Tamadoge had a large correction to $0.06 overnight – but the price has since rallied and looks primed for another break out ahead of their ultra-rare NFT collection dropping.
Amid rumors of scalping in China and the LBank and MEXC listings triggering a ‘sell the news event’, TAMA fell to a low of $0.064 in the early hours of Thursday morning.
However, the price has since recovered with the charts showing a parabola break that could send it rocketing even further.
TAMA Corrects before Recovering
Following an incredible – and virtually unimpeded – rise to its all-time high of $0.197 on Tuesday, TAMA finally had a big correction, retracing all the way down to $0.064 in the early hours of Thursday.
Some analysts suggest that a number of factors at play, including early presale investors taking profits at the top, new listings triggering ‘sell the news events’ and late buyers in overbought positions panic selling – there are also rumors of traders scalping in China.
Other analysts suggest the meme coin was due a correction, with some even welcoming the news to allow them to take up new positions at a much lower entry point.
The sell-off was bloody but only short and within six hours TAMA had again reached $0.10 – 1,000% above the early presale price and more than 300% over OKX’s initial exchange offering (IEO) list price.
Investors continue to be attracted to TAMA, with the coin remaining third by volume in the meme coin category – trailing only Dogecoin (DOGE) and Shiba Inu (SHIB) – at more than $110 million over the last 24 hours, a near-50% increase on the previous 24hrs.
Furthermore, Etherescan information shows that the total number of TAMA holders continued to go up even during the sell off, showing new investors continue to be attracted to TAMA and many were taking profits or trading rather than completely abandoning the project.
Currently trading between $0.10 – $0.12 at the time of writing, traders are predicting possible outbreak to new all-time highs with more new listings announced and the first part NFT collection set to go on sale.
BKEX will next list the coin on October 6 and Coinsbit on October 7 (both 12pm UTC).
A Binance listing continues to be rumored, with an application for listing on the world’s largest exchange completed and submitted by the Tamadoge team.
Ultra-Rare NFT Collection set for Release
The huge appeal for Tamadoge not only comes from the meme coin potential of the TAMA token, but because of the wider Tamaverse, which includes play-to-earn gaming and NFT ownership.
The first NFTs in the collection go on sale today (October 6) on OpenSea, with 100 ultra-rare Tamadoge Pets up for grabs.
The Pets, molded on the Tamagotchi craze of the 90s, are NFT dogs that owners can look after, feed, care for and train, before battling other holders to move up a global leaderboard and win TAMA and other prizes.
The ultra-rare collection will include improved stats – boosted speed, agility and awareness – giving the owners a 90% improved chance of finishing higher on the leaderboard than holders of rare or common Tamadoge pets.
The play-to-earn portion of the Tamaverse will also keep the TAMA token deflationary with 5% of all transactions in the pet store – where holders buy treats, toys and food for their pets – being burned.
The rare and common collections will be released in the coming months, with 1,000 rare pets and 20,000 common pets for sale.
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