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Meme coins thrive as DOGE, SHIB soar. Cutoshi merges memes with DeFi, driving demand for its viral CUTO token presale.
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Meme coins are dominating the market, with Dogecoin (DOGE) and Shiba Inu (SHIB) leading the way with massive gains. A newcomer in the meme space, Cutoshi, could soon follow in their footsteps and pull the same legendary price multipliers that both Dogecoin and Shiba Inu have experienced in the past.
By merging meme culture and DeFi functionality, Cutoshi could soon become one of the most sought-after projects, as the viral presale of the native CUTO token is seeing skyrocketing demand.
The next Dogecoin price rally is brewing
After reaching a yearly peak of $0.42 over the last week, Dogecoin retraced to $0.34 as traders began taking profit. At press time, Dogecoin sells for $0.38 with a 3.2% intraday increase; this goes to show that the retest of the previous support level was successful and buyers have positioned themselves in anticipation of the next leg up. This increased interest is also reflected by Dogecoin’s volume, which over the last 24 hours has surged by 34%, as $9.4 billion worth of DOGE have been traded across exchanges.
Crypto analyst Ali has detailed on X why in his opinion, Dogecoin is gearing up for another rally. He highlighted that whales are boosting their DOGE exposure, with large wallets accumulating over 140 million coins in a matter of days. Moreover, despite the substantial gains, Dogecoin’s MVRV indicator still hasn’t reached overbought territory, which means that there’s still a lot of room to grow.
Another indicator affirming Dogecoin’s upward trajectory is the formation of a golden cross pattern on the chart, as the 50-day moving average crossed above the 200-day MA, which historically has led to substantial rallies.
Source: Trading View
Shiba Inu price is cooling off after rejection
Shiba Inu (SHIB) bulls failed to breach above the $0.000030 mark as selling intensified around $0.000029. This has led to a pullback and today, Shiba Inu sells for $0.000025 with a 1.5% daily decline. Shiba Inu’s volume stays relatively flat with little to no movement in terms of larger transactions.
Despite the low timeframe slump, Shiba Inu’s on-chain data confirms a long-term bullish thesis, as 61% of Shiba Inu holders are now in profit. Additionally, Shibburn shows that Shiba Inu’s burn mechanism is firing on all cylinders, with a 6,223% surge in activity and 281,000 SHIB tokens removed from circulation. This sustained deflationary pressure is expected to increase demand for Shiba Inu while priming it for massive rallies in the upcoming months.
Shiba Inu has also completed a golden cross chart pattern, following in Dogecoin’s footsteps, as investors strap in for bullish continuation.
Is Cutoshi the next big meme play?
Cutoshi boasts a unique DeFi platform that sets the project apart from the mass of meme coins. Aside from majors like Dogwifhat, Dogecoin, and Shiba Inu, most memes have one major drawback, they offer virtually no utility and rely solely on hype. Hype is a fleeting and unreliable driver of growth, apart from the previously mentioned exceptions.
At the heart of the Cutoshi ecosystem is CUTO DEX, a cross-chain exchange that allows for seamless swaps at just 0.25% in fees. Cutoshi unites disconnected blockchains and cuts out the middleman, putting control back in the hands of investors.
Additionally, users will be able to earn substantial rewards and prizes through multiple avenues. They can provide liquidity or stake the CUTO token for a passive income option. During and after the presale, they can also partake in special events and missions aimed at boosting Cutoshi’s presence in crypto space. In exchange, they will receive CUTO points, which can then be redeemed for more CUTO tokens.
Over $1,000,000 has been raised in the ongoing presale of the CUTO tokens and thousands of investors are flocking to get an allocation. CUTO currently selling for only $0.0259, the price is expected to rise substantially in the upcoming weeks.
For more information, visit the official Cutoshi website and join the community on X and Telegram.
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This article first appeared at crypto.news
