Cardano holders in red, more investors exploring Meme Moguls
The crypto market is very volatile and competitive. As a result, investors and analysts are constantly monitoring their tokens. Currently, there has been a significant shift in the market. Over 80% of Cardano (ADA) investors in loss appear to be moving their investments to a new crypto project, Meme Moguls (MGLS). Let’s see what Meme Moguls is all about.
Cardano investors in loss
Cardano, a platform touted as the Ethereum killer, rose to the spotlight in 2021. At the time, ADA prices rallied to an all-time high of $3.10. Unfortunately, the coin has since dropped, losing over 87.99%.
According to CoinMarketCap, ADA is trading at $0.378, with a market capitalization of $13.3 billion. Moreover, the number of Cardano addresses in losses has risen to over 80%, according to IntoTheBlock.
The drop in ADA prices can be due to factors such as regulatory uncertainty and market-wide correction. Despite the increase in development and trading activity on Cardano, ADA is still struggling.
As a result, many are reconsidering whether to dump the coin for alternatives. As it is, some of them are exploring Moguls.
The Meme Moguls ecosystem
Amid the recent market correction affecting ADA, some investors are exploring alternatives like Meme Moguls, a project aiming to establish the first meme-backed stock market/exchange.
Meme Moguls seeks to redefine the intersection of memes and crypto trading, offering a distinct user experience.
The project encompasses several components, including the Moguls Casino for gameplay using meme-related assets and MGLS, its native token. The Moguls Exchange Trading Platform facilitates meme-based asset trading, and the Meme Moguls Fantasy Trader section allows users to compete for rewards.
Mogul Land is a significant aspect of the ecosystem. It is a metaverse environment enabling user interaction and collective token mining.
Users can stake tokens in liquidity pools to enhance profitability, and the ecosystem provides meme-inspired materials to inform trading decisions based on meme trends. The network includes a staking mechanism, allowing users to earn additional tokens by staking their MGLS.
MGLS is currently available at $0.0019 in the ongoing presale. Analysts are bullish, expecting more gains for the token in the days ahead.
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