This New Meme Token is Up 11% as Everything Else Sells Off - Here's What You Need to Know
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Rich Quack (QUACK) is up by 11% in the past 24 hours, beating the market as a whole, which is down by 1.5% today. At $0.000000001695, it's also up by 90% in a week, by 100% in a month, and by just over 1,900% in a year.
This makes QUACK one of the best-performing coins in the top 300 (by market cap), with the deflationary meme token witnessing a particularly significant rally since Saturday. Investors are also apparently being drawn to its staking and incubation platform, with holders able to invest in early blockchain projects.
However, despite its performance over the past couple of days, QUACK is actually still down by 89% compared to its all-time high of $0.000000015463 from last November. As such, it may not be as great an investment as it first seems, with other newer tokens arguably offering better opportunities for bigger returns.
This New Meme Token is Up 11% as Everything Else Sells Off
Early on Friday morning, QUACK stood at $0.000000000926775, yet it quickly rose to a seven-day high of $0.000000001722 early this morning. This represents a gain of 85%, which is where the altcoin's impressive metrics across various short-to-medium-term timeframes largely come from.
It's worth pointing out that even if QUACK is one of the best-performing tokens in the market's top 300, its volume remains very, very small. For instance, when it reached its seven-day high early this morning, it rose to a 24-hour trading volume of only $7.7 million, compared to $24 billion for Bitcoin.
Still, QUACK is one of today's trending coins, and it seems that at least some investors have been drawn by the coin's deflationary tokenomics.
Based on BNB Chain, QUACK has a max total supply of 100 quadrillion. 50% of this was seeded as liquidity, while the remaining 50% will be burned over time.
Not only does Rich Quack offer a deflationary coin, but it also serves as a staking and incubator platform. On the one hand, users who stake QUACK receive rewards (taken from transaction fees), while they can also invest their QUACK holdings in early blockchain projects.
This combination of deflation, staking, and venture capital appears to be gradually attracting investors. That said, it's worth remembering that QUACK is still 89% down from its November ATH, meaning that it's still working towards recovering its former level of interest.
Another New Market-Beating Deflationary Coin
QUACK isn't the only new deflationary token with interesting fundamentals, however. One more to add to this list is Tamadoge, an Ethereum-based play-to-earn gaming metaverse that recently saw its native TAMA token listed on OKX, as well as OKX DEX (which is open to traders worldwide).
TAMA rose by just over 1,800% compared to its initial presale price in the days following this listing, with other exchanges adding it soon afterward. It remains up compared to its listing price, even if it has been caught up in the underlying negative market sentiment.
Investors have taken to TAMA since its launch for a variety of reasons. Most importantly, it has attractive fundamentals, with the meme token working within a gaming metaverse where players can raise, battle, and trade NFT-based Tamadoge pets.
Its core game is due to launch in the final quarter of this year, with a range of arcade games following afterward. More immediately, it has been rolling out its NFT-based Tamadoge pets, with an initial collection of 100 ultra-rare Tamadoges being put up for auction on OpenSea on October 6.
As with QUACK, TAMA is a deflationary token, with a total supply of 2 billion. It also features an in-built burn function, with its protocol destroying 5% of the proceeds from Tamadoge store transactions, which cover in-game items such as food and accessories for Tamadoges.
Combined with its interesting platform, such tokenomics arguably make TAMA one of the most promising new altcoins of 2022. It has already amassed a sizeable community, with its Twitter account alone attracting over 77,000 followers since opening in July of this year, for example.
Time will tell just how successful it and Rich Quack can be. But for investors disappointed by the wider cryptocurrency market, the early momentum of both altcoins suggests at least a couple of alternatives to gradually declining prices.
Anyone interested in hearing more about TAMA's OKX listing can join the planned OKX AMA with Carl Dawkins (Head of Growth for Tamadoge) at 8 am UTC on October 14.