Moving forward, we’ll first explain what Daomatian is and what the DAO token is. Furthermore, we’ll explain what this crypto project is all about, look at the coin’s tokenomics, and walk you through DAO’s price action. However, the most valuable insights you should consider when determining whether or not now’s a good time to buy DAO are its real-time, on-chain metrics.
Fortunately, you can use Moralis Money’s page for Daomatian and explore these invaluable insights. Then, if you see that the token is gaining on-chain momentum and combine that with a solid entry point on the price chart, DAO may still be a good buy. On the other hand, if the token is losing on-chain traction, it may be better to look for other altcoin opportunities.
However, looking at on-chain data via individual Moralis Money token pages is a secondary function of this powerful on-chain tool. The primary one is all about spotting the best altcoin opportunities early. As such, we’ll also show you how to easily start spotting alts with Moralis Money before they pump!
What is Daomatian and the DAO Token?
Daomatian is a new meme-based crypto project. It pays tribute to the first decentralized autonomous organization (DAO) project from back in 2016 – The DAO. As such, the project labeled itself as the first DAO reborn as a meme coin.
In case you are not familiar with The DAO project from 2016, Google it or use the “About The Dao” link on the project’s website.
We didn’t find any explanation for why the project’s creators decided to cross it with the Dalmatian dog bread. However, we can assume they wanted to include dogs, and they probably like Dalmatians. After all, the most successful meme-based token remains the infamous dog-themed meme coin, DOGE. So, it’s safe to say that “dog” memes still rule.
The project’s official website – dalmatian.com – also states that the project aims to bring some order to the wild world of meme coins. The team behind Daomatian points that out via the project’s mission statement. The latter states that this memetic DAO is all about uniting crypto degen leaders for safer trading.
The creators of the project state that Daomatian will pull together degen leaders and communities in the crypto economy. How exactly they plan to achieve that is not yet clear; however, their goal is to develop a space that encourages a safer palace for traders interested in meme coins and utility projects.
They plan to do that by utilizing the project’s ERC-20 crypto – the DAO token.
Daomatian – Memetic Crypto Project with Utility
By definition, meme coins typically don’t have any clear use cases, at least not from the get-go. However, according to the official website of the Daomatian project, the team planned a particular utility for the DAO token in advance.
The plan is to use DAO as a governance token – particularly to vote on the upcoming crypto projects. So, the creators of this meme coin want to create a community where both influencers and traders will be able to discuss crypto projects in a transparent manner before they go live.
The project’s website explains that the voting won’t determine if a project is launched or not. Instead, it will only act as an indicator showing the potential success of the projects in question.
This ambitious plan sounds interesting; however, only time will tell if the project will gain the necessary traction and adoption for the aforementioned voting to offer significant value and proper insights.
The project also provides some context with its roadmap. However, keep in mind that Daomatian is a memetic crypto project; hence, the roadmap is, in turn, quite vague.
Tokenomics of the DAO Token
The DAO token was minted on June 16th, 2023, on the Ethereum blockchain. As a fungible token, it follows the ERC-20 standard. Furthermore, the token’s market cap at launch was $10,000, giving this crypto much room to grow.
Moreover, DAO’s total supply equals 101 billion – a number that neatly pays tribute to the “101 Dalmatians” films. Nonetheless, the token also has no sell or buy tax.
If you wish to explore the project further or join its community, visit its official website. There, you can find links to the project’s social channels.
Daomatian Price
The DAO token started trading on Uniswap on June 16th, 2023. With that in mind, there’s obviously a minimal amount of past data to perform any reliable technical analysis (TA) for $DAO. Still, we can look at the token’s hourly chart and immediately see that it had quite an impressive initial run.
With an initial market cap of $10,000, the price of $DAO started at $0.00000005467. However, it didn’t stay that low for long – it took DAO only five hours to increase by more than 40,000%. This initial rally ended, reaching the $0.00002947 mark, which remains DAO’s all-time high (ATH).
Following its ATH, the token’s price pulled back by more than 60%, which is more than natural after such a pump. The token found its local support at $0.00001060, from where it went on another 100%-plus run but with a significantly lower volume. The latter ended up with a sort of double top formation reaching $0.00002472 and $0.00002353, respectively.
From that aforementioned level, DAO turned downwards and found its new support at the $0.0000085-ish region. Since the first test of that support on June 17th, 2023, the token was mainly trading sideways. However, with its volatility, the DAO token pulled off another 150% rally on June 19th but pulled back to previously established support. The latter continues to hold even though $DAO has already tested it five times.
At the time of writing, the token is trading at $0.00001048. On the hourly charts, the price is forming a descending triangle pattern, which should play out in the next 18 hours or so. Statistically speaking, this type of pattern is more likely to play out to the upside; however, DAO could easily lose the current support.
$DAO Speculation
As mentioned above, TA is highly unreliable for newly launched tokens, especially for meme coins. As such, take this section as pure speculation.
With that said, let’s say that DAO manages to break the above-outlined triangle pattern to the upside and gains enough volume and momentum to go for the new ATH. In that case, it goes into the discovery area, so we can use the Fibonacci retracement tool. The latter (its 4.236 extension) tells us that DAO could go as high as $0.000098 in its next run. Of course, that is a short-term speculation.
In the long run (by the end of the upcoming bull market [2025]), the DAO token could go a lot higher if it were to receive as high adoption as optimistically stated in the project’s roadmap. After all, the project currently sits at approximately one million USD market cap, so it has a lot of room to grow.
For instance, if $DAO were to match DOGE’s ATH market cap, its price would be $0.88. That’s more than 84,000x from its current price.
While it is highly unlikely for Daomatian to become as successful as DOGE, it is not impossible. After all, we’ve seen many coins pull off such massive price increases before.
And, in case you are pondering “Is DOGE dead, or will Dogecoin reach $1?” check out our article on that topic.
Time to Look at Daomatian’s On-Chain Data
Looking at websites, socials, and price charts for various tokens can be useful and a great foundation. However, none of these sources tells you whether now is a good time to buy the token in question. Moreover, one important factor you should always consider is on-chain data. After all, on-chain activity always precedes price action. For instance, if an altcoin has more buyers than sellers, that typically indicates that the price will go up as well.
By looking at real-time, on-chain data, you can finally time your crypto trades/investments much more effectively!
However, before we present you with $DAO’s Moralis Money page, where you can explore this token’s on-chain metrics, let’s ensure you know the gist of the ultimate on-chain tool.
So, what is Moralis Money all about?
This powerful yet easy-to-use tool’s core features are Token Explorer, Token Shield, and Token Alerts.
With the first one, you can apply simple search criteria to spot the best altcoin opportunities at any movement based on real-time, on-chain data. The second feature provides you with security scores and helps you reduce the risk of entering scammy coins. The third one enables you to run your favorite on-chain queries on autopilot and spot any new altcoin opportunities as soon as they present themselves without any additional time investment.
Essentially, these three Moralis Money features empower you to overcome the three main obstacles that altcoin traders face: FOMO, scams, and lack of time.
Of course, there are many other features and perks waiting for you inside Moralis Money but you’ll be able to explore all of that once you get going.
But first, use the following interactive widget to explore DAO’s on-chain data. Take your time and check out different timeframes!
Start Exploring Other Altcoin Opportunities
The above-presented DAO’s initial rally was quite impressive. However, 100x, 1000x, and even larger runs are not at all rare in the crypto sphere, especially if you find altcoins with potential early. Whether you are planning a mid to long-term swing trade or a short-term trade, you must get your timing right. And, by considering on-chain data, you can do exactly that.
In the previous cycle, we used the same on-chain insights that are now at your disposal via Moralis Money. As such, we were able to spot EGLD, MATIC, and many other alts at a very early stage and ride most of their 70x-plus rallies as the bull market developed.
Sure, the largest gains are typically reserved for the final stages of the bull market. However, there are great profits to be made through the crypto cycle. After all, individual altcoins or particular types of alts tend to go on massive runs at different stages of the market.
For instance, just look at the 2023 memecoin season. There have been many tokens offering 50x-plus opportunities. Some of the latest ones include UNIBOT, LOLA, MESSI, Crypto Rangers, and many others. However, the PEPE token remains the best example of what is truly possible in the crypto space. This meme coin propelled itself through the charts and offered a 100,000x-plus price increase in just 21 days!
Why are we telling you all this? Well, to inspire you and help you not get fixated on the Daomatian project.
After all, you can use Moralis Money and join other Pro plan users to start pocketing some impressive profits. Here are just some of the success stories from the first half of 2023:
Use Moralis Money’s Primary Function Today!
If you are ready to start discovering new crypto projects with potential today, use the following five tips and animations. They’ll help you start using Moralis Money’s primary function. One of the tips will even teach you how to activate this tool’s altcoin trading alert feature.
It’s your time to find the most undervalued crypto coins!
- Tip #1: Generate your first list of altcoin opportunities by selecting one of the preset filters on the Moralis Money homepage:
- Tip #2: Start running unique queries by using various combinations of Token Explorer metrics, their values, and timeframes:
- Tip #3: Apply the Coin Age filter to focus on newly minted tokens, the Market Cap metric to target more seasoned altcoins, and use metrics like Buyers, Experienced Buyers, Experienced Net Buyers, and similar to detect alts with increasing on-chain momentum.
- Tip #4: Save queries that return good results and start running them on autopilot:
- Tip #5: Once you find altcoins that show promising potential (either manually or with your automated queries), use Moralis Money token pages to research these coins:
Visit Moralis Money’s official website or use the interactive widget below to start putting the above tips into action! Don’t forget that you can target multiple chains – Ethereum, BNB Chain, Polygon, Arbitrum, Fantom, Optimism, and even PulseChain. Just use the network menu and switch among these chains with a single click.
Should You Buy Daomatian? On-Chain Price Analytics for the DAO Token – Summary
In today’s article, you learned all you need to know about the Daomatian token. So, you can now make an informed decision about whether or not you should invest in the $DAO altcoin.
Aside from finding out the basic info about the project and looking at DAO’s price action, you learned how to access the token’s on-chain data. As such, you now have the upper hand that will help you time your altcoin entries much more effectively.
Nonetheless, you also learned that there are countless altcoin opportunities beyond the DAO token. And, thanks to Moralis Money, you can start finding those alts before they pump!
Start using the ultimate on-chain trading tool today and master it before the next bull market takes off!
