Ali Raza
Dogecoin made a massive rally in 2021 after exploding to all-time highs of $0.73. During the year, the Dogecoin community grew massively following frequent tweets of support from Tesla’s CEO, Elon Musk. However, it now seems like the Dogecoin frenzy could be dead. New memecoins such as Tamadoge are taking over.
Dogecoin price continues to struggle
At the time of writing, DOGE was trading at $0.060, according to CoinGecko, after a less than 1% gain in 24 hours. DOGE has been one of the worst-hit coins in this year’s bear market after plunging by over 91% from its all-time highs.
Following the bearish trend that DOGE has witnessed, the meme coin is on the verge of losing its position among the top ten largest cryptocurrencies by market cap. At the time of writing, DOGE’s market cap was $7.9 billion, making it the tenth largest cryptocurrency by this metric.
Looking at DOGE’s chart above, it is evident that the token has been trading under intense volatility. Therefore, despite the consolidation witnessed over the past few days, DOGE will likely go lower if the broader market weakens.
Dogecoin has failed to outperform the broader market this year as it did during the first half of 2021. At the time, the meme coin was one of the best cryptos to invest in after delivering solid returns. The meme coin frenzy at the time also led to the meme coin space coming mainstream.
However, the growth of the meme coin space has led to identifying major weaknesses in the sector. Early meme coins lack a novel approach that denies them utility. They also have weak tokenomics caused by a massive supply that tends to pull the price down. However, the newest meme coin in the market, Tamadoge, has taken a novel approach, which could explain why it is leading in gains.
Tamadoge explodes higher
Tamadoge has had a 10% gain over the past 24 hours, trading at $0.0817 at the time of writing. TAMA is up by more than 300% since September 30, showing that it has outperformed the broader market.
The TAMA Relative Strength Index of 65 shows a bullish momentum at play, and the same can also be evidenced by the Moving Average Convergence Divergence (MACD) that is above the signal line.
If the bullish momentum can be sustained, TAMA could likely head to $0.1. In the recent uptrend, TAMA reached an all-time high of $0.087, but the uptrend was rejected at this point. However, the level could be tested again if the buying pressure is sustained.
Tamadoge is pumping due to its unique use case. Unlike other meme coins, Tamadoge is packed with utility. The meme coin has also brought the best of play-to-earn through the Tamaverse. The Tamaverse is an engaging metaverse that will allow players to mint, breed, and nurture their Tamadoge pets. They can later use these pets to battle against other players.
According to its website, the Tamadoge community is looking forward to releasing the project’s first NFT drop, which will happen on October 6. The Tamadoge NFTs will be in the form of in-game assets for players within the Tamaverse.
TAMA is currently listed on the OKX, OKX DEX and BitMart exchanges. One can also buy the token from the Uniswap decentralized exchange. TAMA will also be listed on the LBank and MEXC Global exchanges on October 5.
Related
- Dogecoin Price Prediction 2022 – 2025
- Where to Buy Dogecoin 2022 – Beginner’s Guide
- How to Buy Tamadoge in 2022
Tamadoge - The Play to Earn Dogecoin
- '10x - 50x Potential' - CNBC Report
- Deflationary, Low Supply - 2 Billion
- Listed on OKX, Bitmart, LBank, MEXC, Uniswap
- Move to Earn, Metaverse Integration on Roadmap
- NFT Doge Pets - Potential for Mass Adoption
This article was written for Business 2 Community by Ali Raza.
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