The crypto market rally is making big winners this cycle. Cardano is one of them, getting a boost from the likely regulatory changes in the US in the near future. At the same time, Shiba Inu whales are looking for the next big thing, an ETH-based token, Cutoshi.
Can Cardano Reach $3?
Cardano (ADA) was one of the standout performers this cycle. In just the last 30 days, the token rose 233.92%, reaching a multi-year high of $1.17. Now, traders are asking where it can go from here.
Source: CMC
To understand where Cardano can go from here, it’s important to look at what’s fueling its rally. According to most analysts, the key driver of its growth is the significant political shift in the US. Thanks to the upcoming crypto-friendly presidency, analysts are expecting a Cardano ETF next year. This will bring banks and investment funds to ADA, unlocking substantial capital.
Investor expectations of this development are currently reflected in Cardano’s strong technicals. If key support levels hold, Cardano is in a good position to rise 50% in the coming weeks. This depends on whether the token can break through several key resistances. For instance, CoreCrypto identified $1.08, $1.24 and $1.36 as key price targets for the coming rally.
If Cardano can hold above these price points, a rally to $3 is very much possible. This is especially true once firms start filing for Cardano ETFs in the coming weeks.
Shiba Inu Underperforms Utility Tokens
Meme coins like Shiba Inu (SHIB) have experienced a boost from the overall market rally. However, their performance was somewhat slower. In the last 30 days, Shiba Inu rose 67.91%, reaching its current price of $0.00002909. However, it is far behind the strongest performers.
The relatively slower rise of memecoins was due to several factors. For one, memecoins like Shiba Inu already experienced a major rally in March. What is more, the coming regulatory changes in the US are less likely to impact memecoins.
Despite a change in the overall outlook on crypto, financial institutions are less likely to invest in meme tokens. Unlike Ripple, Shiba Inu has always banked more on retail traders than on institutions. For meme coins to compete, they have to offer utility.
Cutoshi Traders Bet On Strong DeFi Growth
While memecoins have not been the strongest performers this cycle, some are attracting attention. One of them is Cutoshi (CUTO), an Ethereum-based memeFi token that is attracting interest thanks to its utility.
This memeFi token has recently raised $1.2 million in investment, due to its blend of memecoins and DeFi. Unlike most memecoins, Cutoshi has a clear vision when it comes to building an ecosystem for its users. Its goal is to create a DeFi platform that will make trading more accessible than ever.
Thanks to regulatory changes in the US, DeFi and TradFi will soon become more linked than ever. Major institutions will soon find themselves as an integral part of the DeFi space. This is a win-win, as institutions will get a technological edge, while DeFi space will get access to significant capital.
With investments in the DeFi space ramping up, traders are trying to pick winners. This is why some Shiba Inu investors are betting on Cutoshi as one potential winner of this race, which is also Ethereum-based.
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