Traders turn to Dogizen as Catizen and Hamster Kombat implode

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.

Similarly, Hamster Kombat, with over 300 million users, has also tumbled to a record low, bringing its circulating market cap from over $600 million to $270 million.

These tokens have underperformed other relatively newer meme coins like SPX6900, Moo Deng, and Skibidi Toilet. 

Why Catizen and Hamster have crashed

There are a few reasons why Catizen, Hamster Kombat, Notcoin, and PixelVerse have crashed in the past few weeks.

First, the drop happened because of the ongoing sense of fear in the financial market. The crypto fear and greed index has moved to the fear zone of 37, while Bitcoin’s rally has stalled at $62,000.

Second, they have dropped because of the ongoing demand for meme coins, which are doing better than most coins. For example, tokens like Dogwifhat, Pepe, and Popcat have risen by over 1,000% in the last few months.

Third, there is an issue with their tokenomics. For example, Hamster Kombat token holders received just 60% of their hard-earned tokens. 

Traders are turning to Dogizen

With popular names in the Telegram tap-to-earn industry falling, many investors have turned their focus to Dogizen. 

Dogizen claims to be the first Initial Coin Offering (ICO) on the Telegram ecosystem. In this, it aims to replicate the success of Bitcoin Dogs, which raised millions of dollars by being the first ICO in the Bitcoin ecosystem.

Dogizen has raised over $575k from investors in the past few days. Like other token sales, its strategy is to increase the price per stage, meaning that people who buy it earlier on receive a discount compared to those who buy it before the airdrop. 

Dogizen, whose token ticker will be DOGIZ, has also seen a big increase in the number of users in its mini app. According to its website, it has over 1.40 million users and 393k daily active users. This means that it has more room to grow because Telegram has almost 1 billion global users. 

Dogizen’s success is mostly because it is a different game compared to Hamster Kombat, Catizen, and Notcoin. In addition to offering a tap-to-earn game, the platform also aims to provide more tools in the community.

Dogizen has a longer roadmap, compared to other tap-to-earn networks, which see the airdrop as the ultimate goal. 

For example, its expansion phase will include the launch of the Dogizen Launchpad, Gaming Arcade expansion, and a developer SDK. Additionally, its developers will also launch an innovative ads platform, that will help developers to monetize their platform. 

The other top products to watch will be revenue sharing for DOGIZ holders and brand partnerships. You can learn more about Dogizen here.

Therefore, Dogizen will use the lessons from the failure of Hamster Kombat, Notcoin, and PixelVerse to ensure that the token does well after its airdrop.

The post Traders turn to Dogizen as Catizen and Hamster Kombat implode appeared first on Invezz