Play-to-Earn (P2E) game Tamadoge is conducting one of the fastest fundraises seen in crypto this year, completing 70 per cent of its presale by securing $10 million from eager investors in less than a month.
In the latest (sixth) phase of the presale to close, the TAMA token was priced at 1 USDT to 44 TAMA. When $10.25 million is raised, the token price goes up to a rate of 1 USDT to 40 TAMA, in the seventh phase of the presale.
USDT is the ticker of the Tether stablecoin, so called because its value is held stable by being pegged 1:1 against the US dollar, backed by cash and cash-equivalent reserves.
Tamadoge (TAMA) is credited as a project reshaping the meme coin market by creating a utility-centric token in an industry mainly lacking substantial utility.
Its primary focus centres around 3D-animated Tamadoge pets. Each pet is tokenized as an NFT, allowing it to be easily bought, sold, and transferred. When a new pet is minted (minting begins during Q4 2022), it will initially be in its basic variation.
It has taken less than a month for the TAMA token sale to raise $10 million. From the point of view of the project developers it is a much more efficient way to solicit funds from investors than the venture capital route, the brains behind the Tamadoge meme coin said in a statement celebrating the positive response by investors.
“From the perspective of investors, it is also a more transparent and open process than the venture capital and private equity route that dominates early stage investments and excludes those with relatively modest sums to invest.”
The token price has now risen to a rate of 1 USDT to 40 TAMA in the seventh phase of the presale.
Seven-hundred million tokens have been sold from a total of 1 billion available in the presale, with the price rising for each successive token tranche. TAMA’s total supply is 2 billion.
There are less than 30 per cent of presale tokens left for purchase, with the allocation draining fast.
Tamadoge sold for 1 USDT/100 TAMA (1 TAMA = 0.01) in the initial beta sale phase, in which 200 million tokens were sold. Several tranches of 100 million tokens have followed since then.
The token price keeps rising until it reaches $0.03, equivalent to x3 the beta sale price.
The next price hike takes place in the eighth phase when 1 USDT buys 33.33 TAMA.
Although the exact identities of those who make up the Tamadoge team are yet to be released, two members are known to be British.
A fortnight ago it was revealed on the Tamadoge website that Thomas Seabrook, formerly of WMS and StarDigital, is the project’s lead games developer and Carl Dawkins, previously marketing manager at SocialBlox, is head of growth at Tamadoge.
Is Elon Musk – a famed lover of the Shiba Inu dog breed that has done so much to inspire the meme coin sector – among the mystery backers of the project?
Although the crypto winter has seen valuations tumble across the digital asset space, blockchain games has been the sector “least affected by the bear market”, according to data compiled by data and analytics site DappRadar.
Tamadoge is building a game where players are rewarded for bringing up their Tamadoge Pet by nurturing it from baby to adulthood. Each pet is represented by an NFT and has unique traits. The leaderboards in which pets compete to climb go live before year’s end. In another twist, pets can also battle each other.
Early next year the team plans to explore partnership opportunities with metaverse platforms. A full-blown augmented reality app will be released next year.
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