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Shiba Inu and Dogecoin are no longer the only big dogs in the cryptocurrency meme coin niche. Tamadoge is the latest rave, and crypto investors are going crazy over its massive profits.
As a joke, Dogecoin was first developed in 2013 as a parody of Bitcoin and was given the Shiba Inu dog online craze's moniker. It is "doge" rather than "dog" because the dog's spelling was unclear. It has ranked among the most widely used cryptocurrencies globally in a few years.
The popularity of DOGE skyrocketed after Elon Musk tweeted about it; at its peak, it had increased by 12,000%. Due to Elon Musk's participation in Saturday Night Live and the numerous online memes that supported it, many people thought that DOGE would eventually reach $1. Instead, it has decreased from its height of $0.731 to $0.062 in today’s market.
On the other hand, Ryoshi, a creator who prefers to remain unidentified, invented the Shiba Inu coin in August 2020. We are unsure about the genuine identity of the creator, just like with Bitcoin and Satoshi Nakamoto. Ryoshi may not just be a single person but a collection of persons for all we know. It is a Dogecoin altcoin named after the Shiba Inu Japanese dog breed. Shiba Inu, like dogecoin, has amassed a massive following on the biggest cryptocurrency exchanges because of memes, tenacity, and a cute dog.
Due to the highly volatile nature of the global crypto market since the start of the year, Shiba Inu and Dogecoin tokens have experienced massive price downturns and are a fraction of what they should cost.
The matter is further compounded by their lack of utilities in the real market.
What is Tamadoge?
Tamadoge is a meme cryptocurrency with strong tokenomics, real-world applications, a P2E game, a unique Metaverse, and NFT technology. TAMA, the main currency for all platform-related transactions, is the project's native governance token. It has more functionality and technological capabilities than any other meme currency now available on the market.
Even though the game hasn't even debuted yet, the idea has already garnered a sizable number of investors.
Regarding what the project does, the Tamadoge system effectively integrates NFT trading with virtual pets. It has a moniker similar to the Tamagotchi, a well-liked digital pet in the late 1990s. The Tamadoge whitepaper explains that Tamadoge dogs are at the core of the Tamadoge initiative. These mintable, tradeable NFTs pets can be bought with your Tamadoge token.
Every Tamadoge Pet is created or minted as a child with unique qualities, benefits, and drawbacks. Your Tamadoge pet can grow as you feed and play with it over time. How you care for your pet will affect how it develops and grows. When your Tamadoge pet reaches adulthood, it may compete against other players' pets in the Tamaverse, the Tamadoge combat arena, to become the top Doge on the scoreboard.
In other words, players may purchase their NFTs, watch them grow, then engage in player-versus-player combat if they want to win them.
The Hype Behind Tamadoge
Currently, the ERC-20 meme coin TAMA is supported on the Ethereum blockchain and is listed on OKX (formerly OKeX) centralised and decentralised trade platforms. Here are some reasons Tamadoge coins are highly favoured in the crypto market.
It is a deflationary token
TAMA tokens appear deflationary because of their fixed supply of two billion and 5% burn rate. The token value is expected to increase over time since deflation promotes scarcity. On the other hand, Dogecoin has raised its entire currency supply since its introduction from 100 billion to 132 billion tokens, while Shiba Inu has a total of one quadrillion tokens.
5% of all TAMA transactions result in inactivated tokens each time a player or investor purchases an item from the Tamaverse's shop. This guarantees that the supply of the coin will eventually decline. The developers' decision to boost demand for a finite number of tokens increases the probability of price upturns for TAMA pairings.
It has a secure network
Solid Proof and Coinsniper have thoroughly examined Tamadoge (TAMA) as an early contender to set itself apart from other meme currencies by raising concerns about its legality. This confirms the project's excellent security protocols and establishes it as a legitimate undertaking.
Efficient NFT interoperability
One of the greatest accessible metaverse games is offered to players by the Tamadoge platform, which aims to leverage web 3.0 protocols. On the site, users may purchase, create, and exchange Tamadoge pets—virtual canine-like avatars used in games. As NFTs, these characters now have smart contract capabilities (Non-Fungible Tokens).
Each NFT, as was already said, has unique traits, benefits, and disadvantages. TAMA tokens are used to pay for in-game prizes.
Dogecoin and Shiba Inu do not have NFT features for interoperability with the budding metaverse. The Shiba Inu development team revealed that they are in the process of creating a Shiberse ecosystem for the metaverse. They disclosed that there would be unique NFTs associated with the proposed project.
No tax on all transactions
The Tamadoge project remains untaxed, unlike other crypto projects that charge traders and gamers for every transaction using their tokens. According to the Tamadoge team, they are building Tamadoge to be self-sufficient and, as such, do not need to charge users for conducting transactions within the Tamaverse. They stressed that the project would remain tax-free for as long as possible.
It is listed on OKX DEX and CEX
OKX became the first crypto exchange to list the Tamadoge coins, and the listing went live for spot trading on Tuesday, September 27, 2022. Presale investors can now claim and store their TAMA tokens on OKX wallets. The OKX team revealed that investors who cannot sign up on their centralised platform due to geographical restrictions could do so on OKX DEX. TAMA is listed on the LBANK crypto exchange, according to the latest information on Tamadoge's official website and social media profiles.
Price Actions of TAMA From Presale to Present
Tamadoge presale was launched at $0.01 during the first phase, and the price subsequently increased to $0.02 and $0.03 during later phases. The presale generated over $19 million at the end of the ninth phase. The coin pairing, TAMA/USDT, was listed at $0.03 on OKX. It took a deep dive soon after it went live due to the general high volatility in the crypto market. The token later rebounded to $0.028. Early presale investors have made over 100% profit since the coin got listed on OKX.
Conclusion - The Future of TAMA
Tamadoge has only been on the market for a few days, and it trades at $0.023. But given the state of the cryptocurrency market, crypto analysts anticipate further price declines as the sector struggles. In the upcoming trading sessions, Tamadoge will probably trade for less than $0.020. With a mere $23 million in market capitalisation, the project's trading activity on the previous day was excellent, showing that despite the projected dip, it already has a sizable user base using the meme coin for transactions.
The biggest benefit is that it will recover quickly whenever the bitcoin market resumes a positive trend.
This article is brought to you by Crypto PR and is not necessarily representative of the views of The Herald.
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