DOGE, the native token of the dog meme-inspired Dogecoin blockchain, has been pumping in tandem with a broader move higher in cryptocurrency markets in the last few days. Traders have been bidding up crypto prices in the hope that a weakening US economic outlook in the wake of last week’s soft US ISM surveys prevents the Fed from being too aggressive with rate hikes this year.
The largest meme coin by market capitalization was last changing hands around 1.7% higher in the last 24 hours and around 6.4% higher in the last seven days, according to CoinMarketCap. At current levels around $0.076, DOGE is over 15% higher versus the lows it hit just before the turn of the year around $0.066 and is back to the north of its 200-Day Moving Average.
Some traders think that a break back above $0.08 and a push above the 100 and 50DMAs in the low-$0.08s per token is on the cards, which could open the door to a test of early December highs above $0.11. Dogecoin’s rally is being felt positively across most of the meme coin sector of cryptocurrency markets, with Shiba Inu also up around 10% in the last seven days.
Dogecoin Pump to Boost Tamadoge?
However, Dogecoin’s latest pump has yet to lift Tamadoge (TAMA), an up-and-coming dog meme-inspired token that is set to provide much more utility to its owners than the likes of Dogecoin or Shiba Inu. For now, TAMA continues to move to the downside according to a technical downtrend that has been in play since mid-October, with the 21DMA also having recently provided resistance.
TAMA’s poor performance despite the broader meme coin rally has confused some investors. A higher valuation for 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 boost TAMA, given that TAMA is actually much more than just a speculative meme cryptocurrency – it is the currency that will be at the center of a Shiba Inu dog-focused web3 metaverse gaming experience.
The TAMA bulls should fear not. The technical downtrend is keeping TAMA under pressure for now, but should the rally in broader meme coins continue, it is probably only a matter of time until TAMA breaks higher. A break of the long-term downtrend could open the door to a quick 60% rally to the $0.02150ish balance area.
What Is Tamadoge?
Tamadoge (TAMA) is the cryptocurrency token at the center of the soon-to-be-released Tamaverse – a web3 ecosystem within which users can create, breed, and nurture digital dogs called Tamadoge pets. Tamadoge pet owners accrue Dogepoints for their efforts, and the users with the most Dogepoints at the end of each month can claim winnings from the monthly Dogepool.
Owners of Tamadoge pets will also be able to use their dogs (which are non-fungible tokens) to play games and compete against each other for prizes in the soon-to-be-release Tamadoge Arcade, which will be another key part of the Tamaverse ecosystem. Tamadoge Arcade is expected to be released in Q3 2023, according to the Tamadoge whitepaper, and is currently in beta testing.
Users will be able to choose between which of their pet Tamadoge NFTs they want to use in each game. The Tamadoge team warns that users need to “choose carefully” when selecting which of their Tamadoge non-fungible tokens to use in each game. Thats because “different (Tamadoge NFT) stat(istic)s affect different abilities in game, so some NFTs will be better suited to certain games”.
Tamadoge pet owners will use the TAMA token to buy things from the Tamaverse store, be that buying food, toys, or accessories for their digital pets. 5% of these TAMA tokens will be burnt, ensuring 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 be distributed to the players with the most Dogepoints at the end of each month.
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