5 Reasons to be bearish on the Cardano price and bullish on Tamadoge
|Cardano has become one of the most popular cryptocurrencies since its 2017 launch but has been correcting massively since 2021. With uncertainty surrounding whether Cardano has actually bottomed, many traders are bullish on Tamadoge - an exciting new crypto project.
This guide provides 5 reasons to be bearish on Cardano and bullish on Tamadoge.
Cardano Price Correction
Cardano is an open-sourced network which deploys smart contracts to provide developers with the option to deploy various DeFi (decentralized finance), NFTs and more. ADA is the native cryptocurrency of Cardano, which is used to settle transactions and maintain the network.
Cardano emerged as one of the best performing cryptos in 2021, rising from $0.1 in January to $2.3 in May - this equates to a 2,200% price increase. Experiencing turbulence throughout the year, ADA corrected to $1.1 by July 2021.
However, Cardano launched its Alonzo hard fork upgrade in September - which launched smart contracts on the network for the first time. 24 hours after the launch, over 100 smart contracts had been deployed on Cardano. In the same month, ADA increased to an all-time high (ATH) of $3.10 in September.
The coin has been correcting since then. ADA has corrected from $2.4 to $0.5 Year-on-Year (YoY). Furthermore, the token is more than 80% below its ATH. Compared to the other large-cap cryptos, ADA was not profitable.
With just above $0.5 per token, ADA is experiencing its lowest price since the beginning of 2021.
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Cardano’s Limited Potential for Growth
Despite the price correction that ADA has witnessed, it is well above its launch price of $0.0025 in 2017. The cryptocurrency has rewarded investors with a return on investment (ROI) of over 23,000%. Furthermore, ADA is the 7th largest cryptocurrency with a market cap of over $18 billion.
Therefore, investors may not be able to get the high returns they are expecting from Cardano’s token. After over 1 year of little to no price increase, investors are looking to invest in a low-cap cryptocurrency with a high growth potential. This is why many traders are bullish on Tamadoge - a rising play-to-earn (P2E) crypto project.
Why are Investors Bullish on Tamadoge
One of the best future cryptocurrency projects and a popular alternative to Cardano, Tamadoge is a cryptocurrency project that looks to combine gaming with DeFi protocols via blockchain technology. The sections below discuss a few reasons that make Tamadoge a bullish cryptocurrency.
NFT Interoperability
Tamadoge (TAMA) is the native cryptocurrency of the Tamaverse - a virtual ecosystem which allows players to earn crypto-based rewards. Players can buy Tamadoge pets using TAMA coins, which function as this decentralized cryptocurrency's main tradable item.
Built on the Ethereum network, TAMA is an ERC-20 token capable of minting NFTs. The Tamadoge pets are virtual dog-like avatars minted as NFTs using smart contracts. Players compete with each other using these NFTs, with the top performers being rewarded with TAMA.
Thus, NFT interoperability is an important use case critical to the success of Tamadoge. This gives the platform members multiple chances of earning in-game rewards rather than a standard cryptocurrency with no additional purpose.
Deflationary Token
TAMA stands out from other tokens by aiming to be a deflationary coin. For example, meme cryptos like Dogecoin have increased their token supply from 100 billion to 132 billion since launch. On the other hand, TAMA has a max supply of 2 billion coins.
Furthermore, 5% of all tokens spent on the Tama store are burnt. This will be done to raise the long-term demand of TAMA, which can potentially boost the token price.
Presale Offering
Tamadoge is available to buy on presale. The cryptocurrency met its beta hard cap targets of $2 million in 10 days. Now, the team is looking to raise a total of $19 million before the presale ends in Q4 2022. As of now, the TAMA presale has collected over $5 million.
Moreover, interested investors can purchase TAMA now for only $0.0125 per token. Compared to ADA’s $18 billion market cap, TAMA is just beginning its ICO launch. While there is a higher risk, the possibility for larger profits is higher with Tamadoge.
Once the presale ends, TAMA will be listed on various centralized (CEX) and decentralized exchanges (DEXs).
LBank, a global CEX, recently tweeted confirming that TAMA will be listed on their platform after the presale - and it will also be listed on Uniswap DEX.
Having two exchange listings lined up for its launch could make Tamadoge one of the most promising cryptos to buy in 2022.
This article is sponsored by FINIXIO
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