Here is how the three cryptocurrencies are coping with the same macroeconomic factors.
Dogecoin (DOGE) and Cardano (ADA) have been diving deep into the red. With each passing day, they are wiping off investor money and diminishing their future potential. In the same period that Dogecoin (DOGE) and Cardano (ADA) have emerged as the biggest losers in the crypto market, the new DEX TMS Network (TMSN) is scaling new heights. Here is how the three cryptocurrencies are coping with the same macroeconomic factors.
TMS Network (TMSN) Makes a Statement
TMS Network (TMSN) has proven itself to be a high-growth crypto by all measures. Since the stage 1 presale, the crypto has been growing in triple digits. In its journey from stage 1 presale to stage 4 presale, its price has increased by more than 300%. With the launch of its first dApp, TMS Network (TMSN) is looking for its next surge. It is expected to appreciate over 500% in ICO after this news.
TMS Network (TMSN) has already received an overwhelmingly positive response from the market. The decentralized exchange enables its traders to trade in fiat and crypto assets, including CFDs, cryptocurrencies, stocks, and even forex. With such a selection of asset classes, TMS Network (TMSN) has strategically placed itself as a link between traditional finance and the crypto market. It is expected that TMS Network’s (TMSN) growth will accelerate more, and it will grow by 4,000%.
Dogecoin (DOGE) Falls for Musk Again
Dogecoin (DOGE) has benefitted hugely from its association with Elon Musk. The Tesla CEO has an affinity for the cryptocurrency and is speculated to hold significant amounts of the crypto.
Elon Musk has tweeted extensively about Dogecoin (DOGE). Every tweet from Elon Musk impacts the price of Dogecoin (DOGE). It has led to price spikes and downturns in the crypto price. A recent message by Elon Musk that his followers should avoid “betting the farm” on Dogecoin (DOGE) sounds like a warning and has sent its prices tumbling down.
Now, Elon Musk is facing a lawsuit due to this association. The plaintiffs in the Dogecoin (DOGE) case have alleged that the SpaceX CEO has misled Dogecoin (DOGE) investors into losing billions of dollars. According to their lawyers, the tech billionaire pumped the cryptocurrency and sold his Dogecoin (DOGE) holding for a profit.
The price of Dogecoin (DOGE), which was already struggling, has since gone downward. It is hovering dangerously close to the $0.06 mark and is ready to slip even further.
Cardano (ADA) Is Under Extreme Bear Pressure
The US Securities & Exchange Commission (SEC) is coming down hard on the crypto market. While XRP (XRP) is already fighting a long-winding lawsuit for being classified as a security, SEC has initiated another legal case on the wider crypto market. It has filed this case against the biggest crypto exchanges – Binance and Coinbase. In the lawsuit, they have classified over 60 cryptos as unregistered securities. Cardano (ADA) is one of the biggest names classified as “security”. It is also one of the biggest market losers due to this lawsuit. In just one month, Cardano (ADA) has fallen from $0.38 to $0.28 – more than a 25% loss of value.
With investors distancing themselves from Cardano (ADA), it has become even more difficult for Cardano (ADA) to reverse the downtrend in its prices. Cardano (ADA) bears have become stronger and are driving the prices of Cardano (ADA) even further down. The market capitalization of Cardano (ADA) stood at over $13 billion at the beginning of June 2023 and has fallen below $10 billion in just one month.
You can find out more about TMS Network: Website, Presale, Whitepaper, Telegram, Twitter.