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Binance remains top exchange despite 5% market share dip: Implications for Meme Moguls?


Binance saw its market dominance slip 5% in 2023 followning the impact of regulatory issues, including ex-CEO Changpeng Zhao’s resignation.
A TokenInsight report however shows the exchange remains top by market share.
Meme Moguls, on the other hand, is a new meme-backed trading platform seeing huge interest from crypto enthusiasts during its presale. 

Binance remains the largest crypto exchange by market share, despite facing a 5% dip amid regulatory issues. A new TokenInsight report also highlights that the exchange’s market share rose steadily after dipping to around 32% in November.

Meanwhile, Meme Moguls (MGLS), a new exchange bidding for dominance as the world’s first meme-based trading platform, continues to strengthen its future outlook amid huge interest in its presale.

Report shows Binance market share dropped 5% in 2023

Binance’s place as the world’s largest crypto trading exchange by market share came under threat amid last year’s regulatory issues.

The lawsuit by the US Securities and Exchange Commission (SEC), the $4.3 billion settlement with the DOJ and CFTC among other government agencies and former CEO Changpeng Zhao’s resignation and court issues are key highlights of periods when Binance’s market share fell considerably.

Binance is also among nine exchanges to see Apple and Google Play pull their crypto trading apps from their stores in India. 

But as a new report by crypto rating and research platform TokenInsight shows, the exchange only saw a slight decline in overall market share. Binance remains the top crypto exchange in this, with a market share of 48.7% as of the end of 2023. It shows a decline of about 5% from last January’s peak levels of 54.2%, TokenInsight noted.

Per the report, user confidence in Binance has been helped by the fact that despite the hefty settlement, regulators didn’t not find Binance to have used or put its customers’ assets at risk. 

Meme Moguls bids for top meme-backed exchange

Solana’s Bonk racing into top three meme coins by market cap, highlighted a resurgence that market experts say could see this segment become a key part of the crypto investing market.

Meme Moguls ($MGLS), a project currently in presale, seeks to transform this space.

When it launches, meme coin traders will get a platform from which they can earn as they display their trading prowess.  Anyone on Meme Moguls can trade meme-inspired assets, tapping into the viral nature of tokens to climb the leaderboard and claim exclusive rewards.

Is Meme Moguls presale worth investing in?

Apart from the innovative play-to-earn platform, holders of the native $MGLS token will have a chance to earn via staking, liquidity provision and minting and trading of NFTs.

Ahead of its launch, Meme Moguls’ token MGLS is available to the public via the aforementioned presale. The token ICO is currently in stage 4 where each $MGLS token sells at $0.0027. With the total crypto meme coin market cap at $21 billion and broader market at $1.76 trillion, projects of the latter rocketing higher suggests meme coins could follow suit.

The outlook means a likely grip on the market for Meme Moguls, potentially making its native $MGLS one of the best altcoins to buy today.

Learn more by visiting the project’s website.

The post Binance remains top exchange despite 5% market share dip: Implications for Meme Moguls? appeared first on CoinJournal.




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