It’s still dog season until further notice, with Shiba Inu (SHIB) gearing up for the next wave. Dogwifhat appears to be next in line as the heavy buildup continues.
A new competitor has emerged in the meme space – Cutoshi. Will this cat thrive in dog territory? The thousands of investors rushing to the ongoing $CUTO token presale seem to think so.
Shiba Inu bounces to $0.000025 after successful retest of support
After struggling to break above the $0.000030 resistance, Shiba Inu returned to previous support levels and is currently consolidating around $0.000024. At press time, Shiba Inu is trading at $0.0000246 and is up 38% monthly and intraday up 1.8%.
Currently, Shiba Inu’s market cap stands at $14.67 billion, which is monumental for a coin and is fighting tooth and nail with Avalanche for the 11th spot in the crypto rankings.
Several crucial indicators signal that a breakout could occur at any time. For starters, SHIB’s burn rate continues to rise, with Shibburn showing a 2,225% increase on November 21 as over 14.5 million tokens were removed from circulation. Moreover, Crypto analyst Ali Martinez highlighted on X, that a bull flag pattern has formed on the hourly chart. This means that Shiba Inu should soon break above the descending trendline with an explosive upward move.
Another key signal is the impending formation of a golden cross on the Shiba Inu chart, with the 50 moving average crossing the 200-day MA, which historically marks the start of an extended uptrend.
Source: TradingView
Dogwifhat seems to have hit rock bottom
Dogwifhat (WIF) is another meme coin that has gained popularity over the past year with incredible prize multipliers that have won more than a few millionaires along the way. After peaking at $4.20 last week, Dogwifhat retreated as selling pressure intensified, ultimately failing to reach its previous all-time high.
Today, Dogwifhat is trading at $3.13, with its price hovering around this mark with minor deviations in either direction. CoinMarketCap shows a notable 20% increase in trading volume with almost $1 billion worth of WIF changing hands in the last 24 hours.
Crypto analyst The Cryptonomist shared a Dogwifhat chart reading that shows the meme coin forming a descending wedge pattern, which could culminate with a massive breakout and send WIF above $5.
This is also supported by Dogwifhat’s daily RSI indicator, which has started to climb again and now stands at 55 points. This means that buyers are now stepping in and strengthening their WIF positions.
Cutoshi, Meme Energy Backed by DeFi Utility
Cutoshi is a new meme coin that is inspired by lucky cats from Asian folklore, believed to bring wealth and prosperity to businesses. Cutoshi does the exact same thing for its community with its incredible reward system.
Cutoshi incentivizes users to engage in the ecosystem by completing various missions and tasks aimed at spreading the good word online. This has already led to Cutoshi trending X frequently over the past week. For their efforts, users already receive CUTO Points which can then be exchanged for $CUTO once the token is launched.
Cutoshi has a complex DeFi ecosystem centered around CUTO DEX, a cutting-edge decentralized exchange. This platform seamlessly connects isolated blockchains while ensuring greater privacy and decentralization, echoing the teachings of Satoshi Nakamoto.
Stage 3 of the $CUTO presale is underway and tokens are selling for just $0.0259. With over $1,000,000 raised in record time, today is the perfect day to get involved as demand increases and prices are expected to rise in the coming weeks.
For more information on the Cutoshi (CUTO) presale:
Join and become a member of the community:
https://twitter.com/CutoshiToken
https://t.me/cutoshi
This is a sponsored post. The opinions expressed are solely those of the sponsor and readers should conduct due diligence before taking any action based on the information presented in this article.