The Pirate Nation Token (PIRATE) has made a splash in the cryptocurrency market, soaring over threefold from its launch price after listing on Coinbase and other major exchanges. With a market cap of nearly $100 million and a fully diluted market cap of over $350 million, PIRATE is certainly making waves. But while it may be the current darling of the play-to-earn (P2E) space, another hidden gem, Play Doge (PLAY), could be the real treasure for investors.

PIRATE, which launched on Ethereum just one day ago, has already seen significant growth, with 47% of its supply being given to the user community. The token is available to a large number of new retail investors, which has contributed to its rapid rise. With a market cap currently below $100 million, PIRATE still has significant room for growth and could easily be 10x from here.

However, for investors looking for alternative up-and-coming tokens, Play Doge (PLAY) may be the better bet. The meme coin is packed with P2E utility and powers a fun, mobile-based game. Despite launching only a few weeks ago, PLAY has already raised close to $4.3 million in presale, and at $0.00508, it is set to launch with a modest market cap of around $50 million. Depending on how its game gains traction, PLAY could be one of the best meme coin plays this cycle.

The Pirate Nation community is already very large, with over 176,000 followers on Twitter, which could help power the PIRATE token higher. If it can become a market leader in the P2E space, it could eventually secure a market cap of $1 billion or more. But for now, PLAY seems to be the hidden gem that could make quick gains for investors.