Dogecoin Drops Out of Top 10 Coins as Holders Buy Tamadoge

Dogecoin Drops Out of Top 10 Coins as Holders Buy Tamadoge 1

Last Updated on 3 days by cryptoevent

DOGE’s price has fallen this week despite its roadmap updates, and Polkadot knocked it out of the top 10 cryptos on CoinMarketCap. Avalanche (AVAX) is also gaining ground at #12.

Dogecoin’s market cap has fallen below $0.07 per token and is now around $9.2 billion, down 91% from its all-time high in May 2021 when Elon Musk appeared on Saturday Night Live.

Its closest meme coin rival, Shiba Inu, is also down 87% since October 2021 and is now ranked 16th with a market cap of $6.6 billion.

However, investor interest in pre-selling new meme coins is running high as Tamadoge (TAMA) has raised over $575,000 over the past few days – some of Dogecoin’s losses could be due to holders jumping into the latest memes -Coins with no market cap have invested billions of dollars, and with more room to grow.

Tamadoge Elon Musk Crypto

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Why is Dogecoin falling?

The release of Dogecoin Core 1.14.6 at the end of July did not help DOGE price to establish a new uptrend. This upgrade included various under-the-hood technical fixes for the blockchain and UI, such as:

Continued support from Elon Musk wasn’t a bullish catalyst either – Dogecoin price is 15% lower today than when Musk tweeted that SpaceX goods like Tesla merchandise could be bought with DOGE.

Tamadoge crypto goes to the moon

Elon recently appeared on the Full Send podcast and reiterated that he supports Dogecoin, citing one of his reasons as there are “memes and dogs”. Upcoming meme coins like Tamadoge also have these things, so it’s possible that the billionaire will support other meme tokens with more upside potential.

Dogecoin is arguably overvalued, and dropping out of the top 10 coins reflects this — as Robinhood CEO Vlad Tenev tweeted, Dogecoin still doesn’t outperform TradFi payment processors like Visa as a medium of exchange.

Tenev praised Dogecoin’s low transaction fees, but stated that it needs to fix several issues if it can fulfill its use case as “the future currency of the internet and people.” One was increasing transactions per second (tps) to surpass that of a typical debit card transaction.

Dogecoin down traders are buying Tamadoge

This failure to truly fulfill its main use case, despite having one of the highest valuations of any cryptocurrency asset, could have resulted in some holders exiting their positions and jumping to new crypto projects.

Tamadoge (TAMA) aims to be “the game to earn Dogecoin” – adding another type of utility as an NFT game’s rewards token, with a similar concept to CryptoKitties but where players play virtual Doge -Raise and train pets and then fight them to earn crypto.

The main aspects of the crypto markets that caught mainstream attention in the 2021 bull run were Doge memes, play-to-earn crypto games (and more recently move-to-earn), the Metaverse, and NFTs. Tamadoge aims to combine all of these for mass appeal.

Dogecoin has captured the hearts of many retail investors with its memes, but after its explosive bull run there was little reason to hold on – more than a year after its peak, Dogecoin still has little real utility or long-term value as a cryptocurrency other than to pump, when Elon Musk mentions it – and those price spikes have gotten smaller over time.

Tamadoge presale

DOGE also has an infinite supply and as a result of inflation its total supply has increased from 100 billion at launch to 132 billion today. Tamadoge has a lower and fixed max supply (2B) and is deflationary – with a 5% token burn when players spend TAMA to mint and feed new NFT pets.

Read more about the project below tamadoge.io.

Related

  • How to buy Tamadoge
  • Is CryptoKitties Dead – The Newest NFT Pets Game Tamadoge
  • Tamadoge Meme Coin Beta Sale Raises $500,000 In Days

Tamadoge (TAMA) – The next big meme coin

Our rating

Tamadoge
  • Beta Sale Ends September 2022 – tamadoge.io
  • Deflationary, low supply – 2 billion
  • Go to Earn, Metaverse Integration on the roadmap
  • NFT Doge Pets – Potential for mass adoption
  • Play to Earn Utility – Rewards Tokens
Tamadoge

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