The meme coin market’s latest addition, Cutoshi (CUTO) has continued to draw enormous attention following its recent listing on CoinMarketCap. However, that’s not the main driving factor for the growing interest in the MemeFi hybrid protocol.
Cutoshi’s ability to blend meme coin entertainment with decentralized finance has positioned it as a pacesetter in the rapidly growing industry. This innovative attribute has attracted quite a lot of investors from other meme coin projects like Dogecoin (DOGE) and Bonk (BONK), who are anticipating Cutoshi to become the next breakthrough token.
Cutoshi’s Hybrid MemeFI Protocol Witnesses Growing Interest Amidst CoinMarketCap Listing
Based in the Ethereum network, Cutoshi (CUTO) distinguishes itself from its peers in more than one way. Starting with its hybrid protocol, Cutoshi champions Satoshi Nakamoto’s Bitcoin core principles of decentralization, privacy and monetary empowerment. These principles serve as the foundation on which the Cutoshi DeFi-based ecosystem is being built.
Within this ecosystem, participants can explore a lot of lucrative features ranging from a decentralized exchange (DEX) platform to a staking protocol, and even a farming mechanism. Specifically, Cutoshi’s farming mechanism provides an avenue for users to create wealth for themselves by engaging in community quests in order to earn rewards in the form of complementary tokens, NFTs, and merch.
There is also a Cutoshi Academy that is aimed at spreading DeFi knowledge. This coupled with other community-focus features positions Cutoshi for greatness. Meanwhile, the native $CUTO currency, which is also a deflationary token, powers the entire ecosystem. While it is currently priced at $0.022 in the second presale stage, following a 46% increase from an initial price of $0.015, market analysts foresee a 100x price hike for the presale star before listing to major exchanges.
Dogecoin Price Reflects Modest Progress Below Consolidation Zone
After embarking a recovery journey earlier in the month as seen in the chart below, Dogecoin (DOGE) price trajectory reflects a modest progress all-together. Specifically, DOGE price have surged by over 21% in the past month after trading below the $0.11 price mark at least three times.
Currently, DOGE token is trading within a weekly price range of $0.10 and $0.12, which reflects nearly 14% increase in the past week alone. However, despite the noticeable price recovery in the past month, Dogecoin token has been unable to cross the crucial level along the $0.15 price mark.
Meanwhile, failure to cross the crucial line could prolong DOGE token’s journey to revisit the 7-months ATH of $0.22. At the moment, DOGE Price is at least 200% away from this zone, which brings its YTD gain to only about 103%. Regardless, DOGE token’s long and short term moving averages points at a buy signal which explains the over 82% bullish sentiment from Dogecoin’s community on CoinMarketCap.
Bonk Coin Maintains Bullish Momentum Despite Obvious Price Fluctuation
Bonk (BONK) price trajectory has regained some bullish momentum as it reattempts to cross the $0.000030 resistance level to revisit its 5-months ATH of $0.000042. As seen in the year-to-date chart below, BONK price trajectory has encountered a noticeable hurdle below the crucial level, which cast a shadow of doubt on its ability to record any major rally this Q4.
Regardless, BONK price trajectory in the past year reflects a noticeable upshoot from its entry price of $0.00000018. This major uptrend contributed significantly to Bonk coin’s YTD price increase of over 11,500%, which edges most of the other top meme coins, including Dogwifhat and even legacy meme coin, Dogecoin among others.
Currently trading within a weekly price range of $0.000020 and $0.000023, BONK price reflects a noticeable 13% increase in the past week and over 38% in the past month. Meanwhile, market analysts expect the current trend to persist, especially as technical analysis, including 20, 50, and 200-day EMAs further points at a buy signal.
Can Cutoshi Outpace Bonk And Dogecoin To Spearhead The Meme Coin Revolution?
So far, there are very few meme coins that have been able to incorporate utility functions. Whilst Cutoshi addresses this lacking element with DeFi integration, it has an edge over top altcoins like Bonk and Dogecoin, as they rely mainly on virality.
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