific networks.
Price Performance and Market Sentiment
Recent market data shows that $SAGA is up by 6% in the past 24 hours. However, this minor surge doesn’t take away from the 77% drop it has experienced since its launch in April this year.
At press time, the SAGA price is trending between $1.32 and $1.34. Its market cap stands at around $129 million.
To retake its all-time high, SAGA has to retest $6.3 (0.236 fib). However, that would mean that the token needs to move up by 377%, which doesn’t seem possible currently as the token is not showing any parabolic price action on the daily charts.
Saga Price Predictions for 2024 and 2025
Looking ahead, various crypto analysts have made predictions about $SAGA's potential price trajectory:
Price Prediction 2024
$SAGA could reach an average trading price of $3.4 to $3.8 by 2024. However, this view is predicated on whether Saga generates enough engagement on social media through its projects to attract more investment.
Projects like Axie Infinity went on long bull runs after their release. In 2021, this OG gaming crypto went up by more than 110,000%.
While investors may expect similar performance from Saga if it ensures that more games keep coming. It is important to remember that Axie Infinity’s growth was also due to the 2021’s bull market.
Therefore, 2024's macroeconomic conditions will play a major role in determining the SAGA price.
CoinMarketCap shows that most gaming cryptos have been trading inside the red zones from the last 7 days. This can also have an overarching impact on how the community perceives Saga.
However, experts like Clinix Crypto have given a positive view for this crypto. In his latest video, the YouTuber stated that even though Saga has been in downtrend since its peak, because it is a new crypto, the best scenario for the Saga price is to form a consolidation range.
Price Prediction 2025
The Saga price could trend between $5 and $5.5 in 2025. The substantial growth predicted for 2025 is based on expectations of Saga Protocol's increased market penetration and the potential expansion of its developer ecosystem.
As more successful games are launched on the platform, demand for $SAGA tokens could rise significantly. Additionally, improvements in blockchain technology and wider acceptance of crypto gaming might contribute to this upward trend.
Another major point to consider is that 2025 will mark a year after the recent Bitcoin halving. If the market conditions are bullish and Bitcoin achieves new heights, other altcoins, including Saga, could follow the same path.
Even though Saga has shown some positive signs, the uncertainty surrounding it is still high. Therefore, investors are better off focusing on gaming cryptos available as presales. PlayDoge is among the best ones on the market right now.
PlayDoge - A New Player in the P2E Market
While Saga Protocol aims to bring new changes to blockchain gaming, PlayDoge ($PLAY) is making waves with its unique approach to the play-to-earn (P2E) market.
PlayDoge's focus on reviving the nostalgic Tamagotchi Pets concept in a mobile game format has captured investors' attention, as evidenced by its impressive presale performance so far in mid 2024.
With over $5.5 million raised in its current presale phase, PlayDoge is demonstrating strong market interest. The project's accessible purchase options, allowing investors to buy tokens using Ethereum, Tether, or even bank cards, have contributed to its presale success.
The token price of $0.00517 and the phased presale structure encourage early participation by offering tokens at lower initial prices.
PlayDoge's game mechanics of caring for virtual pets and completing mini-games for $PLAY tokens offer a simple yet engaging P2E experience. This accessibility could attract a wide audience, from crypto enthusiasts to casual gamers.
Clinix Crypto has also given a positive outlook on PlayDoge, stating that it is a presale with potential.
Another crypto YouTuber ClayBro has also discussed the potential of PlayDoge of becoming the best P2E game of this year.
The project's tokenomics, with 50% of the total supply allocated for the presale, provide a substantial initial funding pool.
This, coupled with allocations for staking, community rewards, and marketing, suggests a well-thought-out strategy for long-term growth and user engagement in the competitive P2E landscape.
Source: thebittimes