After capitalizing on the recent Shiba Inu and Dogecoin rallies, investors are now flocking to the new viral coin, Cutoshiin hopes of outpacing the ongoing market correction.
Unlike typical meme coins, Cutoshi merged cases of a utility token into its community ecosystem, giving birth to a memeFi token.
Dogecoin (DOGE): Momentum fades due to falling demand
Three weeks ago, Dogecoin saw a huge surge, which led the price to break out of the upper trendline of an uptrend channel. After the breakout, Dogecoin began a massive rally, gaining over 150% in two weeks to reach a new 52-week high of $0.48078.
However, demand decreased and in three days, the price of Dogecoin fell by over 25% to yesterday’s low of $0.36460. Today, demand for Dogecoin has fallen further, as indicated by the 32% drop in daily trading volume over the past 24 hours. Due to the decrease in momentum, the 20-day SMA has narrowed the gap with the price.
After an intraday rise of 3.6%, Dogecoin is trading 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 looking to the Cutoshi presale to continue generating good returns.
Shiba Inu (SHIB) Re-Enters Consolidated Price Action
Like Dogecoin, Shiba Inu saw a significant rally when it broke out of the sideways consolidation it encountered in October. Shiba Inu price surged more than 50% in four days, but quickly faced a pullback and entered consolidated price action again.
For two weeks, Shiba Inu oscillated between the support level of $0.00002339 and the resistance level of $0.00002620. With the price correction, Shiba Inu has come out of the overbought zone and the relative strength index (RSI) is at 57. The price has gained more than 3.5% in the last 24 hours and SHIB is trading at $0.00002483.
In the Shiba Inu daily chart, many doji candlesticks have formed recently, indicating a balance between bearish and bullish pressure. However, the MACD indicator has crossed the signal line and is falling rapidly, indicating increasing bearish momentum for Shiba Inu.
Cutoshi (CUTO): Hybrid Meme Coin challenges DOGE and SHIB
Cutoshi is a cat-based coin that rivals the dog-based Dogecoin and Shiba Inu in its practicality. It follows in the footsteps of Bitcoin and Satoshi’s vision of decentralization, privacy and monetary freedom. Thus, Cutoshi uses the appeal of memes to accomplish its mission of spreading DeFi to the masses.
This has created a fun and vibrant ecosystem where members hold the decision-making power. At the heart of the ecosystem is the Cutoshi DEX (Decentralized Exchange), a multi-chain exchange through which users can trade their assets across various blockchains at very high speeds and for a low fee of 0.25%.
Cutoshi uses 80% of the transaction fees for the buyback and burn mechanism, thereby increasing the value of its native token, CUTO. The team designed tokenomics to strategically increase the value of the token 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 earn CUTO Points by completing daily and weekly challenges and exciting rewards as they climb the leaderboard.
Additionally, the Cutoshi meme contest also started on X (formerly Twitter), where you can get up to $2000 in rewards by creating amazing memes. So, create your best memes, tag @CutoshiToken and use the hashtag #CutoshiMeme to enter the competition.
More than 80% of stage three tokens were sold and Cutoshi raised more than $1 million. CUTO is currently priced at $0.0259, which will increase in a few days when the presale moves to the fourth stage.
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