Dogecoin was the first memecoin to go mainstream. In 2021, the project hit an all-time high of $0.09721 and attracted a huge social media following. Over the last two years, this audience has driven up Dogecoins price, posting memes on social media and spreading word of the memecoin. However, after a poor performance in 2023, experts believe a new memecoin could outperform Dogecoin.
Dogecoin Struggles With An Uphill Battle
Although still ranked the number one memecoin, Dogecoin has faced several struggles in 2023. Most notably, its inability to sustain any long term positive market momentum. The project has experienced several price surges in 2023, though has consistently crashed after hitting the $0.09721 threshold. This trend is now repeating itself in December. Since hitting $0.1 Dogecoins price has fallen by 2.93% and is trading at $0.09277.
Another challenge Dogecoin is facing is fierce competition. Top competitor Shiba Inu has hit several milestones in 2023, introducing lucrative new projects like Shibarium, and increasing in value by 32% in December. Comparatively, Dogecoin has increased in value by 24% over the last month, and its ecosystem has experienced very little growth.
The future of Dogecoin will ultimately depend on the project’s development. As of December 2023 Dogecoin’s price relies on social media hype and influencers such as Elon Musk, who has consistently driven up Dogecoin’s price over the last two years. To take control of its future, Dogecoin needs to build its ecosystem and offer more than just a memecoin. If the project fails to take action, experts predict that Dogecoin could lose its status as the number one memecoin as early as 2025.
Could This New Memecoin Dominate The Market?
In addition to other challenges, Dogecoin also faces fierce competition from new projects in the market. Projects like Meme Moguls are gaining significant traction and could quickly take the spotlight away from Dogecoin. For example, in just one month, Meme Moguls has raised over $715,000 during its pre-sale and attracted thousands of investors in just two presale stages. On its current trajectory, it could be worth more than Dogecoin in just one year.
Unlike Dogecoin, Meme Moguls offers great utility. It introduces the world’s first stock market for memes, allowing investors to trade meme-based assets and build their investing skills. Within the Meme Moguls ecosystem, investors will be able to take part in simulated investing, compete against top funds, compete in tournaments, and more.
All of this is designed to empower the next generation of investors, teaching them new investing strategies and helping them build their network in Meme Mogul’s bustling community.
Currently in the second stage of its presale, Meme Moguls native token has increased in value from $0.0019 to $0.0023. Within the next year, experts predict that $MGLS could hit highs of $0.19, outperforming top memecoins such as Dogecoin and Pepe.
While such high returns are a great selling point for the project, Meme Moguls offers a number of reasons why investors should get involved. For example, during each presale round, one lucky investor will win $10,000 as part of a giveaway, and other prizes, such as gadgets and vacations, will also be available. These rewards make Meme Moguls an extremely lucrative investment, and have already attracted thousands of new investors.
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