With Bitcoin dominance on the rise and traders loading up their bags of BTC, we look at what this means for the overall market, and which promising memecoin in presale that we’ve noticed the whales are flocking to.
Latest developments with Bitcoin
Today we heard that the SEC and Blackrock had met once again to discuss their application for the Bitcoin Spot ETF. The approval is expected to come in January, although as always with the SEC, nothing is guaranteed since they are well known for delaying.
Looking at the broader macro level, we can see that Bitcoin dominance has been increasing steadily this year. In January it was at 39%, and now, as we come to the close of 2023, it’s at 52%.
Historically, this pattern has been a good sign for Bitcoin, and occurred before the last Bitcoin halving event in 2020. Halving events have, so far, always coincided with a bull run, and it seems that 2024’s halving event is following the same pattern.
Usually, increasing Bitcoin dominance reflects more money entering the Bitcoin market, and coincides with rising prices. The next step is for Bitcoin to trade sideways, while money flows into the altcoins, where a greater ROI can be found.
The chart above also shows us that Ethereum’s dominance has declined, while altcoins (not including USDT, BNB and SOL) have increased in dominance over the last days. On the 5th of November, altcoins took 19% of the share, today they are at 21.14%.
Things are looking good for Bitcoin and also the altcoin market. A good portfolio includes a high amount of ‘safer’ assets, like BTC and ETH, and established altcoins with good tech, but also a portion of high-risk/high-reward tokens, such as new projects and meme coins.
The whales who are buying up BTC are taking note of a new project that has been projected to make 1000%+ returns.
What’s The New 100x Coin?
Meme Moguls is the name of the project that’s on the watch list of some big players. It’s still in the early stage of the presale, which makes the potential rewards all the more enticing. The project brings something totally new to crypto. It’s a meme-based game, a community for traders, and a meme token all in one.
We all know that meme tokens make millionaires, but it can be hard to know which one to choose, with hundreds being created every day. But 99% of these have little to no utility. MGLS on the other hand, does.
It’s used for governance, prizes, staking, marketplace fees, and rewarding helpful community members in Meme Moguls.
The premise is relatively simple – a fantasy-based stock simulator game – but the platform is filled with many ways to earn and things to do.
Players are given $100,000 of virtual money, and must pick coins to add to their virtual portfolio. There’s a wealth leaderboard to encourage competition, and to show everyone who the best ‘Meme Moguls’ are. The community can then look to those Moguls to guide them in choosing the best portfolio, and for trading tips and more. The Moguls earn money for winning, while the players gain knowledge and experience.
And it’s not just about meme coins but all of the internet’s memes. Iconic internet moments and memes will be made into tradable NFTs. By completing challenges and missions, and joining tournaments, other players can win rare NFTs, and MGLS tokens. They can then choose to cash out, or to stake their tokens to receive even more MGLS.
MGLS is set to rise by 100x in the presale alone, and is then forecasted to rise by another 7000% when it goes live – making it an easy choice for those profit-hungry whales and smaller traders as well.
