Ethereum and XRP are two of the biggest and most famous cryptocurrencies in the world. Although they made millionaires out of their first investors, their market dominance may soon be challenged by a new altcoin that is igniting the meme coin market.
Let’s get into the details and see if this new altcoin really has any potential to surpass Ethereum (ETH) and XRP in 2024.
This article is sponsored content and does not reflect the opinion of the CryptoDnes team. The material does not constitute investment advice and is provided by the respective company.
Can Ethereum (ETH) Break Through Resistance?
While Bitcoin is moving higher every week, Ethereum does not carry the same bullish momentum. At the time of writing, ETH is up 70% from its January low, but is still a long way from the record highs of $4,800 in 2021.
Bitcoin is a familiar sector for institutional investors, while smaller-cap altcoins attract the attention of retail investors looking to turn $10 into $1,000.
Ethereum doesn’t fall into either of these camps, so it hasn’t performed well this year.
The ETH/BTC pair is particularly painful for investors as the 0.051 ratio is the lowest since June 2021. A break of this level is likely to lead to a further decline to 0.040 as the next key support level where buyers are likely to intervene.
The ETH/USD chart shows that the $2,100 area is significant resistance. A break above $2,100 is likely to see gains accelerate as the digital asset enters a new bull run. However, if Ethereum fails to break above this level, it may continue to consolidate between $1,800 and $2,100 for an extended period of time.
Will XRP ever reach $1.00 again?
Over the past few years, XRP has been in the news for all the wrong reasons. It all started when the Securities and Exchange Commission declared that Ripple’s XRP token was a security and not a currency, leading to the exclusion of the token from Coinbase and other US-based exchanges.
In July 2023, Ripple experienced a surge – jumping more than 100% from $0.47 to $0.93 in less than a day – when Ripple defeated the SEC in court. However, the rally was short-lived as the price of Ripple quickly fell to $0.42 in the following weeks.
Such a weak reaction to the bullish news has some analysts believing that XRP may never reach $1.00 again. XRP’s current market cap of $35 billion limits potential growth, especially with newer altcoins where some of the market cap shows more growth potential.
Which altcoin is destined to be a candidate for the honorary position?
As Ethereum and XRP struggle to regain their former highs, a new altcoin is making a name for itself: Meme Moguls (MGLS). But what is this new altcoin and why is it being touted as an altcoin that can take the top position in the market?
Meme Moguls is about to become the world’s first meme-powered exchange. In it, memes are transformed from works of entertainment into tradable assets with real value, and anyone can become a “meme wizard” by investing in meme shares.
Users earn MGLS tokens, the platform’s native cryptocurrency, by actively participating, trading and mastering the art of meme investing. This means that users not only benefit from the increasing value of their memo portfolio, but also receive rewards in the form of MGLS tokens.
Joining Meme Moguls is not only about trading and earning, but also about being part of a dynamic community. Members can connect with other enthusiasts, share insights and learn from each other. The goal is to reach the top of the wealth leaderboard, featuring the richest and most influential meme moguls.
With its innovative approach to meme-based assets, engaging community and extensive feature set, Meme Moguls is on its way to redefining what it means to invest in the digital age. Best of all, the price of the MGLS token is only $0.0019 during Phase 1 of the presale – making it an affordable entry point for investors of all levels.
Analysts believe that early investors in meme coins tend to reap the most rewards. For example, a PEPE holder turned $250 into $1.02 million in four days, as reported by Decrypt.com.
They believe the same could happen to holders of other meme coins, even those who invested in MGLS during the initial stages of the presale, as many believe a 100x return is possible.
Visit Meme Moguls
This article is sponsored content and does not reflect the opinion of the CryptoDnes team. The material does not constitute investment advice and is provided by the respective company.
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