CateCoin registers slight gains of 3% – Take Tamadoge Meme coin for a Run Too
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
CateCoin is one of the memecoins launched during last year’s memecoin trading frenzy. What sets CateCoin aside is that, unlike most doge-themed memecoins, CateCoin is a cat-themed coin. The coin has since become a major rival to Dogecoin and Shiba Inu, the two largest meme coins by market capitalization.
CateCoin gains 3% in 24 hours as the crypto market recovers
The broader cryptocurrency market has reported a slight recovery during the past 24 hours, as evidenced by the 2% gain in the global market cap. The uptrend seems to provide market support for some coins in the market, as seen in CateCoin, which has gained by around 3% during the past 24 hours.
Memecoins are usually affected by intense volatility due to their lack of utility and popularity among day traders. CateCoin has not been spared from the volatility, dropping by 92% from an all-time high created in November last year.
At the time of writing, CateCoin was trading at $0.000000879, having gained by 3.7%, according to data from CoinGecko. The memecoin has reported intense volatility during the past 24 hours as its price ranged from $0.000000843 to $0.000000927. The volatility came after an over 40% uptrend that could not be sustained.
The Relative Strength Index (RSI) shows that CateCoin still attracts buyer interest. However, if more buyers are lured into buying during the gains, overbought levels could be realized soon, after which a dump will happen. The Moving Average Convergence Divergence (MACD) also shows that CateCoin has gone slightly above the zero line, which could signal bears are on the way.
Despite being launched more than a year ago, CateCoin remains one of the low cap cryptos in the market, ranking as the 555th largest cryptocurrency with a market cap of around $30 million. The slow growth in market cap and the volatility could be attributed to a lack of utility, which is something that has affected most memecoins in the market.
Tamadoge is packed with utility
Tamadoge is the newest memecoin in the cryptocurrency market. Tamadoge is still new, but it is already packed with utility following its venture into the play-to-earn (P2E) sector. The Tamaverse crypto games platform allows players to battle with other players and receive rewards in the form of TAMA tokens.
TAMA is the native token powering the Tamadoge ecosystem. TAMA is currently in a presale that has seen overwhelming demand. The Tamadoge presale has already taken off, and more than $11 million has been raised so far. Moreover, the Tamadoge community is also growing, given that the project now has over 50,000 Twitter followers.
Tamadoge is also big on tokenomics. There are only 2 billion TAMA tokens, and half of these will be sold during the presale. Having such a supply could make TAMA rise up the market cap rank very swiftly, and it could dethrone Dogecoin once its blockchain game is officially launched and after listing on major exchanges.
