The market downturn has not spared Dogecoin, the most popular meme coin. In spite of this, one new meme coin could be an excellent investment for investors looking to increase their capital.
DOGE Suffers As Market Bleeds
The crypto market is currently experiencing a massive downturn. Coin prices have slumped following a series of solid weeks, and most major digital assets have also dropped in value.
The news that crypto exchange giant Binance had entered into a non-binding agreement to purchase its biggest rival, FTX, caused a price drop this week. While FTX was a giant in the industry and even bailed out several insolvent companies this year, it has recently been the subject of widespread speculation surrounding its reserves and available liquidity.
Despite the best efforts of its leadership to quell the markets, FTX was hit with a massive wave of liquidations and withdrawals to start the week. Investors had been panic-selling its native token while customers had also been moving their money off the exchange, fearing that FTX token could be going for $0.
Things came to a head on Tuesday morning when FTX was confirmed to have paused customer withdrawals. By the afternoon, the company had reached its bailout agreement, with Binance agreeing to purchase its international business.
This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire https://t.co/BGtFlCmLXB and help cover the liquidity crunch. We will be conducting a full DD in the coming days.
— CZ Binance (@cz_binance) November 8, 2022
The news sent a massive shockwave across the crypto market, knocking most major coins off their perch and leading to even more speculation about the market’s future.
As a top altcoin, DOGE hasn’t been spared. The asset’s price stands at $0.08725, a downtrend of 18.25% in the past 24 hours and 36.98% in the past week.
Twitter Debacle Affects DOGE As Well
DOGE had been tumbling long before the FTX news broke. The digital asset has benefited in recent weeks due to billionaire Elon Musk’s eventual takeover of Twitter.
Musk, one of the most notable DOGE supporters, has previously hinted at using DOGE in a more prominent way to improve Twitter’s user experience. And as soon as he took over the network, massive speculation about what this could mean for the asset began.
However, things soon turned sour as Musk began laying off employees, and advertisers threatened to quit Twitter. With the social media platform’s prospects now bleak, many wonder if Musk’s takeover was truly the right move.
TAMA Could Offer Some Relief
Now that DOGE’s prospects appear bleak, investors would be looking for the next meme coin to carry the torch. At the moment, TAMA might be the perfect option for value-seeking investors.
TAMA is the native token for Tamadoge – a blockchain game that allows users to buy non-fungible tokens (NFTs) representing digital pets. Tamadoge players can purchase these pets, groom them, and use them to battle those of other players for the TAMA tokens reward.
So far, TAMA has had one of the most impressive presales in the market. The crypto asset is currently set for a major exchange listing as its developers confirmed it would debut on Gate.io on November 10.
Date ️ Thursday, 10th of November
— TAMADOGE (@Tamadogecoin) November 4, 2022
With Gate.io being one of the largest exchanges in the world, listing on the platform is sure to give TAMA an additional layer of investor exposure and liquidity. New exchange listings are usually a boon for coins, so we expect to see TAMA’s value surge.
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