The current market correction has reduced traders’ options, but some tokens are trading up. Dogecoin and Shiba Inu are looking to make a comeback at the Uptober rally, thanks to their on-chain activities that signal bullish momentum. Joining the meme coin spotlight is Cutoshi (CUTO) . Experts have hinted that Cutoshi will follow Dogecoin and Shiba Inu’s growth metrics. Let’s find out why!
Cutoshi Presale Raises Over $300K
The meme coin market has been constantly criticized and held back by the glaring lack of use cases. Even then, several meme tokens are more concerned about profiting from cryptocurrency movements. Cutoshi, a fast-selling presale star, will change all that by introducing a meme-inspired token with DeFi functionalities. As per reports, the DeFi market is expected to reach $48.02 billion by 2031, and Cutoshi wants to capitalize on this trend.
Inspired by Satoshi’s vision of blockchain technology, Cutoshi will create an ecosystem driven by community, where decision-making lies in the hands of its users. It will feature a multichain DEX, allowing traders to swap assets across various blockchains. The DEX will simplify trading for traders, helping them save time and money. Another notable feature is Cutoshi farming, which allows users to earn rewards when they participate in quests and challenges.
Additionally, this MemeFi approach, coupled with a deflationary mechanism, has generated interest from investors who want to capitalize on meme tokens with long-term growth potential. What’s more interesting is that Cutoshi has already raised over $300K at presale, with a projection of $1 million by the end of October. With a low presale entry point of $0.015, Cutoshi is expected to follow the price trajectory of SHIB in 2021, when it exploded by 300% within the same month.
Can Shiba Inu Token Remove A Zero In 2024?
While Shiba Inu can make this dominant shift, it requires several factors, most likely improved market conditions, a rise in investor interest, and, more importantly, the successful implementation of the Shibarium Layer 2 scaling solution. This platform aims to improve transaction time and reduce transaction costs in the SHIB ecosystem, which houses DeFi, utility tokens, and NFTs.
Additionally, the Shiba Inu burning mechanism helps to increase the value of SHIB by lowering circulating tokens. In any case, these improvements haven’t impacted how market pundits see the prospects of the Shiba Inu coin. While expanding the use of its currency and burning tokens are encouraging, the reality is that Shiba Inu has over 589 trillion tokens circulating, which makes it impossible to reach $0.0001 in the near term.
Some analysts suggest that instead of the $0.001 projection, only one zero will be deleted from Shiba Inu’s price by 2027 or 2028. Moreover, Shiba Inu’s market capitalization will increase by $115 billion. Because of this, market experts suggest that traders should go for other options that provide reasonable returns in the short term.
Dogecoin Price Analysis
On March 28, Dogecoin’s price recorded a yearly high to reach $0.22 and completed its five-wave pattern that began in 2023. Following this new high, Dogecoin faced an extended correction in a descending triangle. During this time, the DOGE price retraced to the $0.768 Fibonacci level at the $0.090 region, which coincides with its major horizontal support zone. Afterward, the price of Dogecoin faced a descending resistance on September 14, which resulted in a rejection.
Despite this, the overall outlook of Dogecoin remains bullish since it recorded higher lows during this retracement. Since September 16, the DOGE price has seen a new upward movement, breaching above the descending resistance. This may indicate that the meme token is set for a new bullish phase. Previously, experts labeled DOGE correction as ABCDE, with the uptrend on September 6 as the first five-wave impulse in a new bull phase. But this count was invalidated after the price of Dogecoin fell below $0.10 on October 3. There is a slight chance that Dogecoin could render a bullish projection.
Written by seasoned experts, who have over 16 years of experience in Free Zones development. Learn more.
Source: Tradingview
Its hourly charts highlight a five-wave impulse from September 6 to 13, followed by a three-wave decline. These two movements represent the initial sub-waves of an upward trajectory. As DOGE advanced, it completed wave three and awaited a pullback for wave four. But, this expectation fell further than expected, which left the previous witnessed uptrend as a three-wave ABC correction to the upside. This means that the downtrend since September 28 and October’s recovery are two sub-waves of a downtrend movement. With this view, experts see the Dogecoin token advancing to lower to reach some of its Fibonacci extension levels.
Best Coin To Invest In Among Dogecoin, Shiba Inu And Cutoshi
When it comes to untapped potential, Cutoshi edges Shiba Inu and Dogecoin since CUTO is still at the presale stage but showcases massive growth potential. With this view, buying Cutoshi will position investors for explosive returns and yield gains.
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