Crypto traders say Cutoshi token mirrors the early success of Shiba Inu and Dogecoin

Dogecoin and Shiba Inu rallies created crypto millionaires; now, new meme coin Cutoshi blends community with utility.

The massive returns of Dogecoin (DOGE) and Shiba Inu (SHIB) rallies have made many crypto millionaires. For a meme coin, a strong community is crucial to boosting the token’s valuation. Investing in meme coins provides traders with many opportunities to make huge profits quickly.

Recently, a new memecoin, Cutoshi (CUTO), has been gaining popularity for its hybrid nature of a fun community and a practical ecosystem. Cutoshi could be the next token to replicate the performance of Dogecoin and Shiba Inu.

Shiba Inu: Continues triangular consolidation

Launched at $0.000000000056 in 2020, Shiba Inu generated an enormous 157946000% return for investors who held the token until the All-time High (ATH) of $0.00008845, made around one year after its inception. Shiba Inu trades almost 80% below the ATH with a market cap of over $10 billion.

Shiba Inu trades at $0.0000186 after increasing by over 8% in the last 24 hours. The daily trading volume for Shiba has also surged by a whopping 200%. Shiba Inu trades above the 50-day SMA but is facing rejection again from the 200-day SMA, which it has been unable to break above for a long time.

SHIB has been moving in a triangular consolidation pattern for over a month. Today, the Shiba Inu price again tests the triangle’s upper trendline. Shiba Inu has been performing well recently, with the price increasing over 12% in the last four trading sessions. 

However, SHIB will likely continue the consolidated price action as it faces considerable rejection despite the increased demand indicated by the volume.

Dogecoin: Gaining momentum in uptrend

At its inception in December 2013, Dogecoin was valued at $0.00026. The memecoin saw massive demand due to its community, and the price rallied significantly. The ATH of $0.7376 made by Dogecoin in May 2021 provided early investors with over 283592% return on investment.

Dogecoin trades more than 75% below the ATH with the current market price of $0.1682. The market sentiment for DOGE is bullish, with an intraday price increase of over 12%. Dogecoin’s trading volume has also increased 75% in the last 24 hours.

Dogecoin has successfully started a new rally after breaking this year’s major downtrend over a month ago. Having surged over 28% in the last few days, Dogecoin shows bullish momentum. 

The DOGE price moves quickly towards a key resistance level at $0.17578. If Dogecoin pulls back due to increased bearish pressure in the future, the price levels at $0.14992 and $0.13734 will likely act as strong supports, keeping the price from falling further.

Cutoshi: Hot new memecoin with utility

In Asian culture, people decorate a lucky cat figurine in their homes to benefit from its powers of bringing prosperity and good wealth. Cutoshi is a project that brings the lucky cat’s powers to the blockchain to spread good fortune among digital assets.

Cutoshi is a utility memecoin that aims to increase DeFi participation with the help of meme culture and by providing practical functionality in its platform. Cutoshi has developed a democratized platform in which the power resides in the hands of the community members. 

Cutoshi has placed a multi-chain decentralized exchange at the heart of the platform. The Cutoshi DEX allows users to swap assets across different blockchains at a low fee. Its decentralized nature offers increased security and privacy to users. The native token, CUTO, gives life to the ecosystem and guarantees the proper functioning of the platform features.

The token presale has progressed to stage two and has raised over $600,000 in this stage alone. CUTO is currently valued at $0.022 and is set to increase as the presale progresses to further rounds. This sets Cutoshi on the track to becoming the next successful memecoin.

For more information, visit the official Cutoshi website and join the community on X and Telegram.

This article first appeared at crypto.news