Ethereum and Ripple are two of the world’s largest and most well-known cryptocurrencies. While they have created millionaires from their early investors, their dominance in the market may soon be challenged by a new altcoin that is setting the memecoin market on fire. Let’s jump into the details and see if this new altcoin truly has the potential to outperform Ethereum (ETH) and Ripple (XRP) in 2024.
While Bitcoin moves higher every week, Ethereum doesn’t carry the same bullish momentum. As of writing, Ethereum is up 70% from its January lows but still well off record highs of $4,800 in 2021.
Bitcoin is the clear play for institutional investors, while smaller-cap altcoins take the attention of retail investors looking to turn $10 into $1,000. Ethereum falls into neither of these camps, so it has been an underperformer this year.
The ETH/BTC pairing has been especially painful for investors, as the 0.051 ratio is the lowest since June 2021. Breaking this level would likely lead to further downside to 0.040 as the next key support level where buyers will likely step in.
The ETH/USD chart shows that the $2,100 area is significant resistance. Breaking out above $2,100 would likely lead to accelerated gains as the digital asset enters a fresh bull run. However, if Ethereum fails to break above this level, it could continue to consolidate between $1,800 and $2,100 for an extended period.
Ripple has been in the news for all the wrong reasons during the last few years. It all started when the SEC declared that Ripple’s XRP token was a security and not a currency, leading to the token being delisted from Coinbase and other US-based exchanges.
Ripple had a rebound in July 2023 — Soaring by more than 100% from $0.47 to $0.93 in under one day — when Ripple defeated the SEC in court. However, the rally was short-lived, as Ripple’s price quickly dropped to $0.42 in the following weeks.
Such a poor reaction to the bullish news leads some analysts to believe that Ripple may never reach $1.00 again. The current Ripple market cap of $35 billion limits the potential upside, especially with newer altcoins, with a fraction of the market cap showing more potential for growth.
While Ethereum and Ripple struggle to regain their previous highs, one new altcoin is making a name for itself: Meme Moguls (MGLS). But what is this new altcoin, and why is it being touted as one that could take pole position in the market?
Meme Moguls is poised to become the world’s first meme-backed stock exchange. Here, memes are transformed from entertainment pieces to real-value tradable assets, and anyone can become a “meme mogul” by investing in meme stocks.
Users earn MGLS tokens, the native cryptocurrency of the platform, through active participation, trading, and mastering the art of meme investing. This means that not only do users benefit from the rising value of their meme portfolio, but they also gain rewards in the form of MGLS tokens.
Joining Meme Moguls isn’t just about trading and earning; it’s about being part of a vibrant community. Members can connect with fellow enthusiasts, share insights, and learn from each other. The goal is to reach the top of the Wealth Leaderboard, where the wealthiest and most influential meme moguls are featured.
With its innovative approach to meme-based assets, engaging community, and a wide array of features, Meme Moguls is set to redefine what it means to invest in the digital age. The best part is that the MGLS token is priced at just $0.0019 during phase 1 of the presale — making it an affordable entry point for investors of all levels.
Analysts note that early meme investors tend to earn the most rewards. For example, a Pepe holder turned $250 into $1.02 million in four days. Analysts believe a repeat could be on the cards for those investing in MGLS during the initial presale stages, with 100x returns possible.