Tap-to-earn cryptocurrencies like DOGS, Hamster Kombat, and Catizen have had an underwhelming performance after their airdrops. Hamster has already plunged by over 50% from its highest level last week, while DOGS and Catizen have done much worse.
The same is true among other top tokens in the industry, including Notcoin, AveCoin, and Pixelverse. Now, traders are turning to Dogizen, one of the fastest-growing players in the Telegram tap-to-earn industry.
Most tap-to-earn tokens have flopped
Tap-to-earn has become one of the fastest-growing industries in the blockchain industry. For example, Hamster Kombat has moved from nothing into a vibrant ecosystem with over 300 million users globally.
Catizen, a Telegram mini-game, has accumulated over 40 million players while DOGS and TapSwap have over 70 million users.
These games have become highly popular for three main reasons. First, they are all easy to use, with no installation or console required. All one needs is a smartphone with a Telegram application installed.
Second, unlike traditional play-to-earn ones like Axie Infinity and Decentraland, these games are very simple to play. For games like Notcoin and Hamster, all you need to do to earn tokens is to tap a button and accumulate new tokens. You can also make more tokens by just following their social media accounts and doing simple tasks.
Third, these games are easy ways for people to make money since the tokens can be converted into fiat currencies after their airdrop.
The challenge, however, is that most of these tokens have flopped after their airdrops, costing players millions of dollars. Notcoin’s market cap has dropped from over $2.5 billion to below $800 million, while Hamster Kombat’s valuation has slipped from $700 million to below $400 million.
A likely reason for the sell-off is their tokenomics, future dilution, and traders who have exited their positions. For example, Hamster Kombat has 64.3 billion tokens in circulation against a maximum limit of over 100 billion. This means that holders can brace for more dilution in the next few years. Also, Hamster’s gamers only received 60% of all their holdings.
Dogizen will be the first ICO in Telegram
Dogizen aims to be the best player in the Telegram industry. For one, it will be the first Initial Coin Offering (ICO) on the ecosystem.
It is a dog-themed social game that has accumulated over 1.3 million users and over 393k daily users, making it one of the fastest-growing players in the industry.
Dogizen is aiming to benefit from the growing popularity of dog-themed assets like Shiba Inu and Dogecoin. It will also benefit from the ongoing demand for tap-to-earn platforms.
Unlike Hamster Kombat and Catizen, the developers have created more tools to ensure that it does well after the airdrop.
For example, it will have a community-driven launchpad, allowing third-party developers to build Telegram games.
Dogizen also has a full gaming arcade, which will add more features and games in the ecosyste. It also has a Dogizen SDK, which will give developers a chance to build and launch games, including other tap-to-earn platforms,Dogizen’s Initial Coin Offering will start on Friday. It will have 1 trillion tokens, with 40% of them going to the community. You can learn more about the Dogizen ICO here.
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