Tag: Cryptocurency

As Bitcoin turns 14, here’s a look at one of the oldest Genesis Day traditions

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bitcoin, the world’s oldest and largest cryptocurrency, turned 14 yesterday. That’s right, on Jan 3, 2009, the pseudonymous creator of the Bitcoin network, Satoshi Nakamoto, mined the first block of BTC transactions.

For obvious reasons, this block was named the Genesis Block. And just like BTC miners today, Nakamoto received a reward for the computation power he dedicated towards verifying the transactions that made up the Genesis Block. At the time, this reward was 50 BTC.

Over the years, Bitcoin enthusiasts have found numerous ways to celebrate the creation of the Genesis Block. For instance, the world’s largest crypto exchange, Binance, took to Twitter to pay tribute to Nakamoto for his revolutionary creation.

“Bitcoin turns 14. On this day fourteen years ago, the first #Bitcoin block was mined by Satoshi Nakamoto. Thank you, Satoshi,” said Binance in a tweet that was accompanied with a screen grab of the Genesis Block, as seen on the Bitcoin Block Explorer.

Also Read: Bitcoin looks poised for take-off in 2023 — here’s why

And Binance was not alone, several investors and traders also used the microblogging website to convey their birthday wishes and tip their hat to the pseudonymous creator of Bitcoin. However, some die-hard enthusiasts (see: Bitcoin Maximalists) took their celebrations a step further by following one of the oldest  Genesis Day traditions – sending BTC to the genesis block.

As mentioned earlier, when Nakamoto created the Genesis Block, he received 50 BTC as a mining reward. This reward was sent to a wallet – 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa – and it hasn’t moved since. However, Bitcoin enthusiasts have been sending small amount of BTC to this wallet address to celebrate the creation of the Genesis Block.

In fact, the wallet address now contains 68.56 BTC, according to data from the Bitcoin Blockchain Explorer. The 18+ additional BTC in the wallet can be attributed to enthusiasts transferring small amounts of bitcoin every now and then, including on the king cryptocurrency’s birthday. This year, the highest amount sent into the wallet was 0.00210000 BTC, which is worth around $35.

In all, the BTC in the wallet is worth $1.15 million at current prices. If you rewind the clock to Nov 11, when BTC was changing hands at around $67K, the wallet’s holdings would be worth a whopping $4.5 million.

Another important point to keep in mind is that the BTC stored in this wallet address cannot be spent, at least until Satoshi Nakamoto becomes active again and somehow has the keys to this 14-year-old wallet. Until then, any funds sent to the address cannot be retrieved. Therefore, sending BTC to the Genesis Wallet is a really selfless way of celebrating Bitcoin’s birthday.

From being valued at a few cents, to commanding a $67,000 valuation in Nov 2021, Bitcoin has come a long way since its inception. It’s a journey that is truly worth celebrating and next year, you could join the party and send over a few satoshis to the Genesis wallet as a tribute to the world’s oldest cryptocurrency.

Also Read: A peek inside India’s crypto awareness campaign

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FTX founder Sam Bankman-Fried arrested in Bahamas, US to unveil charges

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sam Bankman-Fried, who founded and led FTX until a liquidity crunch forced the Bahamas-based cryptocurrency exchange to declare bankruptcy, was arrested on Monday in The Bahamas after being criminally charged by U.S. prosecutors.

The attorney general’s office for The Bahamas said it proceeded with the arrest after receiving formal confirmation of charges against Bankman-Fried, adding that it expects he will be extradited to the United States.

A spokesman for the U.S. Attorney’s office in Manhattan confirmed Bankman-Fried had been arrested in The Bahamas but declined to comment on what the charges were.

Also read: Former FTX CEO Sam Bankman-Fried ready to testify before US Congress, but …

“Earlier this evening, Bahamian authorities arrested Samuel Bankman-Fried at the request of the U.S. Government, based on a sealed indictment filed by the United States Attorney’s Office for the Southern District of New York,” United States prosecutor Damian Williams said in a statement. “We expect to move to unseal the indictment in the morning and will have more to say at that time.”

Mark Cohen, a lawyer for Bankman-Fried, did not immediately respond to a request for comment.

FTX, which had been among the world’s largest cryptocurrency exchanges, filed for bankruptcy protection on Nov. 11 in one of the highest-profile crypto blowups after traders pulled $6 billion from the platform in three days and rival exchange Binance abandoned a rescue deal.

The liquidity crunch came after Bankman-Fried secretly moved $10 billion of FTX customer funds to Alameda, Reuters reported, citing two people familiar with the matter. At least $1 billion in customer funds had vanished, the people said.

Also read: After FTX collapse, rumours of Grayscale, WETH and WBTC crashes: Should you be worried?

Bankman-Fried told Reuters the company did not “secretly transfer” but rather misread its “confusing internal labeling.” Asked about the missing funds, he responded:  “???”

In a series of interviews and public appearances in late November and December, Bankman-Fried acknowledged risk management failures but sought to distance himself from accusations of fraud, saying he never knowingly commingled customer funds on FTX with funds at his proprietary trading firm, Alameda Research.

“I didn’t ever try to commit fraud,” Bankman-Fried said in a Nov. 30 interview at the New York Times’ Dealbook Summit, adding he doesn’t personally think he has any criminal liability.

Bankman-Fried resigned as FTX’s chief executive officer the same day as the bankruptcy filing.

The U.S. Attorney’s Office in Manhattan, led by veteran securities fraud prosecutor Williams, in mid-November began investigating how FTX handled customer funds, a source with knowledge of the probe told Reuters.

The Securities and Exchange Commission and Commodity Futures Trading Commission also opened probes.

U.S. crypto investors also sued Bankman-Fried, alleging he and a slew of celebrities who promoted FTX engaged in deceptive practices, leaving the investors with $11 billion in damages.

FTX’s demise marked the latest turmoil for the cryptocurrency industry this year. The overall crypto market has slumped amid a string of meltdowns that have taken down other key players including Voyager Digital and Celsius Network.

Also read: FTX’s LedgerX is up for sale as restructuring process picks up

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

A quick guide on the Bitcoin Rainbow chart

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Cryptocurrencies are known to be highly volatile. The prices of these digital assets can rise or fall sharply in days, hours or even minutes. Therefore, any tools that can help market participants make better-informed trades and investments are more than welcome.

One such tool is the Bitcoin Rainbow chart. It is a simple indicator that can help investors and traders time the market better. But what exactly is this chart, and how does it work? Tag along to find out.

What is the Bitcoin Rainbow chart?

The Bitcoin Rainbow chart is one of the oldest and easiest ways to determine BTC’s future price valuations. It uses past performance and statistical tools to offer insights into long-term price movements.

The Rainbow chart is the brainchild of an early Bitcoin investor who goes by the name Azop on Reddit. He developed the chart in 2014 as a “fun way of looking at long-term price movements, disregarding the daily volatility noise.”

The chart gets its name from the rainbow-inspired colour bands it uses to denote market sentiment around BTC at different price ranges. This colour-coded indicator of market sentiment can help investors time their entry and exit from the market.

In short, the rainbow chart is a superimposed visualisation of Bitcoin’s historical price pattern on a logarithmic graph. It helps forecast Bitcoin’s long-term price moments without factoring in daily volatility.

Also Read: Everything you need to know about the Crypties: The digital asset industry’s equivalent to Oscars

The lower bands from indigo to light green all denote that BTC is undervalued. These are all excellent opportunities to buy into the market, as prices will most likely shoot up from these bands. The middle yellow bar is a neutral indicator – one shouldn’t buy or sell, just hold instead.

If it moves into the orange band, it means that BTC is beginning to build momentum. However, one should ascertain if this momentum is a genuine breakout or a merely a bubble. All the following dark bands indicate that BTC is overvalued and denote an excellent time to sell.

How accurate is the Bitcoin Rainbow chart?

Since it is based on historical data and uses statistical tools, the Rainbow chart is considered fairly accurate. If you analyse a BTC Rainbow chart, you will notice that prices usually dip after touching the topmost red band. They also tend to increase after stooping to the lowest indigo bar.

For instance, in May 2021, BTC had declined into the indigo zone. However, a few months later, in Nov 2021, BTC reached the second-last red band, touching its all-time high of $69,000. From there, BTC began its climb down and is currently entering the indigo zone once again. This indicates that Bitcoin is currently undervalued, and a move upward should be just around the corner.

Conclusion

The Bitcoin Rainbow chart is an easy-to-understand and relatively accurate indicator of Bitcoin’s long-term price movements. It can indicate the right time to buy or sell in the crypto market. However, crypto assets are highly volatile, and you shouldn’t make investments based on just a single indicator. Instead, you should do your own thorough research and invest only as much as you can afford to lose entirely.

Also Read: What is crypto coin OKB and why has it rallied 50% in the last 90 days?

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

3 times crypto exchanges accidentally sent millions of dollars to wrong address

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Mistakes are often considered a part of life. But if committed repeatedly, it can cost huge losses, big enough to bring down the institutions. We just experienced the downfall of a crypto exchange, FTX. The collapse of the Bahama-based exchange led to huge financial losses for several other entities, including marquee private investors such as Soft Bank, Paradigm etc.

Here, we take a look at three of the many blunders committed by cryptocurrency exchanges by mistakenly sending millions of dollars to the wrong wallet or a person. It has not only doomed the investors’ confidence but also raised a question mark on the exchanges’ credibility, technology and overall crypto eco-space.

A $400 million error

Kris Marszalek, the CEO of Crypto.com, admitted that his company had mistakenly sent 320,000 Ethereum coins to its rival exchange, Gate.io, on October 21. The number of Ethereum coins amounted to a hefty $416 million. This happened right after the devastating collapse of the FTX crypto exchange.

Marszalek mentioned in a tweet that the company wanted to send the tokens to one of their offline wallets or cold storage. Somehow, by mistake, the tokens were sent to a whitelisted address that belonged to their rival, Gate.io. Marszalek had earlier posted the addresses of those cold wallets publicly to provide transparency about how the exchange handles its funds.

Also Read: Bitcoin slips below $16,000 as cryptocurrencies fall

Conor Grogan, a Crypto.com user found out that the company had accidentally sent 80 percent of their total Ethereum holding (320,000) to Gate.io. Later, Marszalek added they could eventually recover the funds. Crypto.com received the funds in two instalments over the following week — the first one having 285,000 Ethereum, which is about $350 million, and the second one with 35,000 Ethereum coins, amounting to $43 million in two separate wallets.

Gate.io also confirmed that they started returning the funds when they realised that there had been an “operational error” on Crypto.com’s part. Although Marszalek has been trying to reassure the users that all their systems are running properly and that there is nothing to worry about, users are leaving the exchange wondering if it may go down the same road as FTX.

However, this was not the first time that Crypto.com made such a huge error. Let us go through a similar instance of operational error, which again involves Crypto.com.

Staying oblivious to an error for seven months

In May 2021, Crypto.com made headlines when the exchange sent AU$10.5 million (about $7.2 million) instead of AU$100 ($68) to an Australian woman named Thevamanogari Manivel. However, it took the exchange seven long months before they realised they had mistakenly transferred $10.5 million to a random user. Meanwhile, Manivel transferred the funds to a joint account with her sister and bought her a dream house. The error was tracked down only when the company ran an audit in December 2021.

Also Read: NBA champions Golden State Warriors are sued over FTX collapse

The crypto exchange had launched legal action against Manivel and her sister as well. Later, the courts in Australia ruled in favour of Crypto.com and ordered Manivel to sell the house and pay back the exchange with interest.

BlockFi accidentally sent Bitcoins to its users

BlockFiockFi, one of the leading cryptocurrency exchanges, launched a promo offer in March, which turned out to be an expensive blunder. As per the offer, some selected users would receive an extra bonus for their crypto trades on their platform by the end of May 31, 2021.

However, due to an error in payment, some of these users received a much bigger bonus than they had ever expected.

On May 17, BlockFi transferred a chunk of Bitcoins to its users. These Bitcoins neither belonged to them nor were they intended for promotional giveaways. The CEO, Zac Prince, said that the company had sent out “a couple hundred” Bitcoins by mistake to less than 100 of its users.

Also Read: FTX crash — Finding the silver lining

Although Zac Prince said that the Bitcoins that were sent by mistake constituted only a fraction of their holdings, and they have contingency funds specially designated for such mishaps, gradually, it became quite a chaotic struggle for the company to recover their funds. There were severe misunderstandings between the company and the users who received the Bitcoins and spent them. BlockFi threatened to prosecute these users, and this created bitterness among the users. It was not their mistake.

In conclusion

This article discussed three similar instances when crypto trading platforms’ serious mistakes cost them dearly. However, security measures are constantly updated to prevent double-spending or accidental spending of digital assets and users’ funds.

No matter what, strict vigilance and transparency can fundamentally work as a failsafe method in case something like this happens. This goes for both the platforms and the users as well.

Also Read: 5 of the best online forums for crypto enthusiasts

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Bankrupt cryptocurrency exchange FTX owes nearly $3.1 billion to top 50 creditors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Cryptocurrency exchange FTX, which has filed for U.S. bankruptcy court protection, said it owes its 50 biggest creditors nearly $3.1 billion. The exchange owes about $1.45 billion to its top ten creditors, it said in a court filing on Saturday, without naming them.

FTX and its affiliates filed for bankruptcy in Delaware on November 11 in one of the highest-profile crypto blowups, leaving an estimated 1 million customers and other investors facing total losses in the billions of dollars.

The crypto exchange said on Saturday it has launched a strategic review of its global assets and is preparing for the sale or reorganization of some businesses.

Also Read: A beginner’s guide to the FTX collapse

On November 11, the crypto exchange FTX announced that it has filed for Chapter 11 bankruptcy in the US, as its Founder and CEO Sam Bankman-Fried resigned from his role. Sam Bankman-Fried (SBF) founded FTX in 2019 and served as CEO ever since.

John J Ray III has been appointed the new CEO and nearly 130 additional affiliated companies — including FTX US and Alameda Research — have also begun the bankruptcy process, the company said in a statement. Ray III is a Chicago-based lawyer who has served as the restructuring officer in several high-profile bankruptcy cases.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Explained: NFT social clubs and how they work

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The world of NFTs is showing signs of decline with shrinking sales figures. The first quarter of 2022 saw USD 12.5 billion in NFT sales, this number dipped to USD 8.4 billion the next quarter and nosedived to USD 3.4 billion in Q3 of 2022.

It seems hard to believe, especially after the surreal hype that had driven prices of NFT artworks, and anything related to NFTs to ridiculous heights.

However, today, NFTs that were once valued at hundreds of thousands of dollars have cliff-dived in value. The NFT of Jack Dorsey‘s first tweet and Paul Logan’s Azuki are good examples of this.

Also read: What Is Huobi and why has its native token surged nearly 80 percent in the last week?

However, there is also a silver lining to this narrative. Suddenly, the industry is moving from the hype of NFTs to the utility of NFTs. Newer projects have a utility-driven threshold for success today. Experts always knew that only a small percentage of NFT projects would hold water in the long term, and we see that prophecy coming true today.

Among a handful of utility driven NFT projects that exist today, this article will discuss NFT social clubs, what they are, how they work, their advantages and some of the most popular NFT social clubs in the world today.

What are NFT Social Clubs?

Have you ever seen Hollywood movies that show exclusive underground clubs that require a particular phrase for entry? That’s pretty much how NFT social clubs work.

They’re essentially a community of people with similar interests, and access to this community, their meetups and spaces are restricted to those holding a particular NFT. The NFT acts as the key to the club that can be bought, sold or exchanged.

NFT social clubs can have a variety of forms ranging from co-working spaces to restaurants to billiard tournaments, house parties, networking events, etc. Such clubs are almost the perfect use of NFTs: the non-fungible aspect ensures there are no duplicates, and no one can cheat their way into such events and spaces with “fake tickets”.

Advantages of NFT Social Clubs

The ease of access

Whether the event is online or offline, a simple QR code or wallet integration will suffice to get you into the gathering. You do not have to struggle with remembering login details or securing a physical access pass or badge. All it takes is a smartphone, and you are good to go. Not to mention, it also comes with the pride of being tech-first.

The smart contract magic

Following rules is convenient when they are imprinted via the smart contract of the NFT. For instance, if a member needs to be taken out of the community for whatever reason, you can have a clause of voting and get the necessary things done. You could also have trial memberships issued that can expire once the trial period is over, without the need for the physical revoking of badges.

Increased earnings

Owners can sell, auction or trade their NFTs; it makes much more monetary sense to have an NFT-based membership that also works as a store of value. For the organisers and creators, NFT smart contracts can be made royalty-based so that the creators get a cut every time an NFT changes hands. And because these NFTs are a combination of utility and rarity, it makes them all the more valuable.

Popular NFT Social Clubs Today

Among the known NFT clubs today, three stand out – Friends With Benefits, Maxwell Tribeca & Flyfish Club – let’s learn a bit more about each of them.

Friends With Benefits

This is one of the world’s most popular NFT social clubs with a 3,000-strong membership base of web3 enthusiasts, including creators, ideators, builders and more. It holds online and offline meetups, both domestically and internationally, where the web3 fraternity convenes to shape the future of the nascent space.

Entry to local events is restricted to individuals with at least 5 FWB tokens, whereas global events require 75 FWB tokens. Friends With Benefits is an example of exclusivity driving the popularity of a club.

Maxwell Tribeca

David Litwak came up with organising the best house parties in his 8,000 square feet luxurious house but restricting entry to only the Maxwell Tribeca NFT social club. The membership of this club costs USD 1,000 and renews monthly at USD 250, all driven by smart contracts. The organisers also get a 2.5 percent cut when an NFT is sold from one person to another.

FlyFish Club

Gary Vaynerchuk is one of the most outspoken NFT evangelists. His new, yet-to-open restaurant doubles up as an NFT social club (in addition to an excellent marketing strategy).

There will be two types of memberships available – one that gets you entry into the high-end Japanese restaurant and the other more exclusive one that gets you a table with your private chef. The price of the NFT was 2.5 ETH but rose to 3.5 ETH in no time.

Conclusion

The NFT bubble seems to have burst. Fortunately, the utility of NFT social clubs bring to the table will ensure they have long-term growth prospects. They are much more than a temporary fad – unlike their digital profile picture counterparts – and could find more use cases in the future.

Also read: A look at DeFi on Bitcoin and its future prospects

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

E-nuggets mobile app case: ED freezes cryptocurrency worth Rs 12.83 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Directorate of Enforcement (ED) on Wednesday said it has frozen cryptocurrency assets worth approximately Rs 12.83 crore following a probe into a mobile gaming application called E-nuggets.

Recently, the agency conducted searches at six sites in Kolkata under the Prevention of Money Laundering Act (PMLA) provisions after an FIR was lodged on February 15, 2021, under different sections of the IPC on the complaint of the Federal Bank.

The primary suspect in the investigation, Aamir Khan, had launched a mobile gaming application called E-Nuggets, which was designed to swindle the public, the ED said in a statement. Initially, users were rewarded with a commission and their wallet balance could be withdrawn without hassle.

Also Read: Gurugram call centre dupes US nationals using cryptos by promising federal grants

However, after collecting a sizable amount of money from the public, withdrawal from the abovementioned app was abruptly halted under the guise of system upgrades, LEA investigations, and so on. Shortly after, all data, including profile information, was deleted from the app servers.

The investigation discovered that the accused was exploiting cryptocurrency exchange to transfer a portion of the money unlawfully generated through the gaming app (E-Nuggets) to another country.

“It was discovered that one such dummy account was formed on the WazirX in the name of Sima Naskar of Pixal Design, and was utilised to acquire the cryptocurrency/crypto assets,” ED said.

“Thereafter the said cryptocurrencies were further transferred to another account in Crypto Exchange namely “Binance”. The balance of said transferred cryptocurrencies i.e. 77.62710139 Bitcoins [equivalent to USD 1573466 (Rs 12.83 crore approximately)] at Binance crypto exchange has been freezed,” it added.

Earlier, a total of Rs 17.32 crore was discovered and confiscated from Khan’s private premises during a search operation. Further investigation is under progress.

Also Read: Binance seeks permit to return to Japan market after four years

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Celsius CEO Alex Mashinsky resigns from bankrupt crypto firm

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Alex Mashinsky, the CEO and co-founder of the bankrupt cryptocurrency lender Celsius Network LLC, announced his resignation on Tuesday.

According to his law firm, Mashinsky submitted his letter of resignation to the Special Committee of the Board of Directors.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tamadoge: A meme coin that raised $15 million in presale and is pegged to rally 10X in the future

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Earlier in August, we covered two up-and-coming meme coins, Saudi Shiba Inu (SAUDISHIB) and Tamadoge (TAMA). At the time, Saudi Shiba had registered gains of up to 450 percent, which have more or less fizzled out since then. On the other hand, Tamadoge continued to show signs of promise.

Being one of the only meme coins with actual utility, it had the makings of a lucrative project. One month later, and true to our prediction, TAMA has seen a lot of success, with several experts expecting it to moon in the coming months.

Tag along as we take a closer look at Tamadoge, what it is, and the milestones it has achieved so far.

So what is Tamadoge?

Tamadoge is a unique combination of a meme coin, a play-to-earn (P2E) metaverse game and NFTs. The game revolves around digital pets that double as NFTs and the platform’s native cryptocurrency TAMA. All of these aspects converge in a vibrant metaverse, known as the Tamaverse, through which users can meet, hang out, and compete with each other through various challenges.

The game stems from Tamagotchi, a collection of handheld digital pets created by the Japanese toy manufacturer Bandai in the late 90s. Like its predecessor, Tamaverse also revolves around breeding, training and battling other users’ Tamadoge pets.

These pets are minted as babies, and users need to feed and take care of them until they are ready for battle. Users receive Dogepoints for winning battles and can redeem these points to acquire Tamadoge (TAMA) tokens from the monthly Dogepool.

The Tamadoge roadmap

The platform also has an extensive roadmap, including the launch of P2E arcade games and an augmented reality smartphone app, like Pokémon Go. The platform is also looking to add augmented reality support by Q4 of 2023. This will allow users to almost touch their pets in real life.

Also Read: Explained: Crypto domain spoofing and how to avoid these scams

Tamadoge also scores big on the trust factor, with CoinSniper carrying out a full KYC on its founding members and a ‘100 percent secure’ label from the Solid Proof audit. Another plus to Tamadoge is its burn mechanism.

Users can buy NFTs and related in-game items from the Tamadoge NFT Petstore. The platform plans to burn 5 percent of all the revenue it earns from these sales. This should increase the scarcity of tokens and create a conducive environment for price appreciation in the future.

Tamadoge tokenomics

TAMA operates as the native cryptocurrency and governance token of the platform. In all, it has a maximum supply of 2 billion tokens, out of which 1 billion tokens are up for sale through the platform’s presale event, which is currently running. The remaining tokens will be minted over the next ten years and will also be listed on centralised and decentralised exchanges.

TAMA raises $15 million in presale

Thanks to its impressive utility, features and roadmap, Tamadoge has enjoyed a successful presale. It was originally planned as a beta event that would run between July and October. However, as of today, more than 90 percent of the 1 billion tokens have already been sold. As a result, the project has racked up more than $15 million of its $16 million sales target, and the presale should close a month in advance.

Experts predict massive gains for Tamadoge

While the initial success of Tamadoge is commendable, experts see the project booming even further in the future. The fact that its presale performance has exceeded that of Ethereum and popular move-to-earn platform Stepn is an excellent indicator of this future growth potential.

Some experts predict a 10X growth by 2023, while others are slating a 50X price spurt. The token has already shown massive gains — those who bought TAMA at $0.01 per token during the beta presale will have registered over 400 percent returns. This is because, currently, you can only get 36.36 TAMA for 1 USDT (equivalent to $1). This will further decrease to 33.33 TAMA once the presale is complete.

How to buy Tamadoge?

Participating in the presale is a good idea if you wish to purchase Tamadoge before this potential price spike. All you need to do is create a wallet, buy some USDT/ETH, link the wallet to the presale and use the USDT/ETH to make your purchase. Once the presale is complete, you will be provided with an option to claim your tokens.

The platform is also running a contest where one lucky user will have the chance to win $100,000 worth of TAMA tokens. To participate in this giveaway, users must complete nine simple tasks, as highlighted on the Tamadoge website.

Conclusion

Tamadoge seems to have all the making of a successful project. However, the cryptoverse is a strange place where nothing is ever certain. Therefore, if you plan to invest in this upcoming meme coin, do your research and commit only what you can afford to lose.

Also Read: Are Bitcoin transactions anonymous or traceable and can they be withheld?

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow