Meme coinMeme coin after over a week of seeing attractive gains have started to cool off as the market consolidates. However, TAMA, one of the newest and most promising meme coins, appears to be approaching an attractive buy region right now.

TAMA Price Action

Currently, TAMA trades at $0.02802, which indicates a downtrend of 1.79% in the past 24 hours, mirroring price drops across many other meme coins in the market.

Digital assets such as Dogecoin (DOGE) and Shiba Inu (SHIB) are currently trading down – a far cry from the past week, where they notched impressive gains.


Transitory Setback for Doge-Themed Coins

The week’s downtrend has been largely due to the same reason doge-themed meme coins surged last week. Most meme coins saw their prices skyrocket after billionaire Elon Musk completed his takeover of Twitter.

Since April, Musk has been working towards a $44 billion takeover of the social media giant. When the news of his takeover broke, meme coin values surged significantly. DOGE was the biggest beneficiary, rising as high as $0.15 – its highest point since April. Other crypto assets in this sub-category have seen their prices surge significantly, including Tamadoge (TAMA). The asset’s value surged as high as $0.003713.

However, Musk’s first week as Twitter’s new head honcho hasn’t been especially rosy. The billionaire’s new reforms have ruffled several feathers, leading to one controversy after another.

Musk fired Twitter’s Chief Executive Officer, Parag Agrawal, and several members of the company’s C-suite as he officially dissolved the board and took full control of the company.

However, Musk’s new employee policies have been the most controversial move so far.

Yesterday, reports confirmed that the billionaire could roll back several company benefits given to Twitter employees during coronavirus pandemic, including remote work policies.

Musk is also reported to be looking towards a company-wide layoff that will see about 3,700 employees, close to 50% of Twitter’s workforce, lose their jobs. All of these culminated in a massive class-action lawsuit filed against the company and Musk.

According to a Bloomberg report, Twitter employees are suing Musk for firing them without giving proper notice, a violation of California and federal labor laws.

With such a tumultuous record, it appears that the same Twitter hype that led to meme coins’ rise has now become their undoing.

Meme Coin TAMA Set for Breakout Week

Despite the drop in the prices of meme coins, one digital asset that many investors are talking about is TAMA. The crypto asset is the native token for Tamadoge – a self-styled “play-to-earn Dogecoin” that allows players to purchase non-fungible tokens (NFTs) related to digital pets. Players can groom and battle their pets against those of others, with battle winners earning the platform’s TAMA tokens as winnings.

This week, Tamadoge’s developers announced that they had entered another testing stage for the Tamadoge platform. The testing phase allowed them to work out several core features of the Tamadoge ecosystem, including Tama City and Doge Desert, two locations within the game where battles will be staged.

Tamadoge’s developers also confirmed that they are almost set to launch the Tamadoge Arcade, a primary location where players can battle their NFT pet.

The launch of the full Tamadoge platform is set to be the biggest catalyst for a TAMA price surge. And as investors look out for gains, this is one crypto asset that could deliver huge profits in the long term.

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