Traders Predict This New Cryptocurrency To 83x By 2024 With Its Use Case
Heading into October expert traders speculate the best crypto to buy right now could be a new coin listing set to launch on a tier one exchange.
New Cryptocurrency to Watch
OKX exchange - known as OKEx prior to early 2022 - will list Tamadoge (TAMA) on September 27 at 11:00 UTC.
OKX will also support TAMA swaps on its cross chain DEX aggregator as of 17:00 UTC - OKX is both a centralized and decentralized exchange, open to worldwide traders.
Bullish Case for Tamadoge
Tamadoge will be listed at a price of $0.03 with a circulating supply of 1 billion - allocated to its now sold out presale - and a total maximum supply of 2 billion coins.
Tamadoge is the play-to-earn (P2E) rewards token and native currency of a new crypto game app, with added move to earn (M2E) features. Alongside other arcade style games, part of its roadmap allows players to walk their NFT dog in an augmented reality metaverse, the 'Tamaverse'.
Our expert traders have compared it to another popular cryptocurrency that exploded earlier this year, STEPN (GMT) - the native token of a M2E app for walkers and joggers.
Our analysts reported this month on the Tamadoge presale raising more than the STEPN ICO - which raised $9.2 million - within the space of four weeks. Over the full eight weeks of its token presale, Tamadoge raised $19 million.
Following its initial coin offering, GMT went on to achieve a $2.5 billion live market cap at its peak - its bull run lasting from early March (its Binance listing) to late April.
In order for TAMA to potentially be the next cryptocurrency to explode to that valuation after its ICO, it would need to increase its live market cap - which will be $30 million at launch - by 83.3x.
Our analysts noted on our 'is Tamadoge the next GMT' analysis piece that unlike STEPN, TAMA is deflationary.
A 5% token burn is applied to all Tamadoge store transactions, the in-game marketplace where players buy items, food and accessories to train and upgrade their Tamadoge pets (represented by dynamic NFTs), all of which have unique strengths, attributes and rarity.
In recent weeks Terra Classic showed that crypto investors support assets with some kind of deflation rate - the 1.2% LUNC burn news led to Terra Classic rallying by over 1,400% from its 2022 lows.
GMT's retracement from its April all time high of $4.18 was in part due to GST - the other native token of the STEPN ecosystem, Green Satoshi Token - being inflationary.
Meme Coin Appeal
As well as being an app to earn free crypto like STEPN, the Tamadoge app also taps into the mass appeal of meme tokens, its tagline for TAMA being 'the play to earn Dogecoin'.
Shiba Inu rose over 50 million percent in its price history, mostly due to retail investor FOMO.
While some criticize meme cryptocurrencies for their lack of utility, they are undeniably the most popular crypto assets alongside Bitcoin itself. DOGE and SHIB are still both in the top 20 cryptos even after a 90% correction, DOGE at #10 and SHIB at #14.
STEPN is also currently down over 85% from its top and now has a live market cap of $370 million - which would only be a 12x gain for TAMA to reach, with a similar use case and utility.
Having deflationary tokenomics, and the meme crypto aesthetic, make it a strong contender to be one of the top cryptocurrencies after its launch on OKX this Tuesday, through to the next crypto bull run which crypto experts predict will take place around the 2024 Bitcoin halving.
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