The dog meme-inspired Dogecoin blockchain’s native token, DOGE, has been inflating recently along with a general upward trend in cryptocurrency markets. Traders have been driving up the price of cryptocurrencies in the hopes that the Fed won’t be too aggressive with rate rises this year due to a deteriorating US economic outlook following last week’s dismal US ISM surveys.
According to CoinMarketCap, the biggest meme currency by market capitalization was trading at a rate that was 1.7% higher over the previous 24 hours and 6.4% higher over the previous seven days. At its current price of $0.076, DOGE is almost 15% higher than the year-earlier lows it experienced at $0.066 and is once again trading above its 200-Day Moving Average.
A test of the early December highs over $0.11 may be possible if prices break back above $0.08 and move above the 100 and 50DMAs in the low-$0.08 range per token. The majority of the meme coin market is benefiting from Dogecoin’s gain, while Shiba Inu has also increased by about 10% during the past week.
How Dogecoin Pump Boost Tamadoge?
However, Tamadoge (TAMA), a forthcoming token inspired by dog memes that is expected to offer its owners significantly more utility than Shiba Inu or Dogecoin, has not yet been lifted by Dogecoin’s most recent pump. TAMA is now moving lower in line with a technical downtrend that has been active since mid-October, with recent resistance coming from the 21DMA as well.
Some investors are perplexed by TAMA’s lacklustre performance despite the surge in other meme coins. The increased value of speculative meme coins like Dogecoin and Shiba Inu implies that cryptocurrency investors are growing more eager to do so. Given that TAMA is more than just a speculative meme currency—it is the unit of account for a Shiba Inu dog-centered web3 metaverse gaming experience—one may think that this would increase TAMA.
The TAMA bulls need not be alarmed. TAMA is now being held back by the technical downtrend, but should the rise in other meme currencies continue, it won’t be long until TAMA breaks higher. A break of the long-term downtrend might pave the way for a swift 60% recovery to the balancing region around $0.02150.
