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As analysts predict that the cryptocurrency market is on the verge of a huge rally, with Bitcoin forecasted to rise by 250%, we look at an altcoin called Cutoshi that is likely to bring huge returns, and see how it compares it to other popular coins BONK and SHIB.
What’s The Story Behind Cutoshi?
Cutoshi is an ERC-20 coin in presale. At first glance, it looks like just another meme coin. That isn’t necessarily a bad thing given that BDC Consulting reports that the meme coin overall market cap could soon amount to around $60-75 billion.
However, things get really interesting when we look more deeply at the project and what it is aiming to do.
Cutoshi gets its name from Satoshi, the (still) anonymous creator of Bitcoin. And that’s because Satoshi had a vision of bringing power to the people – a decentralized monetary system that can be used by anyone regardless of income or geographical location.
Cutoshi is a utility hybrid coin because it has meme appeal – being the representation of the Chinese Lucky Cat, but on the blockchain.
But it also brings with it a DEX, an engaged community that will compete and promote Cutoshi, merchandise, rare NFTs for enhanced DeFi capabilities, and a buy-and-burn mechanism to keep prices high. And that’s just the start of what Cutoshi is promising.
Analyst Krish Kumar predicts that the mix of utility and memeability will push Cutoshi up by 10,000% before it even lists on major exchanges. This sounds a lot, but top coins like Shiba Inu are up by 31,884,558% since their listing on CoinMarketCap.
This means that $1000 could be worth $100,000, if Kumar is correct. And that’s before it even goes mainstream.
Why Has Bonk Been So Successful?
Bonk has been one of Solana’s biggest success stories. The memecoin, which started out as a token without utility, gained a lot of traction when it was given out for free with Solana’s Saga phone.
Solana’s slick interface made a change from other harder-to-use blockchains and BONK led the charge of the memecoins on the speedy blockchain.
Bonk was given utility by its community and this included:
- DeFi – Various Solana DeFi platforms have integrated BONK, including decentralized exchanges and BONKbot, a trading bot on Telegram that features a burn mechanism to reduce the total supply of BONK.
- NFTs – BONK is frequently used for purchasing, selling, renting, and minting NFTs within the ecosystem.
- Payments – Similar to how users can transfer dollars, euros, Bitcoin, or Ether, BONK can be exchanged between wallets for peer-to-peer payments.
- Gaming – In blockchain-based games, BONK serves as both an in-game currency and a reward token for players.
This has been very bullish for those who got in at a low price, but as the token now sits at a $1.5 billion market cap, new investors are unlikely to see the kind of returns that holders from 2023 enjoyed.
Can Cutoshi Mirror The Gains Previously Seen By Shiba Inu?
Shiba Inu also started off as a coin with no utility, a Dog-themed alternative to the already big Dogecoin. Although it never managed to surpass Dogecoin in terms of market cap, it’s still the second biggest memecoin with a market cap of $10.6 billion.
One of the main reasons that Shiba Inu has grown so big is the amount of development and community love.
Shiba started out small and then launched ShibaSwap, a decentralized exchange. More tokens were added to the ecosystem, including LEASH and BONE. As the community grew, so did the use cases. Quite a few shops in the US do accept Shiba Inu as a form of payment.
Shiba Inu then went on to launch its own blockchain, the Shibarium, and an ezine called ‘The Shib.io’ where users can catch up on the latest crypto news in a whimsical way, and mint NFTs of the front covers for free.
However, as with BONK, the size of the coin means that the price faces the problem of diminishing returns. Even if SHIB were to reach DOGE in terms of market cap, this would only be a 49% increase from here – not the kind of outsized returns that many crypto investors are searching for.
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