Cardano is one of the world’s fastest-growing DeFi projects. In 2023, its value increased by 61%, and its ecosystem growth hit new highs. Despite this growth, analysts believe that Cardano is undervalued.
Due to its comparatively slow growth, the project now faces competition from new altcoins such as Meme Moguls, which is set to offer 100x returns within the next year.
Cardano Crashes Despite Surge In Development Activity
Cardano’s value fell 17% during the first week of January. The project is now trading at $0.5131 and is down 8% over the last 30 days. This decline was a shock for crypto investors, as overall signals showed a bullish trend.
In just two weeks, crypto whales purchased 14 million ADA (worth $8.4 million), which increased the number of investors buying into the altcoin. Cardano’s development activity also surged. In just one week, activity was up by 250%, suggesting that both crypto whales and developers are preparing for a Cardano bull run.
Chart analysis supports this bullish trend. In a recent YouTube video, one analyst highlighted that Cardano might be on the verge of a breakout from its current symmetrical triangle pattern. This pattern formed throughout December and has kept Cardano below $0.65.
Nonetheless, Cardano has faced significant overhead resistance, forcing the project’s value to crash. According to market experts, Cardano is now in an overbought territory, suggesting that further price declines could occur. With this in mind, Meme Moguls could be a better short-term investment.
From a six-month perspective, Cardano remains an extremely promising opportunity. Cardano’s ecosystem is one of the fastest in the world, and the project’s daily trading volume consistently ranks Cardano among the world’s top 20 cryptocurrencies.
Meme Moguls Price Is On Track For A Second January Surge
Though not as established as Cardano, Meme Moguls offers great potential. The new altcoin has already sold out during three presale rounds and raised $1.6 million. Now, with the fourth stage of its presale expected to sell out in January, investors are flocking to Meme Moguls to capitalize on a myriad of price increases and rewards.
Meme Moguls introduces a unique concept to the DeFi market. It combines memes and investing, though differentiates itself from memecoins. Instead of creating a currency around memes, Meme Moguls introduces a meme-based stock market. Here, players can invest in a virtual stock market, customize their own avatars, and compete with other players in several different game modes.
— Meme Moguls (@meme_moguls) December 8, 2023
These modes include friendly tournaments among friends, paid events where players can compete for prizes, and games like “Beat the Market” where players must outperform index funds with their portfolios.
As part of the Meme Moguls ecosystem, investors will be ranked on a leaderboard. The top 20 ranked investors, or “Moguls,” will earn an income from a monthly prize pool. Alternatively, players can go head-to-head in a winner-takes-all contest for other lucrative prizes.
Meme Moguls’ tokens, $MGLS, will be used for transactions throughout this ecosystem. They can also be staked for an additional income or held for long-term returns. Three billion $MGLS tokens will be released, and almost one billion have already been sold during the Meme Moguls presale. Tokens are currently available for $0.0027 and will continue to increase as each stage of the presale sells out.
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