Crypto Market Drops Below $1 Trillion, Bitcoin Approaches 2022 Low; Tamadoge investors are less worried as TAMA approaches $15 million
The cryptocurrency market is in a bloodbath this weekend as major tokens continue a downward trend. For the first time in 20 months, the global cryptocurrency market plunged below $1 trillion on Monday, September 5. Recently, CoinMarketCap reported that at least 13% of its market capitalization was further lost. Amid this market carnage, the Tamadoge team and investors are celebrating the final phase of their pre-sale as they approach $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 draws investors into a new crypto environment where popular coins continue their downward and volatile movements while new tokens like Tamadoge hit unusual highs before the end of the presale.
Let’s take a quick look at Tamadoge’s movement over the past week before moving on to the carnage in the global crypto market.
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A leading meme coin in the crypto space – Tamadoge (TAMA)!
Tamadoge is the latest game-to-earn meme coin that attracts the interests of metaverse enthusiasts worldwide. It is a project built around a living metaverse where players can network and compete for various unique NFT pets. There are various fun challenges in this universe, but all users have a common goal of breeding and caring for their virtual NFT pets.
Tamadoge’s central selling point is the utility potential. TAMA, the platform’s native token, can be used for in-universe transactions. This platform is one of the few universes that operates a transparent and reliable reward system in the play-to-earn market niche.
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Tamadoge — Fast approaching presale stage 9
With nearly $15 million generated, the Tamadoge project is fast approaching the end of its pre-sale phase. With its current nominal price of $0.0275 per TAMA, the token is now in the eighth phase of the presale phase. The team has announced that the project will officially go live before the end of the year.
As interest in Tamadoge grows, older meme coins like Shiba Inu and Dogecoin may find it challenging to stay afloat once the project goes live. To keep up with the P2E market, Shiba Inu has announced that they are working on a metaverse to improve token utilization. However, crypto experts believe that Shiba Inu will not be able to introduce any of the proposed features until Tamadoge launches.
The team revealed that investors could purchase a minimum of $1,000 TAMA to qualify for mouth-watering gifts in the ongoing pre-sale contests. With less than 70 million tokens left at this stage, users are encouraged to purchase their tokens now before a price increase occurs in the next phase.
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Big carnage 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 around 2 trillion of its value. Because of this, millions of investors have shed risky virtual assets over the past three months to cushion their losses.
The global crypto market is in a characteristic bear season and has continued to lose value and market capitalization. Popular coins such as Solana, Binance Coin, Ethereum, Polkadot, Algorand and Cardano have all traded at a loss, and investors fear that the bear season is not over yet. About a month ago, the Binance decentralized exchange temporarily halted withdrawals as users rushed to sell off their portfolios.
Bitcoin hovers below $19,000
Bitcoin price has continued to spiral further away from the November 2021 peak. Over the past three weeks, BTC has struggled and failed to cross the $23,000 mark. After an announcement of rising inflation from Fed Governor Jerome Powell’s office a few days ago, bitcoin suddenly fell below $19,000.
On several occasions, the bulls have tried to push the price up, but have not been able to do so. Available data also indicates that BTC volatility may have dried up in recent days, while ETH futures traders are still holding the liquidation. The likelihood that Bitcoin will turn bullish anytime soon is highly uncertain as the coin continues to face significant issues.
The bottom line
Rising inflation, lagging recovery in the labor market and negative signals from the Feds are all contributing to the carnage in the crypto industry. Despite these ups and downs in the crypto market, Tamadoge investors are still less concerned as they look forward to the project’s official launch sometime this quarter.
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