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The highly anticipated bullish Q4 is gradually unfolding, thanks to Bitcoin’s price recovery which has spread a wave of optimism across the crypto market. Amidst the ongoing market frenzy, Solana (SOL) recently crossed the $180 price mark after several failed attempts in the past month.
Currently, SOL price has dropped below this mark, albeit, it maintains a generally bullish outlook. Meanwhile, Solana’s price resurgence coincides with Cutoshi (CUTO) soaring interest in the presale market. The presale star has been attracting enormous attention after it recently secured a spot on CoinMarketCap which further exposes its lucrative potential.
Cutoshi’s Hybrid Ecosystem Sees Surging Interest
The Cutoshi (CUTO) ecosystem has witnessed a surge in interest following its recent listing on CoinMarketCap. This has exposed many investors, including Solana whales to its lucrative hybrid ecosystem. Essentially, Cutoshi embraces Satoshi Nakamoto’s Bitcoin core principles of decentralization, anonymity and monetary freedom, thereby blending the community approach of meme coins with the lucrativeness of decentralized finance (DeFi).
Given this unique approach, the Cutoshi ecosystem houses a DeFi hub that features elements like a DEX platform that facilitates cross-chain and P2P crypto transactions. In addition, the hybrid ecosystem houses a staking protocol and a farming mechanism that offers an extra layer of incentives for users. By engaging in community quests, participants can earn extra tokens and other complementary rewards like NFTs and merch.
Meanwhile, Cutoshi’s entire operation is powered by the native $CUTO token. The deflationary token facilitates various activities, including crypto exchange, token staking, reward distribution as well as governing processes. Considering its self-sustaining attribute, the $CUTO token has attracted over $600K in presale funding with its value jumping by 46% to $0.022 from an initial offering price of $0.015.
Solana Price Nears YTD Peak Levels Amidst Surging Positivity
Solana (SOL) price has made quite a significant recovery in the past month, surging by over 30% from its lowest price level around $135 to hitting a monthly peak above $182. Meanwhile, this positive price outlook was mostly fueled by a noticeable upsurge in SOL price in the past two weeks.
As seen in the monthly chart above, SOL price started pricing above the negative zone around mid-October, and has since maintained a bullish momentum that eventually pushed it above the $180 price mark. Although it has since retraced below this crucial level, SOL token is currently trading within a weekly price range of $166 and $175, which reflects over 5% increase.
Interestingly, this is the third time the SOL price is breaking above the $180 mark since it retraced from its year-to-date ATH of $202 back in April. While this suggests a potential price breakout, Solana’ technical analysis, including short and long term moving averages points at a strong buy. This further suggests a sustained trend that could see SOL price push beyond its YTD peak levels.
Can Cutoshi Compete With Solana-Based Meme Coins?
As an Ethereum based meme coin, Cutoshi introduces a fresh perspective to how meme coins are perceived. While its hybrid ecosystem bridges the gap between meme coin communities and DeFi, Cutoshi is positioning itself as a pacesetter. As such, it holds a strong edge over many existing meme coins, including top Solana meme coins like Bonk and Dogwifhat.
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