Apecoin (APE) and Dogecoin (DOGE) are two of the most volatile assets in the cryptocurrency market. While they returned huge gains of over 1,000% for early buyers, the bear market has exposed their underlying weakness. Investors are now predicting that these two assets will fall behind Meme Moguls (MGLS) as it dominates the market in 2024. Let’s dive in and understand why.
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Meme Moguls (MGLS) Gains Edge with Community and Utility
Meme Moguls stands out in the crowded cryptocurrency landscape with its ambitious goal to bring cohesion to the fragmented memecoin sector. Launching the first dedicated marketplace for trading meme assets is at the heart of its strategy, and the market is already showing overwhelming interest during the presale event.
This marketplace will allow users to easily buy, sell, and trade the most sought-after meme assets, bringing in a new level of liquidity and accessibility for investors. Meme Moguls will also serve as a hub for the community to connect, share ideas, and discover new memes.
Meme Moguls ( $MGLS ) Official Links
ALWAYS. VERIFY. pic.twitter.com/5ui7MPkI5Y
— Meme Moguls (@meme_moguls) November 20, 2023
There are three other areas of the ecosystem for users to explore. The Moguls Casino involves gameplay using meme-based assets, the Meme Moguls Fantasy Trader provides a platform to test and hone trading strategies in a simulated environment, and Mogul Land offers a virtual space for more immersive experiences, including token mining, participation in liquidity pools, and staking,
MGLS tokens are at the heart of this ecosystem. Users can hold MGLS for additional perks, such as voting rights in the platform’s governance, the ability to stake for passive income and access to exclusive features. It can be bought for the introductory price of $0.0021 during the first presale phase.
The blend of innovative trading solutions, community-centric features, and the promise of the MGLS token positions Meme Moguls as an influential player in the billion-dollar memecoin market. Analysts predict that Meme Moguls will overtake Apecoin and Dogecoin in market capitalization as it grows by 100x in 2024.
Apecoin (APE) Struggles Post-NFT Market Cool-Off
ApeCoin momentarily surged in 2022 when it was released into the market, but things quickly went downhill. ApeCoin fell from $28 in April to a low of just $1.00 in October before bouncing to the current price of $1.60. The coin’s market cap is currently at just over $590 million, with a trading volume of around $51 million.
ApeCoin is attached to the Bored Ape Yacht Club (BAYC) ecosystem. So when the NFT market started to cool off, so did ApeCoin. The token’s future is highly dependent on the success of the Bored Ape Yacht Club and its NFTs. The current BAYC NFT floor price is 29 ETH, a drop of 81% from the high of 152 ETH.
The chart reveals that ApeCoin must break back into the descending triangle if it wants to see any recovery in the following months. This $2.00 target aligns with the 200-day moving average on the daily chart, so this is a pivotal level to watch.
It’s safe to say the market is moving toward projects with actual utility and longevity. Compare ApeCoin to Meme Moguls, where investors have more than just the token’s value at stake. The platform offers a unique ecosystem with investment opportunities and community engagement, making it a more stable and attractive option for long-term investments.
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Dogecoin (DOGE) Faces Uncertain Future
Dogecoin is the first memecoin and has been around since 2013. It reached an all-time high of $0.73 in May 2021 after surging by more than 10,000% since the 2020 bottom. However, Dogecoin’s value has since dropped significantly to $0.084
Dogecoin’s future seems uncertain due to several factors. Its unlimited supply and lack of real-world use cases make it a risky investment for those looking for long-term gains. Dogecoin may struggle to maintain its popularity and relevance with more serious competitors, such as Meme Moguls, emerging in the memecoin market.
It is also worth noting that Dogecoin’s positive price movements only seem to occur when Elon Musk mentions it. Such reliance on one individual’s influence is not sustainable for a cryptocurrency looking to establish itself as a legitimate investment option.
Experts suggest that the price of Dogecoin will likely fluctuate between $0.05 to $0.10 until the next shoutout from Musk or any other significant news. A breakout from this level due to a market-wide rally would likey see the $0.15 area retested within days — so for short-term traders, it could be a tempting quick profit opportunity.
For more information about the Meme Moguls (MGLS) presale:
Website: https://mememoguls.com/
Buy presale: https://app.mememoguls.com/sign-up
Twitter: https://twitter.com/meme_moguls
The post Investors Say Apecoin (APE) and Dogecoin (DOGE) Are Set to Fall Behind Meme Moguls (MGLS) in 2024 – Here’s Why appeared first on Analytics Insight.
Source: https://www.analyticsinsight.net/investors-say-apecoin-ape-and-dogecoin-doge-are-set-to-fall-behind-meme-moguls-mgls-in-2024-heres-why/