Solana has had a volatile month, with prices rushing up before regaining past levels. These movements are making traders nervous, as they expect to reach $180 by the end of the year. Instead, many traders are opting for ETH-based memecoins, including Cutoshi and Shiba Inu to hedge their bets.
Solana Sees Uncertain Future
DeFi powerhouse Solana (SOL) has seen weeks of volatility, with traders getting nervous. Earlier this month, the token broke $160, before coming back down to its current level of $138. At these levels, Solana is just dollars away from its price in the past 30 days.
The reason for this volatility is a mix of factors, including the broader crypto market. Unlike some other tokens, Solana failed to capitalize on the rally earlier this month. This was due to issues with declining volumes, and concerns over validators.
Validators play a key role for Solana, but their job is uniquely difficult on the chain. The high fixed costs mean that many validators rely on financial support from the Solana Foundation. This is further increasing centralization concerns, a key risk for the network.
Trading volumes are key for this, as it is where validators get their income from. The volatile swings in volumes contribute to this risk. In fact, recently, Solana trading volumes were up 24% in just one day, standing at $4.76 billion. Despite this, volumes were trending down overall.
Shiba Inu Burn Rate Gets Traders Excited
Solana’s declining volumes are why many traders are hedging their bets. Ethereum is seeing bullish signs, especially after talk that its founder, Vitalik Buterin, could win a Nobel Memorial Prize in Economics. For this reason, Shiba Inu (SHIB) is becoming a hot commodity.
By far the biggest meme coin on Ethereum, Shiba Inu maintains its dominant position. What is more, recent indicators show major bullish signs. Critically, its burn rate recently jumped 1042% in just one day, which got traders excited.
Shiba Inu is not the only token that is expected to gain. Other Ethereum-based memecoins are also in a great position. For this reason, many traders are hedging with low-cap tokens, to capture potential 1000x opportunities.
Cutoshi Sets For Major Gains
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The emerging memecoin Cutoshi is among the most promising bets in 2024. Based on the Chinese Lucky Cat and Bitcoin creator Satoshi, it brings real utility to the table.
Cutoshi combines meme coin virality with the utility of DeFi. It has a cute avatar recognizable everywhere in the world. At the same time, it embodies the vision of the legendary Satoshi, the mysterious founder of Bitcoin.
As such, Cutoshi is building a comprehensive ecosystem of DeFi applications. It will consist of a multichain DEX, offering low fees and no restrictions to traders. It will educate new users through its learning academy on the principles of DeFi, trading and self custody.
Cutoshi is currently at a low presale price of just $0.022. Thanks to its utility and fixed supply, it has a real shot at $1 by the end of the year. So get your Cutoshi while the price is low!
Conclusion
Traders that missed out on Dogecoin, Shiba Inu, Pepe, and more, are now looking at Cutoshi. This token has the stability of DeFi with the virality of memecoins and could be the next big 1000x opportunity.
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