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HomeNewsBonk (BONK) Faces Competition as Brazilians Flock to Acquire Meme Moguls (MGLS)...

Bonk (BONK) Faces Competition as Brazilians Flock to Acquire Meme Moguls (MGLS) Tokens

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After its overnight rise to fame in 2023, Bonk has faced several price declines. What was once hailed as “the next big memecoin” is now losing its momentum, causing investors to diversify to other memecoins like Meme Moguls. 

Meme Moguls is up by 90% during its presale, and has offered significantly higher returns than Bonk throughout January. As a result, more investors are expected to sell their Bonk holdings and diversify in February. 

Is BONK Entering Another Bear Run?

Bonk was initially launched in late 2022, however didn’t gain traction until a year later. Known as the “community token of Solana,” Bonk experienced a 9,400% gain in just a few months, sparking new interest in the memecoin community. 

Post surge, Bonk inspired the launch of several other high-profile memecoins, though none have replicated its success. 

However, after a huge bull run, Bonk’s growth is slowing down. Over the last month Bonk’s price has decreased by 10.57%, crashing by 16.76% over the last week alone. This new bear run has caused concerns among Bonk investors, and Bonk’s market cap has dropped below $635 million. 

Given its recent price trends, confidence in Bonk is starting to fall. This is reflected in Bonk’s daily trading volume, which has faced consecutive daily declines over the last week. Bonk’s daily trading volume is now just $58.82 million, making Bonk the 76th most traded cryptocurrency in the world. 

Without external influence, experts predict that Bonks bear run may continue throughout Q1. Given its lack of utility, Bonk is reliant on the external market. As a result, it’s likely that Bonk will continue to crash until Bitcoin rallies. 

Meme Moguls Gains Traction In Brazil 

Meme Moguls is a new DeFi P2E game that’s quickly gained a global audience. After attracting thousands of investors in just 5 presale stages, the project is now gaining traction among Brazilian investors. Given that the project’s presale will end on February 28, investors are buying $MGLS fast to capitalize on future gains. 

During its presale, Meme Moguls has raised $2.18 million. Throughout this presale, many early investors have won prizes including holidays, experiences, and cash rewards. Now, these prizes will come to an end this month after the presale is complete. 

Over the next 7 days Meme Moguls will showcase its first game preview. During the event investors will be able to see Meme Moguls new meme-based stock market, as well as several of the games innovative features. Anticipation surround this event has taken the hype around Meme Moguls to new levels, and is expected to help $MGLS soar once finished. 

At the end of February Meme Moguls will launch on Uniswap, with developers currently in talks with several other exchanges. Within a year of its launch, crypto experts predict that $MGLS tokens will trade at $0.19, a 100x increase from the project’s initial presale price. 

Given that $MGLS is currently trading at just $0.0036, investors still have the opportunity to make significant returns on their investments. As its momentum builds Meme Moguls is expected to sell out the 5th stage of its presale, after which its utility token will increase to $0.0042. On its current trajectory, this could occur within the next week. 

For more information about the Meme Moguls (MGLS) Presale: 

Visit Meme Moguls | Join the Community

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Ralf
Ralf
Ralf Klein is a computer engineer specializing in database technology, and as such, he was immediately fascinated by the possibilities of blockchain when he first heard about it, especially since this distributed, tamper-proof technology can be the foundation for much more than just cryptocurrencies. At ETHNews, he translates the articles of his English-speaking colleagues for the German readers. Business Email: info@ethnews.com Phone: +49 160 92211628
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