Crypto markets have seen some major moves recently, and traders are taking notice. With Bitcoin breaking $66,000 yet again, traders are looking to capitalize. Today, we will look at some of the most interesting developments in crypto, involving Ethereum, Sui, and Cutoshi.
Ethereum Slowly Trickles Up Despite Inflation
Ethereum is slowly trickling up, rising 7.6% in the past week, despite lingering concerns over its inflation. Over the past year, Ethereum’s (ETH) performance has been underwhelming. ETH rose just 69.02% year over year, while Bitcoin rose 145.81%. This slow performance was largely due to the rising inflation of
ETH after the Decun upgrade.
The Decun upgrade made way for layer 2 chains, which helps scale Ethereum and fix its high fees. However, the immediate effect was L2s cannibalizing network traffic. With lower traffic, less Ethereum ended up burned, which tipped the scale toward inflation.
While inflation is making many traders bearish in the medium run, the network remains strong. Moreover, many traders believe that L2s will help Ethereum remain competitive in the long run.
Sui Under Fire Over Insider Selling
The DeFi sensation Sui has seen impressive performance recently, despite some serious insider selling allegations. Notably, Sui rose 104.03% in just 30 days, surpassing its recent yearly highs in March. This recent surge adds up to 430.97% of yearly growth.
Despite this, serious allegations have been surfacing around the project. One crypto investigator alleged that insiders already sold $400 million worth of the tokens. This is significant as these allegations come after earlier concerns over insider control.
The Sui blockchain was developed by former Facebook employees who worked on Libra, its discontinued stablecoin. Despite the strong team, the Sui launch faced backlash over token allocation. Investors believed that too much of the SUI token was going to the team, sparking concerns over selling. This is why recent allegations have sparked concerns among the community.
Whales Are Betting On Cutoshi
The new meme coin Cutoshi (CUTO) is attracting attention for its explosive presale. Based on the Chinese Lucky Cat and Bitcoin creator Satoshi, this token blends the virality of meme coins with utility. As such, this lucky cat will bring you fortune, while also working hard on creating a whole DeFi ecosystem.
At the heart of Cutoshi’s ecosystem is its multichain DEX. This DEX will allow anyone to trade at low fees and no restrictions. Critically, a part of its revenues will go toward burning Cutoshi, making it deflationary and adding real utility.
The utility also comes with its token farming system, rewarding holders for staking and completing quests. The platform will also feature NFTs, merch, a crypto learning platform- all additional ways to support and reward holders.
With a low presale price of $0.015, Cutoshi has a real shot at 100x gains. In particular, thanks to its fixed supply of 440 million, Cutoshi can hit $1 before listing to major exchanges, handsomely rewarding its early investors.
Conclusion
With ‘Uptober’ finally starting, traders are looking at the next big bet. Ethereum and Sui both have both an upside but may encounter issues along the way. On the other hand, Cutoshi is a clear winner in terms of potential for 100x gains.
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