Although Dogecoin is still down significantly from its all-time high three years ago, it has returned 100% on the yearly charts and recently spiked by 10%.
Newer coins like Neiro and Cutoshi are gaining traction in the crypto market.
DOGE’s 2024 Rally Under The Microscope
Dogecoin fans were excited as DOGE peaked at $0.144, up from $0.103. However, the currency has since slipped slightly to $0.1377, following a swath of liquidations valued at over $5 million. While this caused some to worry about the coin’s long-term stability, other analysts note that it is merely a healthy retraction following a pump.
The question is what lies in the coin’s future? Although DOGE previously reached $0.73 in the last bull run, the conditions were very different, with new retail investors trying to get a piece of crypto action via the most famous meme coin.
Today the meme coin market is more mature, with many new memecoins with low market caps, offering unique value propositions. The benefit to investors is twofold: first off, they can bet on a coin that offers both meme coin popularity and utility, and secondly the chances of making a big gain are much easier with a smaller cap coin, since much less new investment is needed to push the coin higher.
Dogecoin is currently still up 158,684% from its all-time low.
NEIRO Falters In The Race For Meme Token Dominance
NEIRO, an ERC-20 memecoin, is billed as the new Shiba Inu dog meme, sister of the DOGE dog Kabuso, after her passing last year. Neiro has also inspired a range of copycat memes with temporary success such as Neiro on Ethereum.
While these coins did well initially, all including the original NEIRO are dropping sharply after a recent rise, as current holders take profit at any chance. The coin is still up by 20% on the monthly, but down by 28% on the weekly and 12% on the 24-hour charts.
According to TA signals from Bitget, most indicators are suggesting a strong sell. If prices go low enough the coin may present a buying opportunity, but cautious traders would do well to keep monitoring the situation.
Although Neiro, like Dogecoin, follows the history of its sister coin, through charitable donations and cute memes, Neiro’s lack of success may be due to limited use cases and utility. A different strategy can be seen with more advanced meme coins such as Shiba Inu, BONK, Floki Inu, and Cutoshi.
Cutoshi Bridges Meme Culture With DeFi Future
Cutoshi (CUTO), a new project on Ethereum, is trying to harness the popularity and profitability of memes, with the inherent usefulness of a DeFi ecosystem. The meme itself is based on the Chinese Lucky Cat – the idea is to bring luck and prosperity to its owners.
Cutoshi’s main focus is building a DEX to encourage its users to get involved with DeFi. Community members will be introduced to concepts like staking, liquidity providing, and yield farming, with the latter being done in the form of a competition to earn cutopoints.
The Cutoshi Learning Academy will ensure that everyone has a lighthearted way of learning about DeFi concepts, from the beginning to the more complex. Cutoshi NFTs will then also be released, not simply as collectors’ items but as tools to use for special advantages and rewards within the ecosystem.
These memefi innovations may prove vital in establishing Cutoshi as a lasting phenomenon rather than just an overnight sensation.
As Cutoshi currently sits in stage 2 of its presale, with a $9 million market cap, the potential for growth is high. If Cutoshi can mirror NEIROs current levels of 59,000% up from its listing price, Cutoshi would end up with an ambitious but potentially realistic market cap of $5 billion.
For more information on the Cutoshi (CUTO) Presale:
https://cutoshi.com/
Join and become a community member:
https://twitter.com/CutoshiToken
https://t.me/cutoshi
