5 Reasons to Be Bearish on Cardano Price and Bullish on Tamadoge
Cardano has proven to be an exciting crypto project, yielding investors high returns. But the crypto market crash has made some Cardano investors bearish. Tamadoge is a new NFT game that investors are bullish on because of its utility and rewards.
Can Cardano Drop Lower?
Crypto bear markets can be brutal, and Cardano (ADA) investors watched the coin lose 87% of its value after reaching an all-time high of $3 in August 2021. But many investors are wondering, can ADA go lower?
ADA has provided investors with 7,000% returns because of a rally that started at the end of 2017 and lasted until the beginning of 2018. And just recently, Cardano had another rally at the beginning of 2021, climbing up just over 1,600%.
If that wasn’t enough, ADA retraced and then went for another run to reach its all-time high. Since then, ADA buyers have run out of steam and the crypto bears have taken over. Although ADA has lost 87% of its value, it’s possible that it can lose more.
After Ethereum and Bitcoin topped out during the 2018 rally, both of these top cryptocurrencies lost just over 90% of their value in the subsequent years. So it’s possible that ADA can dip lower before it starts climbing up again.
Bearish Market Sentiment
It’s not easy for investors to watch several red candles a few weeks in a row. Many crypto investors have lost hope in another ADA rally, and the worst part is that many believe that the bottom isn’t yet in.
The financial markets can be a self-fulfilling prophecy because panicked investors sell as they believe that the price will go lower. But eventually, the ADA price will bottom, and it will be time to buy Cardano.
Why is Tamadoge (TAMA) Bullish?
Tamadoge is anything but another meme coin. It aims to outcompete Dogecoin because it offers utility, entertainment and rewards.
A Successful TAMA Presale
The Tamadoge token is currently holding one of the best crypto presales, raising more than $13 million in a month since its launch. The Tamadoge presale is still underway and ends in Q4 2022, so investors need to get in now as the token’s price is increased incrementally as certain stages of the presale are reached.
The most successful crypto projects are listed on major centralized exchanges. Tamadoge will soon be listed on LBank, a centralized exchange. But proponents of decentralized exchanges will also be able to buy TAMA on Uniswap.
Being listed on these two exchanges means that more investors will have exposure to it and the coin’s liquidity will increase. With more investor eyes on TAMA imminent in the near future, it may cause demand to increase.
Utility, Rewards and Burning
Scarce assets are more valuable than ones easily available. TAMA’s developers burn 5% of all transaction tokens, and they have limited the supply to 2 billion. This deflationary coin’s demand should grow after each burning.
Players can use the TAMA cryptocurrency to raise digital pets and compete against other players to reach the top of the leaderboard and earn the highest rewards, which can be redeemed for other currencies.
A Cardano Alternative to Invest In
While many crypto investors have turned bearish on Cardano, NFT investors are excited about Tamadoge. Thanks to TAMA being a deflationary asset that provides utility and rewards, it’s turning out to be one of the best future crypto.
TAMA’s presale has raised almost $5 million in a few weeks, and its listing will only help to draw more attention to the coin and give it additional exposure.