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Cryptocurrency News Articles
Catizen and Hamster Kombat Crash as Dogizen Emerges as the New Top Tap-to-Earn Token
Oct 13, 2024 at 04:07 pm
Popular tap-to-earn tokens have not received a lot of success in the public market as expected. Catizen, the biggest Telegram cat-themed game, has crashed for three consecutive weeks, costing earlier investors millions of dollars.
Popular tap-to-earn tokens have not performed as well as expected in the public market. For instance, Catizen, the largest Telegram cat-themed game, has crashed for three consecutive weeks, costing earlier investors millions of dollars.
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Similarly, Hamster Kombat, with over 300 million users, has also dropped to a record low, bringing its circulating market cap from over $600 million to $270 million.
In contrast, other relatively newer meme coins, such as SPX6900, Moo Deng, and Skibidi Toilet, have outperformed these tokens.
Why Catizen and Hamster have crashed
There are several reasons for the recent crashes of Catizen, Hamster Kombat, Notcoin, and PixelVerse.
Firstly, the broader market sentiment has been fearful, with the crypto fear and greed index dropping to 37 in the fear zone, and Bitcoin’s rally stalling at $62,000.
Secondly, the demand for meme coins, which has seen tokens like Dogwifhat, Pepe, and Popcat rise by over 1,000% in recent months, has led to a decline in interest for these tokens.
Thirdly, there are issues related to the tokenomics of these projects. For instance, Hamster Kombat token holders received only 60% of the tokens they earned.
Traders are shifting focus to Dogizen
As several popular names in the Telegram tap-to-earn space have crashed, many traders are now turning their attention to Dogizen.
Dogizen is aiming to become the first Initial Coin Offering (ICO) on the Telegram ecosystem. In doing so, it hopes to replicate the success of Bitcoin Dogs, which was the first ICO in the Bitcoin ecosystem and went on to raise millions of dollars.
Over the past few days, Dogizen has managed to raise over $575k from investors. Its strategy, like that of other token sales, is to increase the price per stage, offering a discount to those who buy it earlier compared to those who buy it before the airdrop.
Besides attracting attention for its token sale, Dogizen has also seen a substantial increase in the number of users on its mini app, with over 1.40 million users and 393k daily active users, according to its website. This leaves it with significant room for growth, given that Telegram has almost 1 billion users worldwide.
Compared to Hamster Kombat, Catizen, and Notcoin, Dogizen’s success can be attributed to the fact that it offers more than just a tap-to-earn game.
The platform aims to offer a wider range of tools within the community and has a longer roadmap compared to other tap-to-earn projects that view the airdrop as the final goal.
For instance, its expansion phase will see the launch of the Dogizen Launchpad, Gaming Arcade expansion, and a developer SDK. In addition, its team will be launching a unique ad platform to help developers monetise their platform.
Other key upcoming products include revenue sharing for DOGIZ holders and brand partnerships, which you can read more about here.
Hence, Dogizen is likely to learn from the failures of Hamster Kombat, Notcoin, and PixelVerse to ensure the token performs well after its airdrop.
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