Asset and hedge fund managers make big money because they invest in high-growth potential coins that are new to the market in their earlier stages and offer something unique to investors. Bitcoin (BTC) was the first cryptocurrency, and those who invested in it in earlier stages got handsomely rewarded. The same is true with Solana (SOL) presale, which has given multi-bagger returns.
Early Bitcoin investors are again betting on one of the early-stage coins - Cutoshi (CUTO), a rare utility meme coin that aims to replicate the initial success of Bitcoin and Solana. We will discuss the recent developments around Bitcoin and Solana and the potential of Cutoshi in the future.
Bill To Allow Bitcoin And Iran-Isreal Conflict, How Will It Affect Bitcoin Price?
Last week, an Ohio State Senator introduced a bill that proposed making Ohio one of the few states allowing cryptocurrency for government and local tax payments. It will apply in the state's municipality and alternatives like Bitcoin, among others, if approved. However, the use of cryptocurrencies for payment has not been realized so far. Other states in the U.S. have conducted trials for the same purposes. In 2022, Colorado was the first state to accept Bitcoin for paying taxes and using PayPal for payments.
Meanwhile, tensions in the Middle East are rising. According to a senior White House official, the U.S. has detected that Iran is preparing for a ballistic missile attack on Israel. After the news of this threat, Bitcoin’s value dropped below $62,000. Currently, BTC is trading at $61,688, with a 3% decrease in the last 24 hours.
Solana (SOL) Protocols Showing Increase In TVL
Six platforms built on Solana reached over $1 billion in user deposits for the first time since Solana's launch. Kamino ranked second with $1.58 billion worth of TVL. Jupiter decentralized exchange, and Raydium followed behind, holding $1.26 billion and $1.24 billion in deposits, respectively.
Marinade and Sanctum strengthened the top six, with Marinade reaching $1.21 billion and Sanctum securing around $1 billion in user deposits.
However, during the market correction, Solana fell below the $150 level just to rise to test the $50-day moving average. The RSI of SOL fell from 64 to 51, conveying the vulnerability of the buyers.
Cutoshi (CUTO) Projects Big Number Amid Market Fall
While Solana and Bitcoin are struggling to hold their support levels amid the market fall, the new meme coin Cutoshi is projecting high gains by the end of December. The top price action analyst predicted that Cutoshi could reach $0.21 from the current level of $0.015 in the next two months. If we calculate it by percentage returns, that's 1,300%. So, if an investor puts $500 in the presale at the current valuation, that could reach up to $7,000, according to the expert's analysis.
Cutoshi draws inspiration from Bitcoin’s creator, Satoshi Nakamoto, embracing the same principles of privacy, freedom, and decentralization. It is building a decentralized ecosystem centered around its multichain decentralized exchange (DEX). This DEX will let users trade without restrictions, setting it apart from major exchanges like Binance and Coinbase. By offering real utility, Cutoshi strengthens its ecosystem and increases its value.
Every project has shortcomings, but in the current scenario, Cutoshi is well positioned while major meme coins face high market volatility. Its undervalued price offers investors the chance for substantial returns in the coming times.
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