Toncoin (TON) and Chainlink (LINK) have experienced a noticeable decline in value this week, overshadowed by the sudden rise of Meme Moguls (MGLS). This new entrant has caused quite a stir in the memecoin sector, with millions of tokens sold so far during the ongoing presale event. Let's find out what's causing this sudden shift in the market.
Meme Moguls (MGLS) Presale: 100x Gains Predicted
Meme Moguls presents an opportunity to channel your inner Elon Musk by engaging in a simulated investing game centered around memes. Players are able to buy, sell, and trade assets in a virtual market with the goal of rising to the top of the Wealth Leaderboard.
Such a unique concept has attracted huge attention from those in the meme community. As a result, Meme Moguls has experienced a surge in demand during its ongoing presale, with prices rising by 42% as experts predict a potential 100x gain for early investors.
Meme Moguls also offers various challenges and missions that players can complete to earn additional rewards. These tasks are designed to be both fun and educational, helping players understand the nuances of market trends and trading strategies.
Once players are confident in their skills, they can enter head-to-head battles and private tournaments or take on Wall Street in the 'Beat the Market' game mode. MGLS tokens and valuable NFTs are rewarded to those who perform well in these games, which can then be sold or traded on the Meme Moguls marketplace.
There's now a time-limited opportunity to purchase MGLS tokens at a discounted rate of just $0.0027. This early investment option offers a prime entry point into an ecosystem anticipated to experience a 100-fold increase in value within its first year.
This bullish forecast stems from the distinctive appeal of the Meme Moguls game and its relatively modest market capitalization of $8.10 million. When considering the expansive and continually growing memecoin market, currently valued at over $19.5 billion, the potential for significant growth of MGLS tokens is quite evident.
Will Chainlink (LINK) Reach $100 In 2024?
Chainlink made headlines in late 2023 when it rose from approximately $6 in early September to a high of $17.30 in early December. However, the Chainlink price failed to continue this momentum and has dropped to a current price of $13.61.
While many of those who bought Chainlink in 2023 are in profit, the lack of bullish price action while other altcoins are pumping is a concerning sign for investors. It's especially surprising with Chainlink just launching staking and its Cross-Chain Interoperability Protocol (CCIP).
Analysts note that Chainlink has a fully diluted valuation of $13.60 billion, which is harder to move up than smaller market-cap coins. The market will likely need to see CCIP being used by the banking institutions it's been rumored to be working with before Chainlink can reach $100.
The $11.70 area could be a strong area of support as it acted as resistance in November 2023. To the upside, Chainlink must surpass the $18 - $20 resistance area to start a fresh uptrend and move toward the peak of $52.88.
Toncoin (TON) 2024 Price Prediction
Toncoin is another cryptocurrency with a bullish 2023 but has since struggled to maintain that momentum. After pumping 139% in three months to a high of $2.76 in November 2023, Toncoin has dropped to its current price of $2.18.
This 20% decline from the 2023 peak can be attributed to holders taking profit and moving on to newer projects like Meme Moguls. The 139% pump was largely due to the Telegram trading bot narrative that was circulating in the community at the time. However, this narrative has cooled down, especially with the Bitcoin ETF news dominating the headlines.
Toncoin's current market capitalization is $11 billion, which makes it the 15th largest cryptocurrency by market cap. While Toncoin is a strong project, such a high market cap makes it hard to move the price upwards quickly.
Technical analysis shows that Toncoin has strong support at the $2 level and resistance at the all-time high of $2.76. A break above this resistance could see Toncoin surge to the $5 level in 2024.
For more information about the Meme Moguls (MGLS) presale follow the link below: