There is no doubt that 2023 has brought renewed hope to the cryptocurrency market. While Bitcoin (BTC) leads the way with the potential of an ETF being approved in the US, other altcoins have also seen significant growth. Among them, three stand out as major players in this current bullish wave: Fantom (FTM), Polygon (MATIC), and Meme Moguls (MGLS).
Fantom (FTM) Rises Like a Phoenix
Fantom is a DAG-based ledger that offers high scalability and low transaction fees. The project had been gaining significant traction, with the Fantom TVL climbing to a peak of $7.90 billion in March 2022.
Unfortunately, the crypto bear market and a hack on the Fantom Multichain Bridge resulted in the TVL dropping to $39 million and the token price to just $0.17. However, in the current bullish market, Fantom has made a remarkable comeback, with its TVL currently standing at $60 million and the token price soaring by nearly 100% to $0.31.
But the general bullishness of the market cannot take all of the credit, as the Fantom Sonic testnet has just been released. This upgrade introduces the Fantom Virtual Machine, reduces storage by 90% via the Carmen database storage protocol, and enhances the Lachesis consensus mechanism.
Could we be witnessing the beginning of a new era for Fantom? Only time will tell, but the community seems optimistic about its future prospects. It is also worth mentioning that the Fantom market cap sits at $884m, leaving plenty of room for growth compared to other top cryptocurrencies.
Can Polygon (MATIC) Break The $1 Resistance?
Polygon surged over 100x during the 2020/21 bull run as the crypto community recognized the project's potential as a layer-two scaling solution for Ethereum. While the market correction saw its price drop to a low of $0.32, Polygon is back with a vengeance after pumping from $0.50 to $0.92 in three weeks.
So, what is fueling this sudden turnaround for Polygon? Well, the price escaped a descending trendline that suppressed the price since late 2021. Chartists see this as a bullish indicator that could increase price gains if the $1 horizontal resistance breaks.
In an effort not to be outdone by the Fantom team, Polygon has just released the v0.7 upgrade to the Miden VM scaling solution. In doing so, they claim to have increased performance by 30%and reduced gas costs for private dApps building on the framework.
Combining a bullish chart and an active development team has created a buzz within the Polygon community. Investors are watching closely as the $1 resistance level looms, wondering if it will finally be broken and propel Polygon to new heights.
Meme Moguls (MGLS) Leads the Way in Meme-Backed Crypto Surge
Meme Moguls is blending the viral appeal of internet memes with financial rewards by building the world’s first meme-backed stock exchange. The goal is to allow traders to speculate on the popularity of memes and profit from their investments.
Meme Moguls stands out for its community-centric approach. By joining this vibrant community, users can access a space where meme enthusiasts share insights, analyze trends, and profit from their collective wisdom.
The platform's native cryptocurrency, the MGLS token, enables trading, staking, and participation in the platform's governance. Holding MGLS tokens also opens doors to earning opportunities through staking, where users can earn a portion of the liquidity pool in proportion to their stake.
A key milestone for Meme Moguls is its ongoing presale event. This event is a golden opportunity for early adopters to become part of the Meme Moguls journey for just $0.0019 per MGLS token. It's worth noting that this presale price is believed to rise as the platform gains traction and demand for MGLS grows.
Meme Moguls also has a considerably smaller market cap than Polygon and Fantom. Plus, considering the meme market is currently worth $ 17.90B and growing, Meme Moguls has huge upside potential if it can become the foundation for trading memes.
Analysts speculate that MGLS will rise by 100x or more from here until it launches on major exchanges. And if that's not enough to get excited about, Meme Moguls is gifting $10,000 to the most active presale participant at the end of each phase.
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
