In a landmark move for the African country, the Central Bank of Nigeria (CBN) has approved Africa Stablecoin Consortium’s (ASC) cNGN Stablecoin to launch in February. Elsewhere in the market, Meme Moguls (MGLS) is creating a bullish buzz during an ongoing presale event of its native token. Let’s unpack these two exciting developments in further detail.
Africa Stablecoin Consortium (ASC) and cNGN Stablecoin Launch
The Africa Stablecoin Consortium (ASC) has been granted permission by the Central Bank of Nigeria (CBN) to test its cNGN stablecoin in the regulatory sandbox. cNGN is scheduled for launch on February 27, 2024.
The cNGN token is pegged on a 1:1 ratio with the Nigerian Naira. To ensure its stability and reliability, the cNGN is backed by Naira reserves that are securely held in specified commercial banks.
It’s worth noting that the cNGN is designed to function in tandem with the eNaira, the Central Bank Digital Currency (CBDC), rather than replace it. For example, the cNGN stablecoin boasts interoperability with Bantu, BNB Smart Chain, and other blockchains.
As the largest economy in Africa, Nigeria has been at the forefront of the continent’s digital transformation journey. With a large unbanked population and a growing reliance on mobile payments, the country is ripe for innovative financial solutions.
The cNGN is primarily designed to make it easier for Nigerians to send money abroad to family or for business purposes. It also offers a viable alternative to traditional remittance service providers, which are known for their high fees and lengthy processing times.
Now, those living outside of Nigeria can send money back to their home country via the cNGN stablecoin with significantly lower fees and quicker transaction times. This will greatly benefit the Nigerian diaspora, as well as businesses that rely on international payments.
Meme Moguls: Transforming Play-to-Earn Gaming
Meme Moguls redefines the play-to-earn landscape by seamlessly merging the appeal of meme culture with the intricacies of stock market trading in a virtual setting. The main premise is to learn about stock trading while having fun in a competitive environment.
What makes Meme Moguls stand out is its diverse range of engaging and profitable gameplay options. Players can engage in friendly rivalries through private competitions, dive into the thrill of global tournaments, or challenge themselves in the “Beat the Market” mode, pitting their investment savvy against market trends.
MOGULS!! ?
Are you ready to change the landscape? ??? With one of the biggest airdrops of 2024 ? Get ready!! $MGLS Farming. Coming soon… pic.twitter.com/9UPUeV5klt
— Meme Moguls (@meme_moguls) December 8, 2023
Players who win these games are rewarded with MGLS tokens and rare NFTs that can be sold for cash or used in the in-game marketplace. The rarest NFTs include additional gaming perks, like improved spreads and increased leverage.
The Meme Moguls experience doesn’t stop at competition. The platform expands into “Moguls World,” an immersive metaverse brimming with additional activities like token mining, participation in liquidity pools, and staking opportunities.
The MGLS Presale Buzz
MGLS tokens can be bought during the presale before the game is launched. Starting at $0.0019 in the first phase, MGLS has risen by 90% to a current price of $0.0036 in phase five of the presale. The price will keep increasing as the presale moves through each phase.
Adding to the buzz is the announcement from the team that they will be awarding $10,000 to a presale participant at the end of each stage. This has caused a surge in interest and investment as players aim to be the lucky winner.
Analysts comment that Meme Moguls presents a unique P2E model that combines fun, education, and rewards. Such a beneficial combination has resulted in predictions of 100x for MGLS as it makes its way to the market.