Dogecoin and Shiba Inu Face Challenges, While Meme Moguls (MGLS) Raises Over $2.5M

The global meme token market has experienced a period of stability. However, it has recently faced a significant average daily decline of up to 18% in trading volume. This decline is particularly notable in the two leading meme cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB), which currently hold the top positions in the meme coin market with market caps of over $5 billion each. 

Regardless, Dogecoin and Shiba Inu aren’t making any significant strides in their space as both struggle to achieve a substantial jump over their support price. Meanwhile, Meme Moguls (MGLS) keeps making waves and signaling as one of the best meme coins to watch as it nearly brings its current presale stage to a close, racking over $2.5 million in sales.

Dogecoin (DOGE) Mostly Trades Below Its Price Support Threshold This Past Week

The Dogecoin token, the OG memecoin, continues to wield significant influence in the cryptocurrency arena thanks to its strong community support. The crypto has witnessed only about a 3.52% uptick in price over the past month. However, Dogecoin is not looking positive lately as it reflects a 0.63% weekly loss.

Throughout the past week, Dogecoin trading price has remained within the range of $0.08259 to $0.0897. In the space of seven days, Dogecoin has also not been able to price above its support price of $0.08588 for a long time.

However, the potential of the Dogecoin token ascending to the coveted $1 mark has surged. It is backed by its recent 2.56% market cap size, which has risen to over $12 billion. Ultimately, Dogecoin still has an upside potential amid Bitcoin’s anticipated influence.

Shiba Inu (SHIB) Displays Efforts to Price Above Its Weekly Support

A few hours ago, recent trading data revealed a single whale injecting a substantial 390 billion SHIB tokens valued at $3.8 million into the market. It is currently attracting a 2.56% on both the price of Shiba Inu and its market cap which is now over $5.7B

In the wake of this whale activity, the price of the Shiba Inu token has also seen a modest increase of over 5% in the past months. This development of Shiba Inu is, however, shaky as the token has been refusing to price ahead of its support level in the past week.

Shiba Inu’s weekly price sits at a range of $0.000009351 – $0.00001003. However, the token is struggling to make higher levels above its weekly support, which may be further fueled by anticipation surrounding the upcoming launch of Shibarium on March 7, 2024.

Meme Moguls (MGLS) Stands Out Again as It Makes Over $2.5M

Meme Moguls (MGLS) stands out among the plethora of meme coins to watch out for as this particular platform offers a distinct edge with its ongoing 5th presale stage. This presale has impressively garnered over $2.5M on its way to reaching $3M

The Meme Moguls token (MGLS), which is currently priced at $0.0036, has witnessed an impressive 90% surge from its initial offering. Furthermore, some analysts are speculating a potential 100x increase in value once it secures a listing on a Tier-1 CEX like Uniswap, in Q1 2024, drawing parallels to the exponential gains seen with other meme coins over the years.

Functioning as the backbone of the Meme Moguls ecosystem, MGLS powers various features including a play-to-earn game simulating virtual stock trading, staking mechanisms for accruing more tokens, and Moguls World—a metaverse enabling collaborative activities among players.

With the conclusion of the MGLS presale approaching on February 28, many are rushing to seize the opportunity to invest in this promising meme coin before its value potentially surges, positioning MGLS as a standout newcomer in the meme coin space.

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Sam Chess is an utterly focused person looking for the minute details having potential to make a big difference. He is a writer and proofreader with a zeal to understand the cryptocurrency market. Additionally, he can be found trying to figure out the biggest mystery in the industry, Satoshi Nakamoto.

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