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Even established projects including Bitcoin (BTC) and Ethereum (ETH) are losing market share to emerging protocols. Along these lines, Dogecoin (DOGE) has not been left behind. Though commanding billions in market cap, the first meme coin faces stiff competition from new projects.

In 2023, NuggetRush (RUSH) is growing at a faster pace than DOGE, looking at its performance over the past few weeks. In the ongoing NUGX presale, NuggetRush supporters are confident their ERC-20 token has more upsides to even challenge and possibly outperform Dogecoin in the days ahead.

This article looks at both projects and assesses whether DOGE may underperform emerging low-cap market cap launching on Ethereum in late 2023 and through to 2024, where the market is expected to recover after two years of depressing lower lows.

What is NuggetRush?

NuggetRush is changing how the meme coin market works. From the first days of the industry that has since grown to command billions in market cap, meme coins were considered jokes and didn’t hold utility.

Holders were mostly degens, willing to risk capital to turn their small amounts into fortunes. Over the years, including early DOGE supporters, successful meme coins that gained traction have rewarded the same degens. However, this model was not sustainable.

NuggetRush aims to change this narrative by launching a meme coin in NUGX but tying utility with a play-to-earn (P2E) game and other on-chain revenue-generating activities like non-fungible token (NFT) staking and a deflationary model.

The NuggetRush P2E game revolves around mining minerals, and teams lucky enough to extract valuable assets represented as NFTs receive rewards, which also support real-world artisanal miners in underdeveloped countries.

These NFTs can be traded in the platform’s internal marketplace, similar to OpenSea, but NUGX acts as a medium of exchange. NuggetRush users can also create custom avatars as NFTs and list them on the internal P2P marketplace.

NuggetRush charges no selling or buying tax within this ecosystem, meaning traders can’t pay extra. Gamers can also receive rare NFTs, RUSHGEMs, which can be swapped for physical gold and delivered to the player’s doorstep.

Beyond gaming, the deflationary model incorporated by NuggetRush will gradually reduce circulating supply, possibly supporting prices, especially once NUGX launches and lists on leading crypto exchanges.

In the ongoing presale, NuggetRush has raised over $550,000 from the over 50 million NUGX sold. Currently, each NUGX is trading for 0.012 USDT.

Taking On Dogecoin

As mentioned earlier, Dogecoin remains a reference to meme coins, primarily because of its market cap, which currently stands at over $10.81 billion when writing on Nov. 23.

DOGE has been trending higher, rising as the broader market recovers. The sharp expansion of Bitcoin (BTC) has benefited altcoins, including DOGE.

However, the leg up in DOGE could be driven by news of Astrobotic Technology approving an application by the Dogecoin community to send a physical Dogecoin to the moon via a DHL Moonbox. Peregrine Lunar Lander will deliver this in December 2023.

Ahead of this event, DOGE and meme coins, including NUGX, could edge higher. Even so, it is yet to be seen how DOGE prices will react after the general excitement in the Dogecoin community fades in the first few weeks of January 2024.

Conclusion

Crypto is volatile, but this is even more amplified in meme coins. Though commanding a multi-billion market share, Dogecoin is under pressure and continues to cede market share to emerging meme coins offering more utility. In the ongoing presale, NuggetRush has raised over $550,000, ahead of Astrobotic Technology’s plans to land the first physical DOGE on the moon.

Visit NuggetRush Presale Website

Disclaimer

This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content.

The post Has Dogecoin Met Its Match? NuggetRush Shows Results After Raising $550,000 appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ November 24, 2023 2:22 pm