Shiba Inu (SHIB) is a well-known memecoin that has made its mark in the crypto market. Since its launch, Shiba Inu has given 7-figure percentage returns, making it the 2nd biggest meme coin in the industry.
As the crypto market evolves and new coins enter the market, it is hard for investors to pick the right one. So today, we will analyze the possibility of a Shiba Inu rally and also investigate a new contender in the meme coin space. Can it replicate Shiba Inuâs returns?
âŠïžShiba Inu (SHIB) Undergoing Pullback; Will It Continue Higher?
Shiba Inu is one of the many dog-based meme coins. It is on the Ethereum blockchain. Currently, Shiba Inu stands second in the list of the largest memecoins by market cap, at more than $10 billion.
Shiba Inu (SHIB) is currently trading at $0.00001679 after the retest bounce from the previous resistance level. The price has dropped over 7% today, and the volume has increased by over 30% in the last 24 hours.
It has an immediate support level of $0.00001610 and further support at $0.00001420. The nearest resistance level for SHIB is the recent high of $0.00002169, and the next significant resistance is $0.00002403. Shiba Inu has stabilized well above the 50-day moving average. However, due to the recent pullback, it has fallen below the 10-day moving average.
Nevertheless, the pullback is not big because the volume continues to fall when the correction starts. On its daily chart, Shiba Inu, which had a conspicuous Fair-Value Gap (FVG) the past week, is now consolidating near support, which makes it somewhat likely to bounce from this level.
âShiba Inu may experience a new rally soon due to whale interest and many bullish technical signals.â says one expert.
âŠïžCutoshi: Will this Ethereum-Based Meme Coin Outperform Shiba Inu?
Cutoshi (CUTO) is also an Ethereum-based meme coin like Shiba Inu. However, unlike Shiba Inu, it is cat-based. Cutoshi is inspired by the Chinese Lucky Cat, famous for its power to bring luck, prosperity, and wealth.
Cutoshi is a utility meme coin that has the complete functionality of a DeFi ecosystem, attracting both meme coin and the DeFi community. Cutoshi aims to grow DeFi culture using the power of memes and the capable Cutoshi ecosystem.
The Cutoshi ecosystem has its own decentralized multi-chain exchange and swapping platform. It allows peer-to-peer asset swapping across multiple chains, eliminating third parties and improving privacy and security.
Limited edition Cutoshi NFTs will be rewarded to the early members and Cutoshi Challenges winners. These NFTs will have special uses within the ecosystem. Based on rarity, the NFTs will be divided into five categories, each with its own unique utility.
Cutoshi is in the presale phase, offering a discounted price of $0.015 per CUTO. Over 157,00,000 CUTO tokens have been sold by far, raising over $290,000. The expected launch price is $0.5, which gives early investors a whopping return of over 3000%. Some analysts anticipate the token will provide 100-fold returns by 2025.
