DOGEthe native blockchain token Dogecoin inspired by dog memes, soared at the same time as a broader upward movement in cryptocurrency markets over the past few days. Traders have pushed cryptocurrency prices higher on hopes that a weakening US economic outlook, in the wake of last week’s ISM surveys, will prevent the Fed from being too aggressive in its rate hikes this year. .
The largest crypto meme by market capitalization last evolved around 1.7% more in the last 24 hours and around 6.4% more in the past seven days, according to CoinMarketCap. At current levels around $0.076DOGE is over 15% higher from the lows it hit just before the turn of the year 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 50DMA 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 Shiba Inu also up around 10% in the past seven days.
The rise of Dogecoin to boost Tamadoge?
However, Dogecoin’s latest performance has yet to positively impact Tamadoge (TAMA), a token inspired by dog memes that should provide far 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 also recently providing resistance.
TAMA’s poor performance despite the broader rally in meme currencies has some investors baffled. 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 would assume that this would boost TAMA, given that TAMA is actually much more than a speculative meme cryptocurrency. It’s a crypto that will be at the center of a Shiba Inu dog-centric web3 metaverse gaming experience.
TAMA holders need not be afraid. The bearish technical trend is keeping TAMA under pressure for now, but if the rally in crypto memes continues, it’s likely only a matter of time before TAMA reverses to rally higher. A break in 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 center of the Tamaverse, a web3 ecosystem in which users can create, raise and nurture 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 monthly Dogepool earnings.
Tamadoge pet owners will also be able to use their dogs (which are non-fungible tokens) to play games and compete for prizes in Tamadoge Arcadewhich will be available soon and will be another key part of the Tamaverse ecosystem. Tamadoge Arcade is expected to release in Q3 2023according to the Tamadoge whitepaper, and is currently in beta testing.
Users will be able to choose which of their non-fungible Tamadoge tokens they wish to use in each game. The Tamadoge team cautions that users should “choose carefully” which non-fungible Tamadoge tokens they wish to use in each game. Indeed, “different statuses (of Tamadoge NFTs) affect different abilities in-game, and NFTs will therefore be better suited to 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 that the token is deflationary in the long term. 30% will go to Tamadoge’s marketing and development fund. 65% will go to the Dogepool and will be distributed to players with the most Dogepoints at the end of each month.