Solana losing steam as Dogecoin and NuggetRush rally after X Payments’ early success

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Solana FOMO fades
Dogecoin is rallying
NuggetRush rises to $0.018 in ongoing presale.

Solana is down, coinciding with fading fear of missing out (FOMO) surrounding SPL token airdrops, including JTO, BONK, and WIF. Meanwhile, Dogecoin (DOGE) is rallying following the initial success of Elon Musk’s X Payments platform. NuggetRush (NUGX) has also emerged as a potential memecoin contender due to its impact gaming model.

Solana struggling

Solana rallied strongly in 2023. However, in early 2024, SOL’s current trajectory is diverging from investor expectations.

SOL is down 14% when writing. While it is true that SOL is following broader market trends, there are additional factors contributing to this substantial price drop.

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The primary reason behind this decline is the waning FOMO surrounding Solana meme coins.

In Q4 2023, the skyrocketing prices and popularity of tokens like BONK, WIF, and others lifted SOL prices. This hype has since dissipated.

NuggetRush surging

NuggetRush is trading at $0.018, up 20% in round five of its presale.

Its unique impact gaming model is fanning demand.

The hyper-realistic play-to-earn (P2E) game immerses players in the everyday life of an artisanal miner. Players can construct their operations from scratch, acquiring equipment for expansion and mineral exploration.

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As a P2E game, players receive rewards for every precious mineral they uncover in their operations.

However, the impact gaming model distinguishes NuggetRush. Players are not the sole beneficiaries of these rewards.

A portion of these rewards is also distributed to real miners in developing countries.

As the project prepares to launch in Q1 2024, analysts expect NUGX to float higher.

Dogecoin rally on Elon Musk’s X Payments launch

Dogecoin recently surged by over 14%, from $0.091 to $0.079, following X’s announcement of X Payments.

While Elon Musk, the owner of X, has publicly indicated that his companies don’t intend to launch a token, DOGE’s price has been closely correlated with X Payments’ social media and website updates.

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This association has fueled speculation about a possible integration or partnership between Dogecoin and X.

Final thoughts

Investors are concerned about Solana’s drop, but Dogecoin holders are optimistic about the X Payments platform. Meanwhile, NuggetRush is gaining popularity due to its unique gaming concept.

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