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As DOGE faces a downtrend, the Ethereum-based utility memecoin Cutoshi emerges as a strong competitor, offering growth potential and practical DeFi features.
Memecoins have been in the limelight since the huge rally of Dogecoin (DOGE), the leader of the memecoin space. Many successful memecoins are now leading the crypto market with their hype and some with their utility.
However, in recent times, market correction has made memecoin investors anxious, and experts think that this is the time to shift toward high-growth potential coins because the market trend in memecoins has changed. Investors are searching for memecoins like Cutoshi (CUTO), capable of high growth plus momentum.
We will discuss how the Ethereum-based utility memecoin, Cutoshi, is the biggest competitor of Dogecoin today.
DOGE in downtrend despite recovery in broader market
After topping out in March, Dogecoin has been in lower and higher low formation, indicating a bearish trend. However, after the recent Fed rate cut announcement, the crypto market has seen good momentum, but there hasn’t been any significant price momentum in Dogecoin.
DOGE trades above the 50-day moving average but below the 200-day moving average (DMA). The channel’s upper trendline, which it has been trading in since the downtrend, is currently the major resistance for the DOGE price.
Dogecoin’s price has two resistance levels at $0.14 and $0.17, where bear pressure can increase. In case of a further downtrend, $0.098 and $0.08 are two major support levels where bulls can take control again. Bulls are showing less interest in Dogecoin because the hype for it has come down, and they are looking for trending coins that can give good returns.
Cutoshi emerges as new leader in the memecoin space
As Dogecoin is in a downtrend, investors have shifted towards another exciting opportunity that can replicate its early gains. Cutoshi is a fresh DeFi hub and meme coin inspired by the Chinese Lucky Cat and the principles of Satoshi Nakamoto.
It aims to bring luck, prosperity, and wealth to digital assets by combining traditional symbols of fortune with modern decentralized finance. Cutoshi’s vision is to promote decentralization, privacy, and financial freedom, building an ecosystem where users have control.
Unlike other memecoins, Cutoshi stands out by providing practical features. The DEX tool facilitates asset swaps across different chains, while the token farming concept offers users an option to earn bonuses.
Cutoshi has the potential to be a threat to coins like Dogecoin and Shiba Inu which are now the most popular memecoins in the crypto world.
For more information on the Cutoshi presale, visit the official website: https://cutoshi.com/
Join and become a community member: https://twitter.com/CutoshiToken, https://t.me/cutoshi
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