Tamadoge price has been a disappointment for the past few weeks, after starting strongly in the first two months of its existence. In November, it dropped by 39 per cent to close the markets trading at a $0.019 price level. In the first two trading sessions of December, it has also continued to show weakness in the markets and is already down by less than a percentage point.
As a memecoin looking to replicate the success of Dogecoin, Tamadoge started strongly after its launch in September. At some point, it was trading 1000 per cent above its opening launch price. It also gained traction with most memecoin users due to its approach to the memecoin economy.
Unlike other memecoins that depended on the traction of their users, the Tamadoge token would utility in NFTs and their play-to-earn model that included a metaverse known as Tamaverse where its users could interact and play with their friends. Therefore, its growth did not solely depend on more people investing for its price to go up.
However, in November, the FTX Crypto exchange collapse pushed the entire cryptocurrency industry to the edge, with most cryptocurrencies aggressively starting a bearish trend. Tamadoge, due to its significant correlation with the industry, was also impacted by the collapse and traded in tandem with the industry.
However, unlike other cryptos that did not aggressively push to the downside, Tamadoge failed to recover from the drop and ended up closing the markets with a 39 per cent price drop.
December is also looking likely to continue the bearish trend, with the first two trading sessions already down by less than a percentage point. Today’s attempt to push to the upside also shows a lack of volatility and momentum, which may further cause the Tamadoge price to continue falling. There is a high likelihood that we might see the crypto trading below the $0.017 support level in the coming sessions and possibly as low as below the $0.015 price level.
This post was last modified on Dec 02, 2022, 10:19 GMT 10:19