Both Algorand and Cardano have shown an uptick in price and adoption recently. Meme Moguls is a new project that has a lot of potential, with experts predicting a 100x rise in the price over the coming months.
According to Coinbase, Algorand staking is on the rise. On chain, Algorand staking involves participating in governance to receive the rewards. However, the process only opens for applications at certain times and is now closed until approximately December 12. So people who want to take their ALGO now have to do it through a third party such as Coinbase – currently offering an estimated reward rate of 6.16%.
People can also simply stake USDC on Coinbase for 5%, so the uptick in ALGO staking suggests that investors are feeling bullish about the price action of Algorand, which is up by around 30% over the last 30 days.
Some of the reasons for optimism around the price of Algorand include the general bullishness of the market and appetite for Layer 1 blockchains, and Holdnaut’s involvement in the FTX and Terra/Luna collapses. After losing close to $200 million, Hodlnaut were faced with two options, restructure or liquidate. They owed Algorand money and so the blockchain voted to liquidate the company in order to receive assets.
While staking on Coinbase is a relatively safe and easy way to gain interest on ALGO, those interested in even higher yields should keep an eye out for the reopening of the governance program, where APYs of 10%+ have been received before.
As Cardano gets closer to a more decentralized approach to governance with the CIP-1694 proposal, the token price and on-chain TVL are rapidly increasing. Although still a baby in comparison to the TVLs of other Layer 1 and 2 blockchains such as BSC, Polygon and Ethereum, Cardano’s TVL has increased by 406% since the start of 2023.
Although Cardano has a long way to go to reach the on-chain metrics of other blockchains, it is clear that development, with a social justice focus, is happening on Cardano. Green initiatives and conferences such as bringing Web3 to Africa are a large part of the reason that many academics and other socially minded people support Cardano.
Meme Moguls is a new project that is currently in the presale phase. Similarly to Algorand and Cardano, there is a Web3 focus from the perspectives of governance, staking, and most importantly, community participation.
Meme Moguls will be a decentralized exchange community dedicated to memecoins. Traders can get together, spur each other on by trying to climb the leaderboard and share insights to help find the next crypto gems. They will also be able to play meme-based games with rewards and participate in staking and NFT meme mining.
Any good portfolio should have a mixed basket of assets. Algorand and Cardano cover the more serious side of crypto, as well-established Layer 1 protocols, while Meme Moguls covers the more fun but also equally profitable memecoin side of crypto.
Let’s not forget that the market capitalization of Dogecoin is bigger than either of these two chains! Market capitalization is important, since new holders of DOGE (and ADA and ALGO) have access to less upside potential, as there are already so many existing holders.
Since Meme Moguls is in presale at $0.0021, the market cap is tiny. And it will just keep rising until it launches on exchanges, at which point the market will decide the price. According to the Dogecoin block explorer data, there are around 500 Dogecoin millionaires. The Meme Moguls team is aiming to make 100 millionaires within the first three months of launch!
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