DOGEthe native blockchain token Dogecoins inspired by dog memes, it skyrocketed at the same time as a broader upward movement in the cryptocurrency markets in recent days. Traders pushed cryptocurrency prices higher in hopes that the weakening US economic outlook, in the wake of last week’s ISM polls, will prevent the Fed from being too aggressive in its rate hikes this year.
The largest crypto meme by market cap evolved last time 1.7% more in the past 24 hours and around 6.4% more in the past seven days, according to CoinMarketCap. At current levels around $0.076DOGE is more than 15% higher than its lows it hit just before year-end around $0.066 and is back north of its 200-day moving average.
Some traders believe a break above $0.08 and a push above the 100 and 50 DMA into the $0.08 per token is in sight, which could open the door for a test of the early December highs above $0.11. Dogecoin’s rally is being felt positively across most of the meme sector of the cryptocurrency markets, with the Shiba Inu up about 10% over the past seven days.
The rise of Dogecoin to boost Tamadoge?
However, Dogecoin’s latest performance is yet to have a positive impact on Tamadoge (TAMA), a dog meme-inspired token that is supposed to provide much more utility to its owners than Dogecoin or Shiba Inu. For now, TAMA continues its downtrend as it has since mid-October, with the 21DMA recently providing resistance.
TAMA’s poor performance despite the broader rally in meme currencies baffled some investors. A higher valuation of cryptocurrencies such as Dogecoin and Shiba Inu suggests that cryptocurrency investors are becoming more inclined to invest in speculative meme cryptocurrencies. One might assume that this would strengthen TAMA, as TAMA is actually much more than a speculative meme cryptocurrency. It’s a cryptocurrency that will be the focus of a web3 metaverse gaming experience centered around Shiba Inu dogs.
TAMA owners need not fear. The technical bearish trend is keeping TAMA under pressure for now, but if the crypto meme rally continues, it is likely only a matter of time before TAMA reverses to move higher. A break of the long-term downtrend could open the door for a quick 60% rally towards the $0.02150 equilibrium zone.
What is tamadoge?
Tamadoge (TAMA) is the cryptocurrency token at the heart of the Tamaverse, a web3 ecosystem where users can create, raise and feed digital dogs called Tamadoge pets. Tamadoge pet owners accumulate Dogepoints for their efforts, and users with the most Dogepoints at the end of each month can claim Dogepool Monthly Earnings.
Tamadoge pet owners will also be able to use their dogs (which are non-fungible tokens) to play and compete for prizes in Tamadōge Arcadewhich will be available soon and will be another key part of the Tamaverse ecosystem. Tamadoge Arcade is expected to release in the third quarter of 2023according to the Tamadoge white paper, and is currently in beta testing.
Users will be able to choose which of their non-fungible Tamadoge tokens they want to use in each game. The Tamadoge team warns that users should “choose carefully” which non-fungible Tamadoge tokens they want to use in each game. Indeed, “different states (of Tamadoge NFT) affect different skills in the game, and NFTs will therefore be more suitable for certain games”.
Pet owners in Tamadoge will use the TAMA Token to purchase items from the Tamaverse Shop, whether it’s food, toys or accessories for their digital pets. 5% of these TAMA tokens will be burned, to ensure the token is deflationary in the long run. 30% will go to Tamadoge’s marketing and development fund. 65% will go to the Dogepool and will be distributed to the players with the most Dogepoints at the end of each month.