Dogecoin is one of the top currencies in terms of market capitalization, proving the power of the memecoin. But from a functionality and development perspective, we see little more than a meme. Seasoned crypto traders looking for bigger gains are turning to DeFi darling Aave and a memecoin exchange and play-to-earn game called Meme Moguls.
Keep reading to find out why.
What you'll learn 👉
Dogecoin is literally going to the moon but will the price follow?
As meme coin enthusiasts will know, Dogecoin hasn’t seen any meaningful development in a long time. According to GitHub, the last code commit was in July 2022. Instead, Dogecoin’s price has relied on tweets, comments, and memes from Elon Musk.
Fast forward to today, and it seems that little has changed, as the currency crashed on November 18, after SpaceX’s unmanned starship exploded during a test flight.
A deeper look into the analytics, provided by IntoTheBlock, shows that miners have been selling since Dogecoin reached the $0.08 mark, with the spaceship crash as merely the culmination of the already bearish sell pressure.
The only thing on Dogecoin’s X (formerly Twitter) account is a post about how they will be sending a physical Dogecoin to the moon in December. Cute, but not enough to compensate for the total lack of utility and development from Dogecoin.
Dogecoin is down by 4.2% over the last 24 hours.
Aave rebrands but the real news lies with their collaboration with Chainlink
Aave has announced that the name of their blockchain infrastructure company will change to Avara – which means “spacious” in Finnish. But the protocol name, and its functionality, will stay the same. They are also acquiring a self-custody wallet named Family.
Aave is a DeFi protocol trusted by degens and institutions alike. A key requirement is the ability to have a large amount of liquidity available at any time. Without it, a whale might be unable to execute a large trade.
So what is really exciting for the multichain app Aave right now is that they have partnered with Chainlink’s CCIP (Cross-Chain Interoperability Protocol). This means that liquidity can be shared across some of the biggest blockchains – Ethereum, Avalanche, Ethereum, Optimism, and Polygon. It also brings enhanced security for Aave and makes it easier and cheaper for people to vote on Aave initiatives.
Meme Moguls – The Aave/Chainlink to the meme industry
Dogecoin is just one memecoin, but thanks to Meme Moguls, DOGE fans will soon be able to trade this and other tokens in one place, while enjoying games and a community space to learn and earn.
How will this work? Meme Moguls will be a decentralized exchange for memecoins, with at least two different play-to-earn mechanisms. Fun + the opportunity to improve trading skills = $MGLS.
Meme Moguls’ other unique proposition is the connection of the fragmented memecoin industry. Just like how Chainlink connects blockchains and unites cross-chain protocols like Aave.
You probably heard about the man who made $1 million from $250 of PEPE. However, because of the limited liquidity, he couldn’t cash out. Meme Moguls will help to counter this issue by providing increased liquidity across the memecoin sector.
And for investors looking for the next big coin, the community will be invaluable.
For now, though, the way to profit is by joining the Meme Moguls presale. MGLS is halfway through the very first stage of the presale, meaning that current buyers are very early. It can be acquired at $0.0021, with the team giving away $10,000 to one person at the end of each presale stage. So if you missed the rallies seen by Dogecoin and Chainlink, rather than Fomoing into these coins, consider entering this project at the ground level.
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