Axie Infinity Price Slips, But Play-to-Earn Meme Coin Tamadoge Pumps 20% on Super Doge Game Launch News
Tamadoge is the top-performing major meme coin today, trading up 19% at $0.0176, after announcing its first game – Super Doge – will launch this week.
Tamadoge currently has five games in beta testing in its Games Arcade, which makes it somewhat different to the run of the milll memes coins lacking in utility.
Play-to-earn giant Axie Infinity is up 33% in past 7 days – helps lift TAMA?
Interest in the coin is perhaps being rekindled by the performance of the standout play-to-earn coin Axie Infinity, helping to refocus investor and trader attention on coins in the P2E games sector.
AXS is up 33% in the past seven days although is down 7% today at $11.90.
Axie is the original P2E success story, but following the $650 million Ronin bridge hack the price collapsed and many users fled the game.
There are signs of that changing with a revamped game that has addressed some of the flaws in the original, which seemed to emphasise attracting speculative hot money.
The original Axie game also funnelled users into repetitious and boring gameplay in order to earn rewards in the form of the in-game currency Smooth Love Potions (SLP).
On a more near-term view, the unlocking of 1.8% of AXS supply was met by a pump in the price on the expectation of a counterveiling announcement to forestall a bearish reaction by market participants.
AXS has held on to most of those gains, peaking at $13.68 on a 7-day view, but retracing lower since then.
Meme coin revival and games arcade utility means Tamadoge stands out from the crowd
At this point then, Tamadoge looks like a much better bet for market-beating returns over the short term.
Returning to the meme coins sector, all major coins have added value over the past 7 days, and that has had the effect of lifting all boats to some extent.
Alongside Tamadoge, other top performers over seven days include Shiba Inu up 12% at $0.00001195, Baby Doge Coin up 13%, FLOKI 22% higher at $0.00001181 and sector bellwether and the largest cap coin, Dogecoin, up a more sedate 5% to $0.08842.
Tamadoge is far and away the top gainer over the past 24 hours.
Ultimately a coin will rise or fall on the strength of its product and on that basis, Tamadoge has a lot going for it. Its first game – Super Doge – comes out of beta this week, according to a post on the official Telegram channel and Twitter:
It is that announcement that has started to pull in buyers of the TAMA token
According to beta tester reviewers, Super Doge is the most skill-led of the games currently being tested in the Arcade, so it is a smart move by the team to release that one first. It is also the most addictive judging by games data shared with cryptonews.
The other four games, which will no doubt be coming along for full release shortly, are Rocket Doge, To The Moon, Tama Blast and Tamadoge Run.
The upside for the TAMA price is potentially 10x in the near term given the token is 90% off its all time high printed on 5th October last year of $0.196.
But when the first game is actually released investors will then have a real product with which to assess the potential of the project.
The Telegram announcement of the Super Doge release speaks of Tamadoge as the future of Play to Earn – that statement might not be too far off the market. It could also be the future of meme coins.