It seems like there is a new headline about faux pas Twitter’s new CEO Elon Musk makes almost every day — from sending an email demanding the employees commit to Musk’s “hardcore” culture, where they are expected to work “long hours at high intensity,” to his controversial connections with polarizing political figures to his refusal to pay rent on his office spaces.

It’s unclear what impact, if any, this will have on Musk’s favorite crypto project, Dogecoin. But with his attention elsewhere and the Dogecoin price predictions looking poor, many are focusing their attention on an innovative new project revolutionizing the gaming space, Metacade, which is making waves after announcing that its beta presale round raised more than $1.12 million in just three weeks and is storming quickly toward hitting $2 million.

Read on to learn why the disruptive newcomer Metacade seems to buck the crypto market trend and looks set to continue to see its price climb.

Metacade is an innovative new GameFi project that has set its ambitions on dramatically improving the gaming industry using Web3 technology. It centers on a unique community hub that allows gamers to connect, play, and collaborate with one another.

A key feature of the Metacade ecosystem is the massive play-to-earn (P2E) library it is building, providing gamers with a way to earn an income while they play their favorite games. Metacade also offers rewards through other user actions, such as playing in competitive gaming tournaments and contributing to the platform in different ways.

The Metacade team’s strategy includes multiple revenue streams, including staking, which enables the project to become a sustainable platform that allows users to generate a passive income by holding the utility and governance token MCADE.

The project also takes an active role in pushing forward the depth of the ecosystem, with game developers able to apply for funding for their projects through a feature called Metagrants. Token holders can then vote on their preferred projects to determine the distribution of funding — just one signal of the governance rights the token holds even before the planned transition of the project to become a decentralized autonomous organization (DAO) by the end of 2024.

Metacade is powered by the MCADE token, and the utility the token provides is far-reaching. Beyond its use for staking, the token is used throughout the ecosystem for rewards and plays a key role in almost every user action as a medium of exchange.

To use the Metacade arcade, buy merchandise or enter competitive tournaments, users need MCADE tokens, and so as adoption of the platform rises, so with the demand for MCADE in order to use the platform.

The holistic approach taken by Metacade adds a lot of potential to the project, with initiatives like Metagrants having a direct secondary benefit by increasing the amount of Work2Earn opportunities there are for alpha testing. The W2E initiative also offers Web3 jobs and internships. Dogecoin lacks any of this kind of utility, which is a reason that recent Dogecoin price predictions look poor.

The Metacade whitepaper details the project’s roadmap and shows the potential of the undertaking. While most GameFi projects are limited in their scope and lack incentives for the users to contribute to growth, Metacade has clearly thought very carefully about how they can evolve and grow.

Metacade also leverages the Ethereum network for security, with MCADE meeting the ERC-20 standard. Not only this, but treasury accounts use multi-signature security to ensure their security. At the same time, the entire project has been submitted to respected Web3 auditor Certik in order to provide further reassurance to backers.

With so much potential, many investors see Metacade’s presale as an opportunity to get in early on a project destined for success. The project’s small team means that it can be much more agile than a huge behemoth — like Musk is finding at Twitter.

In addition, Metacade investors can also be reassured by the plans to transition into a DAO by the end of 2024. This is true to Metacade’s vision of being a platform run by gamers, for gamers, and as a result, investors are even more comfortable taking advantage of the amazing presale prices.

Is MCADE a better investment than DOGE?

While the Dogecoin project and the token DOGE are much more well-known, this is actually in Metacade investors’ favor and could be a reason behind a bearish Dogecoin price prediction. With a very high market cap, it’s very difficult for DOGE to continue to rise, and with Musk’s hands full for the foreseeable future, it’s unlikely to rise up to the highs seen briefly in 2021.

In contrast, Metacade offers an incredible chance to get in early on a project that shows signs of dominating the GameFi space in the future. The presale also comes with MCADE prices that are much lower than they will be in the future, likely locking in gains for early investors.

With nine stages of the presale ahead of its first major CEX, the Bitmart exchange, MCADE tokens offer incredible value at just $0.01 each in the current stage. It’s clear that Metacade is one of the best investments in crypto as a whole, let alone in comparison to Dogecoin.

You can buy Dogecoin at eToro here.

You can participate in the MCADE presale here.

Disclaimer: Insights provided by crypto industry players and is not a part of the editorial content of BanklessTimes.

• Dogecoin price seeks to break the losing streak of six weeks as it currently carries an 11% gain for the week.
• The May 19 low remains an obstacle for DOGE as the digital asset pursues a confirmation of the double pattern.
• Elon Musk reiterates support for Dogecoin in a live discussion with Twitter’s Jack Dorsey and major shareholder Cathie Wood.

Dogecoin price falters after breakout above May’s descending trend line. Probabilities of the breakout continuing do remain in favor of the bulls. Still, it will be challenging if there is no renewal in the momentum that accompanied the initial burst higher.

Elon Musk elaborates on ideas on how to use Dogecoin and Ethereum

During a widely anticipated live discussion with Twitter’s Jack Dorsey and successful investor Cathie Wood, Elon Musk reiterated his commitment to DOGE. He hinted at combining Dogecoin with Ethereum to max transaction rates and lower transaction costs.

“There may be some merit in combining something like ethereum and dogecoin.”

Despite his interest and bullish Dogecoin comments in the discussion and Twitter, Musk stated that he “might pump” but does not dump cryptocurrencies.

Musk also discussed his plans on Bitcoin, stating that Tesla will likely restart Bitcoin payment functionality and that SpaceX bought Bitcoin.

Overall, Musk was bullish about the cryptocurrency space and appeared optimistic on crypto mining evolution, such as the heat generated by mining computers being used for other purposes.

Dogecoin price momentum disappears

Finally, on July 21, Dogecoin price closed above the demanding resistance of May’s descending trend line, but the meme token failed to hold the 27% gain and closed with just an 11.44% move. Nevertheless, it was an inflection point despite the obvious scramble to use the strength to cut or liquidate DOGE positions.

The follow-through has been underwhelming as Dogecoin price has not traded above the July 21 high of $0.218, opting for three days of price churn near the May 19 low of $0.195 and a marginal gain. It is not the anticipated outcome for DOGE considering the breakout above May’s descending trend line from a bullish momentum divergence at the July low and a double bottom pattern triggering on the intra-day charts.

With the rebound now looking inconclusive, Dogecoin price may need a retest of the descending trend line now at $0.169, or even drop to the neckline of the governing head-and-shoulders pattern at $0.163 to generate renewed momentum. It would equal -18% downside potential for DOGE from the current price. 

Nonetheless, as long as Dogecoin price remains above those levels, it is fair to maintain DOGE projections to the upside. The opportunity is notable, with the 50-day simple moving average not appearing until $0.250, representing a 25% gain from the current price. If the bid is sustained, the cryptocurrency may reach the June 25 high of $0.291, putting a 46% profit on the table from the current price.

Based on the June 25 high target, DOGE investors are presented with a risk/reward ratio of 2:1.

DOGE/USD daily chart

A close below the neckline will introduce a fall to the April 23 low of $0.135. If there is a collective sell-off in the cryptocurrency complex, Dogecoin price may explore the support at the January 29 high of $0.100, marking a 39% loss from the neckline.

Moreover, the loss would turn all the primary support levels mentioned above into resistance, thereby erecting a barrier for Dogecoin price and suspending the aspirations of revisiting the May highs.

The reversal of the 27% gains on July 21 down to 11% combined with the price churn over the last four days is not the recipe for substantial gains and suggests that DOGE has fumbled the opportunity. However, as long as Dogecoin price holds above the immediate support, the probabilities are still slightly shifted to bullish outcomes moving forward, despite the disappearance of momentum.

Here, FXStreet’s analysts evaluate where DOGE could be heading next.