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CHEEL Unlocks $238m – Here’s What Cheelee Crypto Holders Need to Know

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CHEEL price remains bullish even as Cheelee set for $238m token unlock fuelling investors to diversify into PlayDoge (PLAY).

CHEEL price remains bullish even as Cheelee set for $238m token unlock, fuelling investors to diversify into PlayDoge (PLAY).

The past ten months or so have been rewarding for crypto holders. Bitcoin, Ethereum, BNB, and top altcoins roared, lifting crypto and their respective ecosystems to fresh levels.

DeFi thrived, while there was minimal movement in the NFT scene. Altogether, 2024 helped revive the industry after the hammering of 2022.

Even though Bitcoin is dominating the discourse, BNB also broke to fresh all-time highs. Prices have corrected following the market-wide losses in June, but the uptrend remains.

CHEEL Token Unlocking: Will The Uptrend Continue?

As expected, when BNB rose, its ecosystem rose. None other than CHEEL, the native token of the video-sharing platform Cheele, benefited the most.

(CHEELUSDT)

CHEEL is trading above $20 after roaring to fresh all-time highs in June. After bottoming out in May, the token is up an impressive 33%. Experts predict more gains in the sessions ahead. A close above $22 could thrust the token to new territory, continuing the uptrend of the last ten months or so.

Amid this optimism, however, there are concerns about whether CHEEL bulls will sustain the uptrend.

Here’s why: Today, the platform will unlock 11.66 million CHEEL, approximately 1.17% of the maximum supply of 1 billion.

A big chunk, 4.7 million, will go towards the reserve, while 3.8 million will go towards enhancing liquidity. The team will also receive 2.7 million.

It is unlikely that holders will choose to sell tokens.

The problem is that the new surge in supply will dampen prices. This is made worse now that new tokens will be released every month until February 2027.  

For this reason, and considering the general weakness across the crypto board, it remains to be seen whether CHEEL bulls have what it takes to break $21.

As BNB cools off, so will CHEEL. However, this won’t mean Cheele will lose focus.

They will continue offering a short-form video-sharing platform, complete with GameFi mechanics, rewarding users who watch and engage.

Smart investors will look to diversify.

PlayDoge: Another Diamond In The Ruff On The BNB Chain?

Right now, they are looking at PlayDoge, a quality play-to-earn (P2E) platform that taps into meme culture and rides on the scalable, high-performing BNB Chain.

PlayDoge is integrating the addictive gameplay of the Tamagotchi pet game.

All players have to do is raise virtual pet, battle each other, and earn PLAY tokens.  

The more active a player is, the more they accumulate points. With this, they climb up the leaderboard, granting them more rewards and PLAY.

Experts are upbeat, banking on PlayDoge to be a top P2E platform.

The ongoing PlayDoge presale offers hints of what lies in the future.

PLAY is changing hands for just $0.00517. But prices will increase in the next few days.

Meanwhile, over $5.5 million has been raised.

Besides the expected price gains, investors can stake. Currently, PlayDoge offers an 89% APY.

Over 210 million tokens have been staked.

As the crypto and meme coin scene recovers, PLAY will likely rise once it launches on leading exchanges.

Analysts say the token can quickly rise by over 20X by the end of the year before extending gains in 2025.

Buy PLAY Here

EXPLORE: PlayDoge Presale Hits $5.5M Despite Market Slump – Top Crypto Pick for Next Bull Run?

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Dalmas is an experienced journalist with over a decade in crypto, technology, and blockchain. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, and Entrepreneur, among others. He is passionate about crypto and is always on the lookout for the latest trends in these fields. Connect with Dalmas on X @Dalmas_Ngetich

View all Posts by Dalmas Ngetich

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