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The Solana Network recently witnessed a surge in its trading volume which currently sits above $3.1B after an extended time below the $2.8B daily trading volume. This noticeable increase in its trading volume contributed to Solana’s (SOL) recent price surge that pushed SOL price to levels above $160 from its monthly lowest point around $135.
Meanwhile, Fantom (FTM) is facing a possibility for an extended consolidation following an abrupt decline in its price in the past week. This noticeable setback has prompted token holders to explore other options. On the receiving end of this attention is Cutoshi (CUTO), an hybrid MemeFi token that is gaining enormous attention following its recent CMC listing.
Apart from its listing on CoinMarketCap which has drawn a lot of attention to the project, Cutoshi (CUTO)’s ability to combine meme coin community culture and DeFi elements in its hybrid ecosystem also stands out. Essentially, the hybrid MemeFi protocol champions Satoshi Nakamoto’s Bitcoin core principles of decentralization, privacy and monetary freedom.
These principles serve as the foundation on which the Cutoshi ecosystem is built. As such, the hybrid ecosystem houses intrinsic features, including a decentralized exchange (DEX), a staking protocol and a farming mechanism that rewards participants with extra tokens and other complementary items. This community approach is further accompanied by a solid culture inspired by the popular Chinese Lucky Cat known for its good luck and wealth.
Meanwhile, Cutoshi’s tokenomics is another interesting part of the broader picture. The entire cutoshi ecosystem is powered by its native currency, $CUTO token, which doubles as the primary mode of transaction as well as the governing token. By adopting a deflationary mechanism the CUTO token is designed to be self-sustaining. Currently priced at $0.022 in the second presale stage, the CUTO token is predicted to experience a significant price surge post-launch.
Solana (SOL) has exhibited an exceptional performance in the past two weeks, surging by nearly 20% to trade as high as $171. This noticeable price surge also pushed the SOL price above its resistance level around $160. While it has slightly retracted from its monthly peak level, SOL price still holds a significant profit as seen in the monthly chart below.
Currently trading within a weekly price range of $155 and $167, SOL price reflects a over 7% price increase in the past week to mark an extension of the bull run from the previous week. Interestingly, the current trend may continue throughout Q4 as SOL token’s technical indicators, including short and long term moving averages point at a strong buy signal.
Fantom (FTM) token has encountered severe fluctuation below the $0.80 price mark. This comes shortly after FTM price hit its monthly peak level around $0.79. Unable to sustain its bullish momentum FTM price has since nosedived to levels below $0.70.
Currently trading within a weekly price range of $0.73 and $0.69, FTM price reflects roughly 6% decline in the past week which has shrunken FTM token’s monthly gain close to 7% as seen in the chart below.
While FTM price is still undergoing a progressive decline, technical indicators suggest that the current trend may persist for a while until a new support zone is found. Regardless, FTM token’s 50, 100, and 200-day moving averages point at a buy signal. This neutral sentiment explains why 89% of 8K community members on CoinMarketCap voted in favor of a bullish price trajectory.
Both Fantom and Solana are established blockchain networks that facilitate the development of decentralized applications. This means they operate at a different level compared to Cutoshi. However, considering its hybrid approach and diverse market appeal, Cutoshi stands a chance to compete at high levels alongside Solana and Fantom.
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