Meme Moguls (MGLS) Moving to Top Dog Position as Shiba Inu (SHIB) and Dogecoin (DOGE) Dip Further

The post Meme Moguls (MGLS) Moving to Top Dog Position as Shiba Inu (SHIB) and Dogecoin (DOGE) Dip Further appeared first on Coinpedia Fintech News

The cryptocurrency market is currently experiencing a significant phase, with major players facing pivotal moments. Top crypto coins like Dogecoin and Shiba Inu have been navigating a bearish trend, trading below their established support levels. Despite this downturn dominating the month, both Dogecoin and Shiba Inu still exhibit optimistic signs for a potential recovery. Meanwhile, Meme Moguls, a newcomer in the market, has also received massive attention from meme enthusiasts claiming the position of best crypto in 2024. 

Meme Moguls’ New Top Dog in the Meme Coin Market

Meme Moguls (MGLS) is strategically positioning itself as a formidable player in the meme coin market, as it aims to diverge from the usual dependence on internet trends associated with memecoins. Notably, Meme Moguls differentiates itself by introducing a play-to-earn game, offering users both entertainment and educational value in the investing realm while earning $MGLS tokens.

In comparison to other meme coins like Shiba Inu and Dogecoin, Meme Moguls incorporates various features, including simulated investing, interactive gameplay modes, community tournaments, an NFT marketplace, and ambitious plans for a metaverse. This comprehensive approach positions Meme Moguls as a prime cryptocurrency investment.

The Meme Moguls token (MGLS) – which is at the heart of the ecosystem’s operation – serves dual roles as both an in-game currency and a governance token, ultimately providing utility beyond mere hype. 

With Stage 5 of the presale underway and an impressive 90% plus increase on all initial deposits, Meme Moguls emerges as a significant contender challenging the top position in the meme coin space. Having established itself as one of the best crypto ecosystems, Meme Moguls is offering an enticing 30% deposit bonus offer and the opportunity to win $10,000 worth of MGLS tokens after the presale.

Shiba Inu (SHIB) Holders in Frenzy As Coin Dips Further

Shiba Inu coin (SHIB) faced significant drawbacks over the past year, registering a year-on-year decline of -22.4% in its price according to CoinMarketCap. The persistent selling pressure has resulted in a challenging start to the year for Shiba Inu (SHIB) holders, with a notable 18.15% drop in token price over a three-week period. The recent price movement raises concerns among SHIB holders, casting doubts on the meme coin’s outlook for 2024 and reflecting a waning interest in both the token and meme coins in general.

Despite the downturn, the current phase witnesses an increase in Shiba Inu token burning, a development some experts suggest might pave the way for an upcoming upward trend. However, without the commencement of such a trend in the near future, Shiba Inu’s price could experience a significant bearish reversal. Successful completion of this drawdown, leading SHIB to the target price, would establish a new all-time low.

Can Dogecoin (DOGE) Breakout Above Its $0.10 Resistance?

Dogecoin (DOGE) has displayed signs of reduced investor interest, evident in its lacklustre performance over the past month. Notably, DOGE price declined by more than 15% in the last 30 days, reaching a low of $0.076 on January 8. 

Despite a promising 20% surge on Saturday, January 20, following a rebound from the 0.618 Fibonacci retracement level, the Dogecoin price retraced back to its initial $0.076 level, nullifying its gains. 

Based on the current trend, there is still a chance that a new uptrend is commencing; however, because the price is near the previous low, it needs to hold above it to achieve the former. Should DOGE maintain its position above the previous low and experience further increases, then the potential exists for a new and more substantial uptrend. 

If that is the case, the projected DOGE price trend could result in a breakthrough above the $0.10 resistance level and extend beyond, establishing another high for Dogecoin.

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