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Even though Tamadoge’s price dropped today, it seems like a good time to buy because a price breakthrough is likely in the next few days or weeks. TAMA is priced at $0.036 at the time of this writing, down from last week’s record high of $0.194 and down around 1% in the previous 24 hours. Nonetheless, a number of signs suggest TAMA might be poised for another price spike in the coming days and weeks in the wake of a number of fresh occurrences.
Sale of Ultra-Rare Tamadoge NFTs Now Live
Despite the fact that it started as a meme currency project, the creators of the token assured the public that it would be more useful than similar cryptocurrencies. Last week, an auction on OpenSea began selling 100 Ultra-Rare Tamadoge pets; the auction will end on Thursday, October 13 at 2.25 p.m. UTC. The highest offer so far for Tamadoge #1, which started at 1ETH, is 2.12ETH, 112% over the initial asking price.
In the Tamadoge game, users will feed and nurture their pets in a play-to-earn (P2E) game similar to Tamagotchi, and the ultra-rare pets will have enhanced statistics. When the pets reach adulthood, players compete in fight for the chance to rise on the worldwide leaderboard and earn awards and prizes. Also, the game’s burn mechanism in the pet market will have an effect on the value of TAMA.
TAMA is used to purchase pet supplies like as food, toys, and treats, and 5% of each transaction is burnt to prevent inflation. There are other free-to-play mini-games planned for the Tamaverse later in the roadmap, and an augmented reality app is scheduled for delivery in the fourth quarter of 2023. The players may go outside with their pets and do things like exploring and hunting.
It is unknown when the remaining 21,000 NFT pets (1,000 rare and 20,000 common) will be on sale, but makers of the Tamadoge game are expected to make a development announcement this week.
Tamadoge’s Popularity Steadily Rising
TAMA’s price has been rather stable over the past several days, fluctuating between $0.035 and $0.04 per coin, although other signs are optimistic. Only Dogecoin and Shiba Inu saw higher trading volumes than TAMA, the third largest meme currency, with $11 million changing hands in the previous 24 hours. CryptoInsights reports that TAMA is still a popular meme coin.
Even though RichQUACK’s volume is $7 million smaller than TAMA’s, it still leads the pack and is up 21% in the previous 24 hours. As a result, TAMA is likely being actively traded and scalped, preventing a price breakthrough. Data from Etherscan also suggests that the number of holders has climbed over the last day despite the price drop, lending further credence to this theory.
This indicates that investors are still selling their coins for a profit, a practice known as “scalping,” but that the great majority of them are preserving their holdings because they are optimistic about the coins’ long-term prospects. As expected, the price surged once the token was listed on Binance, the largest cryptocurrency exchange in the world.
Are There Chances Of TAMA Crossing the 1$ Mark?
When compared to some of its larger and more popular competitors, the chances of Tamadoge hitting $1 are many times higher. Compared to other meme projects like DOGE, SHIB, and QUACK, Tamadoge’s currency supply of 2 billion is laughably low.
Due to its limitless and ever-increasing supply, Dogecoin’s current circulation of 130 billion means it would require a massive investment to achieve $1. Meanwhile, a market valuation of just $2 billion is required for TAMA to reach $1 — and even less when accounting for the 5% token burn at pet stores.
Although both SHIB and QUACK are hyper-deflationary, it’s impossible to imagine either betting TAMA to $1 given the large amount of their starting supply. The total supply of SHIB is now at 550 trillion, which is 275,000 times larger than TAMA, whereas the supply of QUACK is limited to 100 quadrillion and has a burn mechanism of 50%.
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