As October begins, crypto investors are hoping for a favorable month as past records show a positive market in the last quarter of every year. As Per DeFi Llama, DEX networks on the Solana blockchain show a 40% recovery. This shows the growing interest of investors in Solana-based meme coins, which could translate to an upcoming market rally.
However, Cutoshi, the new Ethereum-based meme coin, could challenge the status quo in the coming weeks. Cutoshi is a project with a strong roadmap and a distinct ecosystem. Let’s see why Cutoshi could trump Bonk.
Cutoshi: The Next Big Player on the Ethereum Blockchain
Cutoshi might be a new player on the blockchain, but it is already showing bullish signs. This crypto has exceptional utility, which distinguishes it from other meme coins. Cutoshi aims to use the teachings of Satoshi Nakamoto and the Chinese Lucky Cat to bring luck, prosperity and wealth to users’ digital assets.
Cutoshi prioritizes decentralization, privacy, and anonymity, which are the main visions of Satoshi Nakamoto. The ecosystem has fantastic features, such as a multi-chain DEX that allows for cross-chain transactions, simplifying the process while saving people’s time. There is also the farming option, in which investors complete quests, collect points, and earn rewards and CUTO tokens.
To learn more about cryptocurrencies and DeFi, Cutoshi is also introducing an academy in which users can explore and enhance their crypto knowledge.
At stage one of the presale, CUTO is sold for just $0.015, with some analysts forecasting a 40x rise in the coming weeks. Given all that, investors have limited time to accumulate the token before its price increases.
Market Confidence Grows as Ethereum Gas Fee Surges
Ethereum, with more than $310B in market cap, sits pretty comfortably as the second most valuable crypto worldwide. Unlike many coins, Ethereum has shown resilience despite the ongoing sell-offs by whales. CoinMarketCap shows a slight 5% rise on the monthly Ethereum price chart.
Meanwhile, Ethereum gas fees have surged in the past three weeks due to increasing transactions on the Ethereum network. Although the recent dumping by whales has increased its selling pressure, some experts are still optimistic of a rally. Altstein, a crypto investor, thinks that Ethereum is showing strength.
Altstein thinks that if Ethereum’s price can reach the $2,750 mark, it could signal a breakout. Currently, Ethereum market sentiment is bearish, while the Fear and Greed index is 50 (neutrality). However, with 17 green days in September, Coincodex predicts a modest 5% surge in the short term.
Crypto Rose, an Analyst Claims Bonk Could Reach Blow-Of-Top Phase soon
Bonk (BONK), a dog-themed memecoin on the Solana blockchain, is ranked 50th based on the MCAP. Market data shows that Bonk’s price has increased 51% and 42% in the past month and week.
Having defiled the crypto market’s bearishness, the Bonk token looks set to retest the $0.000028 key resistance trendline. CryptoRose, an investor, thinks that the 300-day re-accumulation period of the Bonk crypto will soon end. Given that, the expert believes the next leg is to blow off, which could see the memecoin set new price records.
The technical analysis shows that Bonk recorded 19 green days in September and has a price volatility of 12%. Also, Bonk coin is trading above the 50-day and 200-day SMA and has established support above $0.000024. If Bonk continues on its trajectory, it might hit the $0.000028 and possibly the $0.000030 resistance trendline in October.
What are the Dominant Coins in the Crypto Market?
The rivalry between Solana-based meme coins and Ethereum-based meme coins doesn’t look to end soon. While Solana meme coins such as Bonk and Dogwifhat, are hitting new tops, Ethereum meme coins such as Cutoshi are preparing to dominate the market. Although these are potential cryptos to buy, Cutoshi could be a bargain as the presale is still in its early stages.
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