ARB Price Nosedives Post Bitcoins ETF — Over 1.4m SHIB Tokens Incinerated While Meme Moguls Thrives in Presale

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The current cryptocurrency market is experiencing a notable downturn, influenced by a combination of factors that have collectively triggered a widespread sell-off. Even the top crypto coins like Shiba Inu (SHIB) and Arbitrum (ARB) were not left out, leaving investors pessimistic.

However, within the dynamic cryptocurrency industry, lucrative opportunities consistently arise. One such prospect is Meme Moguls, an Ethereum-based play-to-earn (P2E) meme token that aims to bring innovation to the crypto realm and reach new heights. This article shows an analysis of which is a good crypto to buy.

Over 1.4 Million Shiba Inu (SHIB) Tokens Incinerated

In a significant development, there has been an increase in the Shiba Inu burn rate over the past 24 hours, with the community sending millions of SHIB tokens for incineration. According to data from Shibburn, the Shiba Inu burn tracker, a total of 146,261,497 SHIB tokens were sent to burn addresses, effectively removing them from circulation.

Notably, five wallet addresses were involved in this incineration process. One particular wallet stood out by burning 100 million SHIB tokens in a single transaction, while another wallet incinerated over 30 million tokens within the same 24-hour period. Consequently, the burn rate surged by 459.57% during this timeframe.

This collective effort in token incineration, involving both the meme coin’s team and its community, aims to reduce the circulating supply of Shiba Inu. The expectation is that a diminished token supply will contribute to driving up prices. To date, more than 410 trillion Shiba Inu tokens have been removed from circulation.

Arbitrum (ARB) in Shambles Following Bitcoins ETF Launch

Arbitrum price is currently in a mess, mirroring the broader trend led by Bitcoin’s decline to $40,000. With investors feeling uncertain about the crypto market’s future in the upcoming weeks, the prevailing direction seems predominantly downward.

The anticipation surrounding the launch of Bitcoin ETFs in the US had heightened investor risk appetite, particularly towards ecosystem tokens like Arbitrum. This support, combined with a positively structured market, propelled Arbitrum from its support at $0.75 to a new all-time high of $2.4 in January. However, the subsequent sell-off post-ETF approval caught many holders off guard, resulting in a sudden surge in selling pressure.

Amidst the absence of immediate signs of a rebound, holders of ARB are rushing to sell, aiming to safeguard the profits accumulated in recent months as well as their invested capital.

Meme Moguls: The First Meme Backed Play-to-Earn Platform

Meme Moguls (MGLS) is a soon-to-be-launched platform designed to offer simulated trading, providing valuable learning opportunities for traders and investors. It incorporates play-to-earn (P2E) elements, allowing users to enhance their trading strategies and convert simulated profits into tangible returns.

The platform offers the ability to create personalized avatars, participate in a fantasy meme-trading world, climb leaderboards, and attain Moguls status for increased rewards. Moreover, users can participate in MGLS staking, contributing their balance to the Moguls staking pool, with profits determined by the share of the pool and its annual percentage returns.

This approach, along with its diverse range of meme-inspired assets and the opportunity to earn $MGLS tokens, makes it an attractive prospect for investors looking for something fresh and engaging in the crypto space.

Currently, at Stage 5 of its presale, trading at $0.0036, the project is also offering a $10,000 giveaway on the X platform for active community members. With a new alt-season and a memecoin resurgence expected, analysts are predicting a growth of 1000% positioning Meme Moguls as a good crypto to buy in 2024.