While Ethereum has remained the unrivaled top altcoin for a long time, Solana’s recent surge above $100 is a strong indication that it could become a major competitor. In 2023 alone, the price of Solana has increased by more than 950%, while Ethereum has managed only 100%.
As the big names lock horns, a new DeFi project has emerged as the potential dark horse for the bull market. After building substantial traction in December, does Meme Moguls (MGLS) have what it takes to outpace the current market leaders?
Ethereum Now Has a Worth Competitor in Solana (SOL)
Solana (SOL) has been the standout performer in 2023, outperforming the rest of the market. The price of Solana has increased by more than 950% since the start of the year. In December, SOL rallied as high as $120, becoming one of the top 5 cryptocurrencies in the process.
This rally has piqued excitement about the altcoin among market experts. According to experts, Solana now looks like a worthy competitor of Ethereum. Unlike Ethereum’s large market capital, SOL has attracted many investors due to its exceptional growth.
The recent discussion by David Hoffman and Ryan Adams emphasizes why they believe Solana is going to be a very strong competitor against Ethereum. It is considered to be a better cryptocurrency network because it offers the tradeoff with higher efficiency, lower fees, and faster speed.
These features have helped the Solana network become one of the most active hubs for meme coins and other top DeFi coins. As this growth extends in 2024, Ivan on Tech has predicted that the price of Solana could reach $200 in January. However, there is a new altcoin challenger, Meme Moguls.
Can Meme Moguls (MGLS) Outperform the Top Altcoins in 2024?
Meme Moguls (MGLS) has captured the interest of investors in December largely because of its uniqueness. As its name suggests, the project is built around memes; however, this new DeFiproject has introduced the crypto space to a one-of-a-kind ecosystem.
The ecosystem is designed to help users improve their trading and memecoin-picking skills. Users will partake in virtual trading competitions using advanced trading strategies. The most profitable portfolios of users are rewarded.
Another element that has piqued users’ interest is the “wealth leaderboard” of Meme Moguls. This feature was added to give the top 20 players a share of the platform’s daily earnings. Because the benefits are in cash, Meme Moguls is an extremely profitable site.
The goal is to develop a friendly, competitive environment among its user base. This strategy was successful, as thousands of new members joined Meme Moguls in December. They have also given more than $1 million to the ecosystem’s development.
The utility token of the ecosystem, MGLS, has responded in return, rallying to a new high of $0.0025 in December. However, as the platform debuts early in 2024, analysts have forecasted a 25x price surge.
Final Thoughts
Solana’s rally above $100 has confirmed claims that it could challenge Ethereum for the top altcoin position. Meanwhile, Meme Moguls (MGLS) continues to grow behind the scenes. However, the projections make MGLS one of the top 5 cryptocurrencies to buy ahead of the 2024 bull market.
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Source: https://cryptodaily.co.uk/2024/01/solanas-surge-above-100-shows-ethereum-now-has-major-competition-but-could-this-new-altcoin-outpace-them