Tamagotchi followers are at it again: what is the Tamadoge memcoin (TAMA)?
The success of the first meme cryptocurrency, Dogecoin, prompted developers to create similar projects. Most of these projects have no value or are designed for scamming.
However, some bring something to the cryptocurrency industry and even expand the applicability of memcoins, for example, introducing them into the spheres of metaverses and DeFi. In this article, let's look at one such GameFi project.
What is Tamadoge?
Tamadoge is a blockchain project in the Play-to-Earn (P2E) memcoin category, launched in 2021 and positioned as the next "Dogecoin killer". What sets Tamadoge apart from other projects is that the team members are not anonymous except for the founder himself.
As it is easy to guess, the project's name comes from the popular 90's game Tamagotchi — the game that the developers were inspired by when creating Tamadoge. The game's mechanics are such that users can mint (create), breed and fight their virtual pets with other players.
Each pet is a pet-NFT digital asset that can be bought or sold on the Pet Store marketplace.
Tamadoge ecosystem
The core element of the ecosystem is the Tamadoge Arcade game, in which players breed their virtual pets, battle other users, and earn rewards. Tamadoge Arcade, like other products of the project, is part of the Tamaverse metaverse.
Another ecosystem product, Tamadoge Arena, is a dynamic survival game in which players battle multiple NFT beasts for supremacy and rewards. An update for Tamadoge Arena and a new NFT TAMA series was released in November 2023. The team has also launched a new 3D pet store and gives new players free NFTs.
Even more recently, the team launched a new Free-to-Play (F2P) game, Tamadogi, a complete analogue of Tamagotchi, evident even from the name. Tamadogi players must care for their pets, earning experience and TAMA tokens as rewards. In addition, Tamadoge introduces mini-games with a leaderboard. This way, players can choose the gameplay to their liking by developing their characters, playing short games, or simply switching between the two.
At the end of 2023, augmented reality (AR) was added, allowing players to merge the virtual world of the Tamaverse with the physical world. This product was the final stage of the 2023 roadmap, but the metaverse will gradually be updated with new products and features.
TAMA token
TAMA is an ERC-20 standard utility token issued on the Ethereum blockchain. The token is used to purchase NFTs on the Pet Store marketplace and to reward players in the P2E game Tamadoge.
The TAMA token was launched on September 28, 2022, and reached an all-time high (ATH) in its first week, rising from $0.027 to $0.16 — almost 6x. However, almost as quickly, the price collapsed to its previous values and continued to fall until August 2023, but then resumed its growth and increased from $0.007 to $0.009.
One of the main reasons for this growth was the growing bullish sentiment in the crypto market, which led to the rise in the price of many altcoins, including memcoins.
The maximum token issuance is 2 billion TAMA, of which almost 1.4 billion are circulating. Tamadoge's capitalization reached only $12 million but has been showing an upward trend for the past few months.
The Tamadoge team regularly conducts token burns, which can increase the attractiveness of investments. For example, 14.4 million TAMA tokens were burned in September 2023 and 12.5 million in November for more than $100,000. The token is traded on major exchanges such as ByBit, OKX, Bitget and Gate.io.
Tamadoge's prospects
The project's creators keep active on Twitter (X) and regularly publish posts about updates and upcoming project plans, token burn reports and various giveaways.
Another positive sign is that the team follows the roadmap and executes the plans outlined, releasing new products and updating existing ones.
The Tamadoge team has already launched a whole series of games where players can perform various actions with their NFTs and get rewards and is still planning to release a whole augmented reality (AR) based game and Tamadoge P2E in the first quarter of 2024, which will include, among other things, physical rewards.
However, there are some troubling signs, such as a warning on CoinMarketCap's TAMA token page that Tamadoge's contract includes a feature allowing creators to generate unlimited tokens. CoinMarketCap cautions against investing in the TAMA cryptocurrency and calls for DYOR, i.e. independent research into the project.
Conclusion
Tamadoge is not a one-day project parasitizing the success of popular memcoins like Dogecoin or Shiba Inu, but it does not represent something fundamentally new. However, the developers still put into the project ideas from various popular games like:
- Tamagotchi,
- PokemonGo,
- Axie Infinity combined all of them into one metaverse Tamaverse.
It is also worth considering the growing competition among the projects based on memecoins, as the famous projects Shiba Inu and Memeland are also not standing still and hardly want to give up their positions in the race for supremacy.