Shiba Inu’s burn rate rises as Dogwifhat and Cutoshi compete for memecoin supremacy

Shiba Inu’s soaring burn rate grabs attention as Dogwifhat and Cutoshi compete, with Cutoshi offering presale discounts.

The market is heating up as Shiba Inu (SHIB)’s skyrocketing burn rate catches investors’ attention. Meanwhile, newcomers Dogwifhat (WIF) and Cutoshi (CUTO) are vying for dominance in the meme coin sector. Notably, Cutoshi offers discounted tokens to early investors during a presale event, adding an intriguing element to this three-way race. Let’s take a closer look!

Shiba Inu’s burn rate surges

Shiba Inu has reignited crypto enthusiasm with two significant developments: a staggering 700% increase in its burn rate and bullish remarks from Shytoshi Kusama at Singapore’s Token2049 event.

The Shibburn wallet tracker confirms the removal of 15 million SHIB tokens from circulation, a strategic move aimed at boosting value through scarcity. This reduced supply and positive sentiment combination has fueled a 21% weekly surge as investors rush to capitalize on SHIB’s potential upswing.

From a technical standpoint, $0.000020 is the critical resistance level for SHIB. Surpassing this psychological level could pave the way for a potential run towards its 2021 peak of $0.00008845. The current price of $0.00001578 needs to hold above the $0.000010 level to maintain bullish market sentiment.

Looking ahead to 2025, some analysts project Shiba Inu surpassing its previous $39.30 billion market capitalization peak, with the most optimistic targets aiming for $0.000100000 — a milestone that would shed a zero from its all-time high.

Dogwifhat: Solana’s hat-wearing sensation

Dogwifhat, launched in late 2023, has swiftly become a standout in the memecoin market. Featuring a Shiba Inu in a hat, the coin is built on the success of Solana’s first billion-dollar memecoin, BONK. Its growth has been astonishing, reaching a $100 million market cap within a month and hitting the billion-dollar mark just ten weeks later.

Now valued at $2.36 billion, Dogwifhat ranks as the fourth-largest memecoin. Despite this impressive climb, questions arise about its future growth. While some analysts predict it could peak at $40, the substantial gains already achieved may limit upside potential compared to newer memecoins like Cutoshi.

Dogwifhat’s meteoric rise underscores the volatile nature of memecoins. Though the early success is remarkable, the lack of utility or tangible value raises concerns for long-term sustainability. The “hat stays on” community needs to continue driving hype and demand to maintain its market position.

Technical analysis of the Dogwifhat chart shows a breakout of a declining trendline that has been suppressing the price for six months. With the Dogwifhat now retesting the trendline at $2.07, this could be a great entry point for traders anticipating a breakout and price acceleration in the coming weeks.

Cutoshi: Merging memes with DeFi innovation

While Dogwifhat captured headlines with its explosive entry into the memecoin market, Cutoshi is setting itself apart by offering a more substantial foundation with real DeFi utility alongside its meme appeal.

Cutoshi’s Multi-Chain Decentralized Exchange (DEX) allows users to swap assets seamlessly across different blockchains. This cross-chain functionality ensures faster, cheaper, and more secure transactions, addressing the limitations of traditional DeFi platforms and making the process easier for users at all experience levels.

In addition to the DEX, Cutoshi offers a gamified farming system. Users can take part in quests and challenges to earn rewards. This interactive approach makes farming more engaging and turns what would usually be passive participation into a dynamic way to grow assets.

At the heart of the ecosystem is the CUTO token, which is used for transactions, governance, and more. CUTO’s deflationary model includes a buy-and-burn mechanism that reduces supply over time, increasing the potential for long-term value appreciation. 

With the presale currently underway, early investors can purchase CUTO at a discounted price of $0.015. It’s worth noting that this price is scheduled to increase as the presale progresses, making now a prime opportunity to get in on the action.

For more information, visit the official CUTO website or join the community on X and Telegram.