Dogecoin, the leading meme coin by market capitalization, has witnessed positive trends in the past week. DOGE price broke out through key resistance levels to climb to a notable high. However, a significant volume of DOGE tokens was transferred to an exchange, reflecting a potential sell-off.
Meanwhile, Cutoshi (CUTO) has quickly become the most trending meme coin on the Ethereum blockchain. This is due to its MemeFi appeal, which combines the virality of meme tokens with the power of decentralized finance (DeFi). Moreover, its recent developments and unique features have positioned the project for impressive growth metrics.
Cutoshi Raises Over $540K In Presale As It Looks To Secure More Listings
Cutoshi (CUTO) has experienced significant milestones at presale. For context, it has raised over $540K and delivered a 46% ROI to its early adopters. Additionally, Cutoshi secured a CoinMarketCap listing, further boosting visibility. The rate at which the project has recorded groundbreaking milestones in the market is because of its unique MemeFi appeal. It has infused the virality of meme coins with the power of DeFi.
The project is inspired by the Chinese Lucky Cat and wants to tokenize good fortunes and bring them into the blockchain. Following Satoshi’s vision of blockchain technology, Cutoshi will build a robust ecosystem that allows users to have decision-making powers and control. At its core is the multichain DEX, designed to enable seamless asset swapping across multiple blockchains. It also has a token farming protocol that rewards users when they participate in quests and Cutoshi Academy, aiming to bridge the knowledge gaps in DeFi and cryptocurrency.
Given these superior features, there is a high expectation that the CUTO token could rally towards the $1 mark in the coming months. Its deflationary mechanism, in particular, will heighten the demand for the token, fostering long term value appreciation. Currently, Cutoshi is priced at a low entry point of $0.022. With a potential price increase at each presale stage, investors can capitalize on this lucrative opportunity before CUTO values soar.
Dogecoin Price Bounces Back From Sell-Off
According to Whale Alert data, a Dogecoin whale transferred over 176 million DOGE to the Binance exchange, worth more than $25 million, which appeared as a potential sell-off. The move triggered a brief decline; however, the DOGE token bounced back from bearish trends, which reflects its strong market resilience. Interestingly, Dogecoin’s price analysis indicates that the DOGE’s trading volume had increased by about $333 million, which reflects that this sell-off was temporary.
Source: TradingView
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Notably, the price of DOGE has slipped by 3.95% in its daily time frame. However, its value has increased by 8% in the past week, indicating that the meme coin could regain momentum. Dogecoin’s relative strength index (RSI) reflects that it is still in the overbought zone, which suggests that its demand remains strong. Notably, the $1.30 level has become a key support area, a region seen in June before DOGE slipped down below its subsequent sessions.
Glassnode data suggest that the recent selling pressures were temporary as DOGE open interest has risen significantly over the past few days. Interestingly, Dogecoin’s open interest stands at $940 million, an uptick from $760 million on October 18. This indicates renewed interest and a positive cash inflow, but its current mixed market sentiment suggests caution. With its RSI in the overbought region, Dogecoin’s price could face a correction in the coming days.
Cryptos To Watch In Q4
Overall, Dogecoin remains in a strong position despite selling pressures. Meanwhile, Cutoshi’s ongoing presale is increasingly recording impressive milestones. Judging by its capability of raising over $540K in a short time, Cutoshi has the potential to outpace popular meme tokens.
For more information on the Cutoshi (https://cutoshi.com) Presale:
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