As memecoins, Shiba Inu and Dogecoin have one major flaw: they lack utility. While Shiba Inu is slowly changing this with the launch of Shibarium, Dogecoin continues to rely on its memecoin reputation to rise in value. This leaves both projects prone to competition.
Now, a new memecoin showcasing great utility and an innovative concept could challenge Shiba Inu and Dogecoin. It’s already raised almost $2 million during its presale and attracted thousands of investors.
Will Dogecoin Hold Its Number One Status?
As the world’s first memecoin, Dogecoin has become a household name. However, the project has failed to perform over the last year. While new entrants such as Pepe and BONK experienced gains of over 1000%, Dogecoin’s price dropped by 14% in 2023. This has caused frustration among bullish holders and has caused analysts to question whether or not Dogecoin can remain the number one memecoin.
Recent rumors suggest that Dogecoin could become a transaction method on X later this year. Given that Elon Musk is a strong Dogecoin advocate, this development could be a game changer for the project. However, this is purely speculation.
As of January 31st, no announcements have been made regarding Dogecoin developments. As a result, Dogecoin’s price dropped by 12.5% in January, and its daily trading volume is down 34.7% over the last 24 hours.
Shibarium Passes 300 Million Transactions
Shiba Inu is slowly improving its utility. Over the last year developers launched an exclusive Shiba Inu magazine for its audience, as well as Shibarium, a Layer-2 platform. Shibarium has resulted in exponential growth for the Shiba Inu ecosystem and has processed 304 million transactions.
However, Shiba Inu’s price is yet to replicate this growth. In the last 30 days, Shiba Inu has decreased in value by 14.5% and Shiba Inu’s daily trading volume has faced significant declines.
At the time of writing, its volume was just $101 million, making Shiba Inu the 61st-ranked cryptocurrency by trading volume, despite being the 17th-largest cryptocurrency by market cap.
Meme Moguls Surges 90% During Its Presale
Meme Moguls offers a unique gaming feature that instantly sets it apart from other memecoins. This innovative new project is making waves within the presale space. Its token value is up by 90%, and the project is close to raising $2 million.
As the world’s first meme-based virtual stock market, crypto analysts are extremely optimistic about this ambitious new project. The project introduces a new gaming feature, in which players can generate an income throughout a meme ecosystem. The main feature of this ecosystem is a virtual stock market. Players will be given $100k in virtual currency to build a portfolio and will earn rewards based on their portfolio’s performance.
Players who are confident in their investing abilities will be able to compete against one another. A range of tournaments, both free and paid, will be available for investors, as well as other games such as Beat the Market, during which investors must try to outperform real-world funds.
Meme Moguls will use $MGLS as its governance token. $MGLS can be staked to generate a passive income or can be held for long-term returns. $MGLS is currently selling for $0.0036 during stage 5 of the Meme Moguls presale and can be purchased via the project’s website.
For more information about the Meme Moguls (MGLS) Presale: