Should I Sell My Dogecoin
‘Should I sell my Dogecoin’ is typed into Google 2,900 times a month according to Ahrefs data. Is Tamadoge (TAMA) a better crypto investment?
Billed as ‘the play to earn Dogecoin’, Tamadoge was developed with the aim to add a fun factor, use case and real utility to Dogecoin – which started as a joke, got out of hand and hasn’t done much since Elon Musk went on SNL.
Currently on beta sale – the initial phase of its presale – Tamadoge is set to launch in Q4 2022. It will be the native play-to-earn (P2E) crypto token that players within its ecosystem of games earn as rewards.
In the Tamadoge metaverse – the Tamaverse – players will breed, train and do battle with NFT doge pets, keeping them fit and in fighting shape.
The ‘Should I Sell My Dogecoin’ Conundrum
Aside from lacking utility – even as a means of exchange, it far underperforms the transactions per second (tps) Visa debit cards are capable of, as the CEO of Robinhood tweeted – the main issue is Dogecoin is inflationary.
DOGE began with a total supply of 100 billion. Today it is almost 133 billion. By the law of supply and demand, something increasing in quantity will lower in value and a crypto token will struggle to hold its value. Something many meme coin investors weren’t aware of – they only saw green candles, a cute dog meme on the internet and billionaire Elon Musk tweeting about it.
On the tokenomics side for Tamadoge – the tamanomics – TAMA has a fixed maximum supply. The total supply of Tamadoge is just 2 billion TAMA coins with no inflation rate – in fact TAMA is deflationary.
When players in the Tamadoge ecosystem make purchases in the Tamadoge store – e.g. to feed their doge – 5% of the cost is burnt, reducing the TAMA circulating supply.
No Use Case
None of Elon’s latest tweets about Dogecoin having the potential to be the next world reserve currency, or DOGE being accepted by SpaceX and Tesla, have managed to help Dogecoin go up in 2022.
Today trading at $0.06, Dogecoin is down 92% from its all time high of $0.74 set in May 2021.
Tamadoge aims for sustained growth with a fun use case – both P2E and M2E (move to earn), as on its roadmap is the introduction of AR (augmented reality) dog walks where players earn rewards for keeping their doge well-exercised.
Still a High Market Cap
While a six cents DOGE price now seems low, Dogecoin still has a high market capitalization – the #10 cryptocurrency by market cap, by CoinMarketCap rankings. Its overall valuation today is $8.1 billion.
There isn’t much room to grow to the upside for DOGE, or much reason for it to grow beyond what it has already achieved. The average retail investor – who would type into Google ‘should I sell my Dogecoin’ – tends to buy the top of a bull cycle, and hold the bag all the way down – rather than opening a short position to make money from the downtrend.
The best altcoins to buy are those at low valuations, at ICO or presale. Professional investors that bought DOGE in 2020 before it exploded with one of the highest ROI bull runs of all time, have already taken profit and sold their Dogecoin.
A 92% correction is also not that much in cryptocurrency – even the best altcoin of all time Ethereum corrected 95% from $1440 to $81. That further retracement would mean DOGE dropping to the few cents range.
When Should I Sell My Dogecoin
‘When should I sell my Dogecoin’ is also typed into Google hundreds of times a month. Alongside terms like ‘Is Dogecoin dead’.
Selling at a loss at the current price point and investing in a new crypto coin at presale such as Tamadoge is potentially a faster way to recover losses than bagholding and waiting for Dogecoin to revisit its highs, hit $1 and go to the moon.
There are no bullish signals in the Dogecoin price chart above – the market structure is printing lower lows and lower highs on a high time-frame. A move back to ten cents is possible but the overall trend is bearish.
Meme coins do have mass appeal – but the best way to invest in them is before the rest of the crowd rather than FOMO chasing green candles, and to pick meme tokens that aren’t inflationary or lacking real world utility.
The Tamadoge beta sale period ends September 2nd. Via the tamadoge.io project website early investors can buy TAMA with Ethereum (ETH), Tether (USDT), or a debit / credit card via the Transak fiat onramp.