Cardano [ADA] ‘dumps’ Bitcoin- What the Future Holds For Cardano?

In one of our market reviews, we mentioned how Cardano could be on the verge of a breakout that might become a starting point for a new rally to help cryptocurrency gain a solid foothold at the top of the market. As we expected, a breakout occurred.

Cardano's ADA is finally enjoying greater trading activity after a few weeks of dormancy and underperformance. In fact, whales are also finally showing some interest in the cryptocurrency after shunning it for the last few weeks.

With Cardano coming up and new exciting meme coins such as Tamadoge breaking the market, it's left to see if Bitcoin is going to survive with its prices going down. Not to mention that people are already using different cryptos as digital money which was BTC's strongest use case.

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Cardano's coming back

The market's renewed interest in ADA reflects the growing excitement in the Cardano community, especially as Vasil rapidly draws near. At the time of writing, ADA was up by almost 10% in 2 days, with the hike coming to the fore after the official date was revealed.

Cardano soon recorded a positive market reaction following the upgrade date confirmation. Its velocity metric registered its largest spike a day before the announcement. This was the largest spike it experienced in the last 30 days.

ADA's social volume also saw its largest spike in the last 30 days on the day of the official upgrade date confirmation. As expected, this attracted a lot of attention, especially from whales.

ADA whale transaction counts registered a notable increase in the last 2 days too. A confirmation of renewed whale interest, especially now that the upgrade date is confirmed. It means that the whales are buying the news and such a development may underscore more potential upside in the days leading up to the Vasil hard fork.

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Are the bulls here to stay?

This is a question lingering on the minds of many ADA investors. The cryptocurrency's press time price level seemed to be a far cry from its previous all-time high in 2021. This new upgrade will come roughly a year after the Alonzo upgrade which introduced smart contracts. However, its price action commenced its crash after last year's upgrade, contrary to expectations.

Can a similar outcome be expected this time? Well, the previous upgrade occurred when ADA's price was near its all-time high. The upcoming upgrade will find ADA near its lower range and at an 83% discount compared to a year ago.

On the other hand, the meme coin market is on fire. A lot of DogeCoin derivatives are spiking the interest of different investors and probably are going to produce more hype in the future with its new and interesting use cases.

One of them has its own metaverse, and it's called Tamadoge.

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What's Tamadoge?

Tamadoge is the currency at the center of the Tamaverse, allowing you to create, breed, care for and battle your TAMADOGE pets.

This is a memecoin with utility. Launching in July 2022, TAMADOGE is a deflationary cryptocurrency whereby users can battle to climb up the leaderboard by gaining Dogepoints.

Users with the most Dogepoints at the end of each month will be able to claim their winnings from the monthly Dogepool. Your Tamadoge will grow with you, becoming stronger over time, but make sure you look after them. If you leave your Tamadoge for too long then they'll end up as a Tamaghost.

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What's a Tamadoge store?

Whenever you make a purchase in the Tamadoge store, from buying your newest Tamadoge pet through to buying food and toys or even just a cool new hat, you'll always be paying with Tamadoge token.

The token that you use to make the purchase will be split between three different pools, which are designed to provide upwards price pressure for the token, allowing the TAMA team to keep developing the platform and provide a source of tokens for the P2E elements of the game.

5% of the tokens spent will be burnt completely, meaning that for every 100 tokens spent, 5 will be removed, consistently reducing the supply of tokens. 30% of the tokens spent will be used for marketing and platform development, allowing us to grow the Tamadoge following and produce an even better platform.

Finally, 65% of all tokens spent will be added to the P2E prize pool. This is used to pay out rewards from the Tamadoge leaderboard, directly to the community.

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Cardano's 'dumping' BTC while Tamadoge is galloping towards the $1 coin value.

Analyzing Bitcoin's Short Term Holder SOPR is indicative that a reset has taken place. This reset means that the short-term holders have sold at some profit over the past few days. HODL gets thrown around more than any term during a bull rally but some group of traders consistently selling their BTCs or any asset, play an equally important role.

A periodic dump indicates replenishment of demand. Demand is directly proportional to supply and while supply is not exhausted, its value increases where the market is overbought. This is where a higher push of the prices overheats the market both on the spot and in derivatives exchanges, and then we welcome liquidation.

However, it is always better to lose 10-20% in the market than a 50-80% dump like in 2017.

Opposite to BTC, Cardano is up by more than 200% in September 2022, so some long-term investors are bound to take profits off the market.

TAMADOGE offers amazing abilities to earn, play games, and trade coins. It's interesting, engaging, easy to use, and to earn. Given it's a new coin, its price predictions are already going somewhere around $1 with promising long-term predictions.

What can we say – diversification is the key. Think smart.

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How to buy TAMADOGE?

STEP 1

To begin, make sure you have a MetaMask wallet installed on your browser, or use one of the wallets supported by Wallet Connect (we recommend Trust Wallet).

Purchasing on a desktop browser will give you a smoother purchasing experience. For this we recommend Metamask.

If you are purchasing on mobile, we recommend using Trust Wallet and connecting through the in built browser (just copy https://buy.tamadoge.io into the Trust Wallet Browser).

STEP 2

Once you have your preferred wallet provider ready, click "Connect Wallet" and select the appropriate option. For mobile wallet apps you will need to select "Wallet Connect".

You will then have 3 options

1. Buy ETH With Card. This option will allow you to purchase ETH that will be sent to your wallet by our partner, Transak. You will then be able to use this ETH to purchase TAMA. Click "Buy Eth With Card" to begin and follow the on screen steps. We recommend purchasing a minimum of $15 worth of ETH to cover the minimum TAMA purchase.

2. Buy TAMA With ETH. Once you have sufficient ETH in your wallet (if you do not have ETH or USDT, please select option 1 to purchase ETH first), you can now swap your ETH for TAMA. Type in the amount of TAMA you wish to purchase (1,000 minimum) and then click "Convert Eth". Your wallet provider will ask you to confirm the transaction and will also show you the cost of gas.

3. Buy TAMA with USDT. Please ensure you have at least $15 of USDT in your wallet before commencing the transaction. Type in the amount of TAMA you wish to purchase (1,000 minimum). Click "Convert USDT". You will then be asked to approve the purchase TWICE. The first approval is for the USDT contract and the second is for the transaction amount. Please ensure you go through both approval steps in order to complete the transaction.

STEP 3

Once the presale has concluded, you will be able to claim your TAMA tokens. We will release details closer to the time, however you will need to visit the main site https://tamadoge.io and click on the gold "Claim" button.

Tamadoge Contract

Use the contract information below to add the TAMA token to your wallet.

Address: 0x12b6893cE26Ea6341919FE289212ef77e51688c8

Decimals: 18

Token symbol: TAMA

Summary

Hope you've enjoyed our article. Remember, before investing – do more detailed research for yourself so you get to see things from different angles.

No matter how shiny and attractive a crypto looks or if people say that you should invest in it just because of hype, take it with a dose of the reserve.