In the current bear market, meme coins have taken an especially hard hit. Dogecoin ($DOGE) has been one of the biggest casualties, but on-chain data suggests that it might be oversold. Amid the bearishness, the revolutionary NFT marketplace, Domini.art ($DOMI) has grabbed investors attention. And even crypto big-wigs like Solana ($SOL) are lagging behind.
Let’s find out why analysts believe that $DOMI will take over $DOGE and $SOL this September to become the best crypto to buy.
Can Dogecoin ($DOGE) Surge as Technical Indicators Suggest It’s Oversold?
The months of August and September have been very hard on meme coins, especially Dogecoin ($DOGE). The only surge witnessed by $DOGE was after Grayscale’s victory over the SEC. $DOGE rose to $0.067 on August 30 before entering into a correction again. $DOGE is down by 7.4% to trade at $0.062 on September 19.
Along with the bear market woes, lawsuits against Elon Musk and the Dogecoin Foundation are creating selling pressure on $DOGE. The $258 billion lawsuit took a new turn on September 18 to include Dogecoin co-founder Billy Markus among others. They have categorically denied any allegation of wrongdoing, but the outcome is still awaited.
With intense selling pressure, on-chain analysis revealed that $DOGE is oversold and could soon pump. However, given the topsy-turvy state of the crypto market, analysts advise to exercise caution before investing in Dogecoin ($DOGE).
Domini.art’s ($DOMI) Innovation Ushers in an Art Renaissance
The traditional arts marketplace is a club exclusive to only the elites. It also suffers from issues of lack of transparency and forgeries. Domini.art changes that by bridging traditional arts with advanced blockchain technology. It is a blockchain-based NFT marketplace where traditional artworks are tokenized as NFTs to invest in.
But what separates Domini.art from other marketplaces is that art enthusiasts can buy fractionalized artworks instead of the entirety. Through fractionalized ownership, traditional artworks become accessible to all. These stakes in the ownership of artworks can be traded over the Domini.art’s marketplace.
The platform’s native token is $DOMI, with a deflationary burn mechanism built-in to reduce its supply over time. The token also has a dedicated vesting period to fester long-term commitment among the investors. Currently, the $DOMI token is in Stage 1 of its presale at a price of $0.002625 per token. Once the presale ends, it will attain a price of $0.0154 per token giving a 487% return to its investors.
The gains and utility for $DOMI have led analysts to believe that it will surge past $DOGE and $SOL.
Solana ($SOL) Stuck in a Limbo as FTX News Overshadows Ecosystem Growth
One of the most innovative blockchain networks, Solana, has shown immense strength in the bear market. After Grayscale’s victory, $SOL witnessed a relief bounce along with the entire crypto market. $SOL rose to $21.85 on August 30 and has been in a downtrend since then. $SOL is down 7.5% to trade at $20.19 on September 19.
VISA announced on September 12 that it is partnering with Solana for its Stablecoin Settlement Program. Moreover, Magic Eden released Compressed NFTs (cNFTs) on September 15.
As Solana ($SOL) works on cementing its place as one of the top crypto coins, its price has failed to show momentum. This has been exacerbated by FTX getting permission to liquidate more than $1.16 billion $SOL, among other assets.
Analysts are waiting for the impact of the FTX’s liquidation on $SOL before making an investment decision on the token. $DOMI, on the other hand, has become the favorite choice to overtake both $DOGE and $SOL.