BTC Hits Record High, But Rainbow Chart Hints At Higher Surges Ahead, Shiba Inu Burn Rate Spikes 6000% As New DeFi Altcoin Enters The Market
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November 27, 2024 12:43 PM Eastern Standard Time
Bitcoin approached the $100k mark, reaching $99,645 and is now experiencing a correction with some analysts warning that BTC must hold $92,500, but the Rainbow chart indicates long-term bullishness. Shiba Inu sees its biggest burn rate ever as creator Shytoshi says that burning 99% of the currency is now possible.
A new coin, $CUTO, the basis of the Cutoshi DeFi ecosystem, has the potential to surge in price after hitting a new milestone in fundraising.
Bitcoin Almost Hits $100k Milestone But Faces Key Resistance
BTC has been doing what it does best, hitting all-time highs and getting close to the psychological $100,000k threshold. However, in the last hours, a death cross formed on the 4 hourly charts and the price began to tumble. Bears got liquidated to the tune of $500 million and BTC is currently trying to defend $92,000.
Analyst Skew said it is extremely important that Bitcoin’s $92,5k to $92k level is upheld. If not, a bigger correction could be on the cards. Respected analyst Ali Marinez replied, agreeing and reposting his tweet from two days ago, which said that the TD Sequential charts were suggesting a pullback of $91,583 or even $85,610 for BTC. However, a few minutes ago he tweeted again, saying a bullish pattern is forming on the 1hr chart.
Looking at longer-term trends, the Bitcoin Rainbow Chart suggests we are in the green ‘Accumulate’ zone. The indicator, invented by Reddit user u/trolololo in 2014, has become a popular way for Bitcoin users to track where they are in Bitcon’s cycle. But like any indicator, it should be used with other tools as well.
Shytoshi Highlights The Bigger Picture Beyond Burns
Shiba Inu hit a new record as well, with a burn rate of over 6200% and the potential to burn 99% of the supply due to the collaborative nature of the Shibarium, Shiba Inu’s Layer 2 Blockchain.
However, the pseudonymous creator Shytoshi reminded the community that the burn rate is just one small part of a much bigger and more meaningful ecosystem. They told people that they want SHIB to appreciate in price due to its DeFi features and utilities.
This is because the devs want Shiba Inu to be a coin with long-term sustainability and growth potential. This meme and utility combination could lead Shiba Inu to become crypto’s biggest meme coin, pushing above Dogecoin in the current cycle. Although Dogecoin is better known, it has very little utility or development.
Presale Momentum: $CUTO’s Path To $1.1M And Beyond
A new coin is taking a leaf out of Shiba Inu’s book and that’s CUTO. On the face of it, Cutoshi is a cat-based meme coin, drawing inspiration from the Chinese Lucky Cat figures, often seen in Asian businesses around the world.
But beneath the surface, like SHIB, it's also a DeFi ecosystem, but in the early stages of development.
The team plans to release a cross-chain DEX, a learning academy, NFTs with utility such as trading discounts and more. And like Shiba Inu, Cutoshi has a buyback and burn scheme.
Right now, Cutoshi is developing behind the scenes and focusing on uniting their community through competitive token farming and fun quests. The latest from the team is a competition where people can win a share of a $2000 prize pool for making an ‘epic meme’.
This multi-layered approach appears to be working very well, as the token has raised over $1.1 million in presale funding, with the third stage of presale almost sold out. CUTO is available for $0.259, up 72% on the monthly.
For more information on the Cutoshi (CUTO) Presale:
Join and become a community member:
https://twitter.com/CutoshiToken
Welcome to Cutoshi, the revolutionary meme coin, DeFi hub and educational platform inspired by the Lucky Cat and Satoshi Nakamoto’s teachings.
Traditionally, people put the Lucky Cat in their homes and businesses to maximize its lucky powers and bring them good fortune and wealth. Now Cutoshi the Lucky Cat is on the blockchain bringing luck, prosperity, and wealth to your digital assets.
Cutoshi is creating a path to financial freedom, for those who choose to honor the power of the Lucky Cat. Supporting the principles of freedom, privacy, anonymity, and monetary empowerment for the masses. Cutoshi aims to bring the benefits of blockchain to everyone.
The regulatory environment surrounding cryptocurrencies is evolving and varies across jurisdictions. It is your responsibility to ensure compliance with applicable laws and regulations in your country or region before engaging with Custoshi.
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