After capitalizing on the recent Shiba Inu and Dogecoin rallies, investors are now flocking to the new viral meme coin, Cutoshi, hoping to outperform the ongoing market correction.
Unlike typical meme coins, Cutoshi has merged the cases of a utility token into its community-driven ecosystem, giving rise to a memeFi token.
Dogecoin (DOGE): Momentum Fades Due To Decreased Demand
Three weeks ago, Dogecoin experienced an enormous surge, which led to the price breaking out of the upper trendline of an uptrend channel. After the breakout, Dogecoin started a massive rally, gaining over 150% in two weeks to reach a new 52-week high of $0.48078.
However, the demand decreased and within three days, the Dogecoin price dropped over 25% to reach yesterday’s low of $0.36460. Today, the demand for Dogecoin has further dropped, as indicated by the 32% decline in the daily trading volume in the last 24 hours. Due to the decreased momentum, the 20-day SMA has closed the gap with the price.
Following a 3.6% intraday surge, Dogecoin trades at $0.3871. It has an immediate support level at the $0.35179 price level but faces resistance near $0.437. As Dogecoin slows down, investors are moving to the Cutoshi presale to continue making good returns.
Shiba Inu (SHIB) Reenters Consolidated Price Action
Like Dogecoin, Shiba Inu underwent a significant rally when it moved past the sideways consolidation it encountered in October. The Shiba Inu price surged over 50% within four days but quickly faced a pullback and has again entered a consolidated price action.
For two weeks, Shiba Inu has fluctuated between the support level of $0.00002339 and the resistance level of $0.00002620. With the price correcting, Shiba Inu has moved out of the overbought region and the Relative Strength Index (RSI) is at 57. The price has gained over 3.5% in the last 24 hours and SHIB trades at $0.00002483.
In the daily chart for Shiba Inu, many doji candlesticks have formed lately, indicating a balance between bearish and bullish pressure. However, the MACD indicator has crossed the signal line and is dropping fast, indicating increasing bearish momentum for Shiba Inu.
Cutoshi (CUTO): Hybrid Meme Coin Challenges DOGE And SHIB
Cutoshi is a cat-based meme coin that rivals dog-based Dogecoin and Shiba Inu in its practicality. It follows Bitcoin’s footsteps and Satoshi’s vision of decentralization, privacy, and monetary freedom. Thus, Cutoshi uses meme appeal to accomplish its mission of spreading DeFi to the masses.
It has created a fun and vibrant ecosystem where the members hold the decision-making power. At the core of the ecosystem lies the Cutoshi DEX (Decentralized Exchange), a multi-chain exchange through which users can swap their assets across various blockchains at very high speeds and for a minimal 0.25% fee.
Cutoshi uses 80% of the transaction fees for the buyback and burn mechanism, boosting the value of its native token, CUTO. The team has designed the tokenomics to strategically increase the token’s value over time by capping the total supply at 440 million and reserving 7% for the burn mechanism.
Users can also earn CUTO with the live farming mechanism on Zealy. Members get CUTO points for completing daily and weekly challenges and exciting rewards as they climb the leaderboard.
Moreover, the Cutoshi meme contest has also begun on X (formerly Twitter), where you can get up to $2,000 worth of rewards by creating astonishing memes. So, make your best memes, tag @CutoshiToken and use the hashtag #CutoshiMeme to enter the giveaway.
Over 80% of the stage three tokens have been sold out and Cutoshi has raised over $1 million. CUTO is currently priced at $0.0259, which will surge in a few days when the presale progresses to stage four.
For more information on the Cutoshi (CUTO) Presale:
Join and become a community member:
https://twitter.com/CutoshiToken
