Tamadoge Price Retraces – Perfect Dip-Buying Opportunity?
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Tamadoge retraced today, but it appears to be a good opportunity to buy in a dip ahead of a breakout in price in the coming days and weeks.
At the time of writing, TAMA is trading at $0.036, down from last week's all-time highs of $0.194 and around 1% down in the last 24hrs.
However, amid a number of new developments in the coming days and weeks, several indicators appear to show that TAMA could be set for another surge in price.
Tamadoge Ultra-Rare NFTs On Sale
Although Tamadoge is a meme coin project at heart, the developers promised from the start that the token would bring more utility than other coins in the same asset category.
The first set of 100 ultra-rare Tamadoge pets went on sale last week - via auction on OpenSea - with the auction to close on Thursday, October 13, at 2:25 pm UTC.
Starting at 1ETH, Tamadoge #1 has attracted a top bid - so far - of 2.12ETH, 112% above the starting price.
The ultra-rare pets will boast boosted stats in the Tamadoge game, a Tamagotchi-style play-to-earn (P2E) game that will see players feed and grow their pets.
When the pets are fully grown, players battle against each other for the chance to move up a global leaderboard for rewards and prizes.
Furthermore, the game will have a direct impact on the price of TAMA through its burn mechanism in the pet store.
Toys, treats, and food for the pets are bought with TAMA in the pet store, and 5% of each transaction is burned, making the coin deflationary.
Later parts of the roadmap show more P2E mini-games will be released in the Tamaverse, while an augmented reality app is in development and set for release in Q4 2023.
Players will be able to take their pets out into the real world to explore and hunt.
It is rumored that Tamadoge developers will be making an announcement on game development this week, while it is still to be revealed when the remaining 21,000 NFT pets (1,000 rare and 20,000 common) will go on sale.
TAMA Holders Continue to Increase
While there has been sideways movement in the TAMA price in recent days, with the coin ranging between $0.035 and $0.04, there are other indicators that appear bullish.
TAMA remains the third-largest meme coin by volume, trailing only Dogecoin and Shiba Inu, with $11 million traded in the last 24hrs.
According to CryptoInsights, TAMA also remains among the top trending meme coins on social media.
RichQUACK is the runaway leader on that list - and has made gains of 21% in the last 24hrs - but on much lower volume ($7 million) than TAMA.
This would indicate that TAMA is being heavily traded and scalped, preventing a true breakout in price.
Another indicator that would support that hypothesis is that despite the price falling in the last day, the number of holders has actually increased in the last 24hrs, according to data on Etherscan.
This suggests that investors continue to take profits or scalp, but the vast majority are keeping their position in the coins as they remain bullish on the long-term potential.
An application for a listing on Binance has also been completed and submitted and a listing on the world's largest exchange will see the price skyrocket.
Price Prediction: Tamadoge to $1?
While Tamadoge remains a long way from reaching $1, the likelihood the coin reaches that target one day is many times larger than some of its larger and trending rivals.
Tamadoge features a small supply of coins for a meme project – just 2 billion – which pales in comparison to the likes of DOGE, SHIB, and QUACK.
Dogecoin has an infinite and ever-increasing supply (with a current circulation of 130 billion), meaning reaching $1 would take a huge amount of investment to get to that level.
Meanwhile, TAMA needs a market cap of just $2 billion to reach $1 - and less, considering the pet store burn that will see 5% of tokens burned.
Both SHIB and QUACK are hyper-deflationary - however, given the massive size of their initial supplies, it is hard to see them betting TAMA to $1.
SHIB's supply is currently 550 trillion - 275,000 times bigger than TAMA - while QUACK has a 50% burn mechanism, but its supply started at an initial 100,000,000,000,000,000 (100 quadrillion).