Having witnessed significant outflows in the past weeks, Ethereum has regained 42% of the outflows from Solana, triggering massive rallies for the Ether token. Data from on-chain market tracker Lookonchain shows how the Ether ETF inflow surged by a staggering $30M as the altcoin prepares to break through the $3k mark.
Meanwhile, the Ethereum-based meme coin Floki has continued to witness huge adoption, with signs of a massive breakout. Cutoshi‘s ongoing presale has also continued to attract whales, with over $700k raised in presale funding. With the recent CoinMarketCap listing, the CUTO token is projected to hit 40x before listing to major exchanges.
Investors Rush Ethereum-Based Meme Coin Cutoshi
The recent resurgence of Ethereum has triggered a buying frenzy for Ethereum-based meme coins like Cutoshi. The Cutoshi project has been in the spotlight in the past few weeks due to its unique use cases. Unlike Solana meme coins like Bonk and Dogwifhat, which have no use case, Cutoshi is a hybrid platform with a fun meme coin and DEX exchange.
The Cutoshi multichain decentralized exchange is designed to bring blockchains together and allow for easy trading and swapping of digital assets. This is comparable to the likes of Uniswap. The native token, CUTO, holds strong utility as it is used for trading discounts in the DEX and also for transactions in the Cutoshi Academy, a place to learn more about cryptos.
Meanwhile, the Cutoshi farming protocol is live, giving investors the opportunity to earn by doing little tasks. As one of the features in the ecosystem, the farming pool is designed to reward participants who complete certain tasks with coins that can be redeemed for CUTO tokens when the platform launches.
This comes barely a few weeks after the CoinMarketCap listing, which drove the adoption. With the limited 440M total supply and the deflationary mechanism, the Cutoshi price could hit $1 in early 2025.
Ethereum Blockchain Reclaims 42% Of Outflows As Price Surges
Ethereum, the popular altcoin, has recovered 42% of the outflows, triggering massive rallies. According to crypto analyst Michael Nadeau on X, 42% of the Total Value Locked (TVL) that flowed from Ethereum to Solana made its way back to Ethereum in the past few months.
Quoting data from on-chain market tracker Artemis, Michael observed that Solana saw a $2.36B inflow from Ethereum L1 YTD, with over $1B flowing back to Ethereum. This massive reversal could be a result of privacy concerns with the Solana blockchain. At the time of writing, data from DeFillama shows that the Ethereum TVL is over $54B.
Meanwhile, Ethereum’s price has continued to surge, with over 30% gains in the past month, as per CoinMarketCap data. The Ethereum market cap has also surged to $352B as the altcoin establishes support above the $2900 mark. With over 18 technical indicators flashing buy signals, it is only a matter of time before the Ethereum price flips the $3000 mark.
Source: CoinMarketCap
Floki Price Set For Massive Rallies
Floki, the popular Ethereum-based meme coin, has witnessed massive rallies in the past few days. Data from CoinMarketCap shows that Floki’s price has increased by a slight 3% in the past week as it sets support above the $0.00014 support mark.
The Floki chart from Tradingview shows the altcoin is trading above the 50-day SMA but below the 200-day SMA. However, over 20 key market indicators are pointing towards a bullish signal, with the RSI (51) not yet in the overbought zone.
According to Bitcoin Meraklisi, a popular analyst on X, the Floki price is testing the symmetrical triangle resistance again. A continued rise and close above the resistance levels indicated in the chart could trigger more bullish momentum. With the ongoing market rally, the Floki token could retest the $0.00034 all-time high before the end of 2024.
Source: Bitcoin Meraklisi on X
Will Ethereum Coin Cutoshi Lead The Next Market Rally?
With Ethereum reclaiming its position as a market leader, Ethereum meme coins like Cutoshi and Floki could lead the next market rally. Cutoshi is a project backed by DEX and features an educational platform that will draw investors’ attention. Adding to the farming protocol, the CUTO token could become investors’ favorites in the coming weeks.
For more information on the Cutoshi (CUTO) Presale:
Join and become a community member:
https://twitter.com/CutoshiToken
