The cryptocurrency market is in a bloodbath this weekend as significant tokens continue a downward trend. For the first time in 20 months, the global cryptocurrency market plunged below $1 trillion on Monday, September 5th. Recently, CoinMarketCap reported that at least 13% of the market cap was further lost. Amidst this carnage in the market, the Tamadoge team and investors are celebrating the latest stage of their presale as they near $15 million.
This year’s highly volatile market has resulted in massive losses, and many altcoin projects have been shut down, with only a few significant projects remaining in the equation. The red-hot inflation is drawing investors into a new crypto environment where popular coins continue their downward and unstable movements while new tokens like Tamadoge break unusual records before the end of their presales.
Let’s take a quick look at Tamadoge’s movement this past week before we move on to the bloodbath in the global crypto market.
A Leading Meme Coin in the Crypto Space— Tamadoge (TAMA)!
Tamadoge is the latest play-to-earn meme coin that’s massively drawing the interests of metaverse enthusiasts worldwide. It is a project built around a vibrant metaverse where players can network and compete for various unique NFT pets. There are different fun challenges in this universe, but all users have a common goal to breed and care for their virtual NFT pets.
Tamadoge’s central selling point is its utility potential. TAMA, the platform’s native token, can be used for transactions within the universe. This platform is one of a few universes operating a transparent and reliable reward system in the play-to-earn market niche.
Tamadoge — Fast Nearing Presale Stage 9
With almost $15 million generated, the Tamadoge project is fast nearing the end of its presale phase. With its current nominal price of $0.0275 per TAMA, the token is now in the eighth stage of its presale phase. The team has announced that the project will officially go live before the year ends.
At the rate interest in Tamadoge is growing, older meme coins like Shiba Inu and Dogecoin may find it challenging to stay afloat when the project goes live. To keep up with the P2E market, Shiba Inu has announced that they are working on a metaverse to improve their token utilization. However, crypto experts believe Shiba Inu would be unable to introduce any of its proposed features before Tamadoge launches.
The team revealed that investors could buy a minimum of $1000 TAMA to qualify for mouth-watering gifts in the ongoing presale competitions. With less than 70M tokens left in this stage, users are urged to purchase their tokens now before a price increase occurs at the next stage.
Major Bloodbath In the Crypto Market
As of November 2021, the global cryptocurrency market peaked at $2.9 trillion. Due to traditional financial services’ high inflation and interest rates, the crypto market has lost about 2 trillion of its value. Due to this, millions of investors have let go of risky virtual assets within the last three months to cushion their losses.
The global crypto market is in a characteristic bear season and has continued to lose value and market cap. Popular coins like Solana, Binance Coin, Ethereum, Polkadot, Algorand, and Cardano have all been trading with a loss, and investors fear there is no end to the bear season yet. About a month ago, Binance decentralized exchange temporarily halted withdrawals as users scurried to sell out their portfolios.
Bitcoin Hovers Below $19,000
Bitcoin price has continued to spiral farther away from its peak value in November 2021. Over the last three weeks, BTC has struggled and failed to cross the $23,000 mark. Following an announcement about rising inflation from Federal Reserve Chairman Jerome Powel’s office some days ago, bitcoin suddenly dropped below $19,000.
On several occasions, the bulls have attempted to raise the price upwards but have been unable to do so. Available data also indicate that BTC volatility may have dried off in the last few days, while ETH futures traders are still holding off liquidation. The probability that Bitcoin will turn bullish soon is highly uncertain as the coin continues to face significant issues.
The surging inflation, lagging recovery in the job market, and negative signals from the Feds all contribute to the bloodbath in the crypto industry. Despite these ups and downs in the crypto market, Tamadoge investors remain less concerned as they look forward to the project’s official launch sometime this quarter.