Dogecoin (DOGE), the popular meme coin created in 2013, has seen its fair share of price volatility over the past year. After surging to an all-time high of $0.73 in May 2021 amid a flurry of retail investor interest, the price of DOGE has since pulled back significantly and now hovers around $0.078.
While Dogecoin still commands a loyal following in the crypto community, some analysts argue its tokenomics leave much to be desired compared to newer crypto projects entering the market. One such project catching the attention of analysts is Pandoshi (PAMBO), a new community-driven decentralized finance (DeFi) protocol championing privacy, decentralization and monetary freedom.
The Case for Switching From Dogecoin to Pandoshi
Unlike Dogecoin, which does not have a supply cap, Pandoshi has implemented a hard cap of 2 billion PAMBO tokens. Additionally, the project has built-in token burning mechanisms on track to remove 80% of PAMBO from circulation over time through its buyback-and-burn protocol. This makes PAMBO an intentionally deflationary asset.
On top of its buyback-and-burn mechanism, Pandoshi is developing its own Layer 2 blockchain called Pandachain, complete with an EVM-compatible zkEVM that offers private transactions at scale. The protocol also includes a decentralized exchange, PandoshiSwap, featuring PAMBO trading pairs that enable trustless swaps while also burning tokens with each trade.
In addition to superior tokenomics, one of the main cases analysts are making for switching from DOGE to PAMBO comes down to growth potential.
As a well-established cryptocurrency with a $10 billion market cap, Dogecoin may have a harder time rallying to fresh all-time highs during the next bull market cycle. Pandoshi, on the other hand, remains early in its growth journey, which suggests more room for upside in a shorter period of time.
Last month, Pandoshi launched the Pandoshi Wallet for Android users, with an iOS app slated to launch soon. The team has also confirmed exchange listings on Uniswap, Binance and Coinbase lined up for 2024. This level of development in such a short period of time is quite impressive for an emerging DeFi protocol.
Dogecoin Price Outlook Remains Murky
Analysts remain cautious about Dogecoin’s short-term outlook given recent price action. After failing to break past the $0.080 resistance level over the past week, DOGE saw its price dip below the $0.078 support level on February 6th.
On-chain data reveals over 413,000 new Dogecoin wallets were added in January 2024 alone, indicating strong interest from retail investors. At the same time, both the Relative Strength Index (RSI) and recent long liquidations around $0.083 paint a blurry picture regarding where Dogecoin may head next in terms of pricing.
One thing working in DOGE’s favor is its significant social media hype. However, meme mania has cooled, and Dogecoin lacks the real-world utility offered by competitors like Pandoshi.
In the fast-paced environment of the crypto industry, new projects constantly emerge aiming to improve upon the shortcomings of existing protocols. Pandoshi represents one such ambitious new initiative seeking to address the deficiencies in Dogecoin’s tokenomics while also building a whole new private DeFi ecosystem fueled by PAMBO.
Explore the following links for detailed information on Pandoshi (PAMBO):