Dogecoin’s Biggest Rival On CMC, Cutoshi And Popcat Attract Attention Indicating An Upwards Trend
November 2nd, 2024 at 1:40 pm UTC · 4 mins read
/Cutoshi/ – As Dogecoin trades upwards of $0.17, we examine the predicted price action, and ask, who is DOGE’s biggest competitor as per CoinMarketCap? Cutoshi and Popcat are interesting contenders for this top spot.
Musk Makes Dogecoin Great Again
Dogecoin and the entire crypto market are rallying, likely due to the pro-crypto stance of both US presidential candidates. Doge fan and influencer Elon Musk recently told a Trump rally that he could help save them “$2 trillion per year from the government’s budget”. In the past, Musk has said he would be head of the Department of Government Efficiency, or D.O.G.E.
He then shared an image of himself speaking at the rally, accompanied by a brawny Doge.
This led to both the wider market and Dogecoin to pump, and so DOGE is up by 28% on the weekly. This makes it crypto’s best performer of all the altcoins.
DOGE futures interest reflects this bullish sentiment, with open interest surging 33% since Sunday to 8 billion DOGE tokens. This puts it within striking distance of April’s record 9 billion DOGE. In stablecoin terms, we’ve seen bets increase dramatically from $850 million to $1.3 billion.
These numbers tell us new money is flowing into DOGE, strengthening the upward trend. When open interest rises alongside prices like this, it typically signals market confidence.
So for those who missed out on Doge, or who want to add another coin to their portfolio, who is their biggest rival on CoinMarketCap and why?
POPCAT Hits New All Time High
While DOGE has been the best performer over the last 7 days, POPCAT is chasing its tail, up 22% on the weekly, signaling strong buyer interest, and hit its all-time high of $1.80 a few hours ago.
Market maker Wintermute has been a major player in this rally, with Nansen data showing significant buying activity from the firm. This institutional interest adds weight to POPCAT’s upward trend.
The token saw some profit-taking after reaching $1.75, pulling back to $1.70, before heading up to $1.80.
For POPCAT to maintain its bullish run, holding above $1.70 is crucial. Key support sits at $1.55, with further safety nets at $1.48 and $1.37. If these levels break, we could see last week’s gains fade.
Bulls need to defend the $1.70 mark over the next 72 hours to secure a strong weekly close. With Wintermute’s backing and growing market interest, POPCAT could continue its impressive performance alongside DOGE in the meme coin space.
Another important consideration for would-be investors is POPCAT’S $1.6B Mcap vs DOGE’s $25B Mcap. This means that much less money is needed to move the market, making 10x gains much more possible for POPCAT than Dogecoin.
Could Cutoshi Be The Next POPCAT?
Although Cutoshi isn’t showing in the weekly gains chart on CMC, it’s up by 46% over the last month. Cutoshi does have a listing on CoinMarketCap.
Cutoshi is in presale and the whole project is in the building phase. However, the devs are making big progress with their roadmap, with the CMC listing just one part of a much larger strategy.
Cutoshi is building a DeFi ecosystem – aka ‘memefi’, since Cutoshi is a meme coin based on the Chinese Lucky Cat – and attracting a lucky community.
Investors are excited by Cutoshi’s vision – to bring the utility of DeFi to those who may not normally discover it. To make yield farming and staking fun through competition, to offer space for creativity for artistic and funny members to create cool memes, and most importantly, to build a DEX which allows people to buy and sell crypto across multiple chains.
To put this in context, Cutoshi’s market cap is currently $9 million. Yes that million, not the billions seen in POPCAT and DOGE valuations. That’s because the token is so new and current investors are extremely early. If Cutoshi can continue crafting their well-thought-out vision, significant price rises seem viable.
For more information on the Cutoshi (CUTO) Presale: Website.
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