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Today Polkadot has reached the psychological barrier of $6. SUI takes off with new partnerships and freedom from regulatory restrictions, while a new altcoin, Cutoshi, goes viral as it aims to redefine the meaning of memes and DeFi.
Polkadot Back At $6
Polkadot, by this point one of crypto’s blue chips and in the top 20 cryptos by market cap, has reversed its sluggish price action today, exceeding $6. In a recent tweet by the team, they hit back at critics, saying “Polkadot has a bad UI/UX." Nope, it's not 2021 anymore!” Presumably, this refers to the confusion that many investors experienced at the complicated parachain auctions of 2021.
As there are now so many more blockchains in 2024, Polkadot’s focus on scalability and interoperability remains an important one and may be behind the recent push to $6. Buyers may also be feeling bullish about the Polkadot 2.0 upgrades scheduled for this year.
While holders took profit at $6, briefly pushing the price back down to $5.90, DOT quickly reclaimed the $6 price and is currently sitting at $6.05.
However, as is often the case with older projects, the price performance remains weak in comparison to Bitcoin and also newer blockchains, such as SUI and SEI.
Polkadot is up by 11% on the 1-year chart and 47% on the biweekly.
Sui Pumps As Van De Poppe Promotes
Sui is one of many coins that is benefiting from the loosening of regulations, expected to come under the Trump-led government. This is due to its origins as a blockchain developed by engineers working for Meta (then called Facebook).
Meta faced a lot of regulatory hurdles and gave up on their blockchain dreams. Mysten Labs was then created to try to build something from the research conducted by Meta.
In recent news, SUI, which was launched last year, is now going from strength to strength, with the recent announcement of the second stablecoin going live natively on the blockchain, FDUSD, following the successful integration of Circle’s USDC. This is important as it brings much-needed liquidity to the chain, which facilitates trading and further growth, and it also increases interoperability.
IOTA, another now ‘ancient’ crypto project, is adopting SUI’s tech into its own, in a move that shows just how cutting-edge SUI really is.
Famous analyst Michael Van de Poppe has been making a lot of bullish predictions lately, naming memecoins and SUI, SEI, and GRASS as the best things to buy for traders whenever Bitcoin retraces. He said that this is due to their trending status.
SUI is trading at $3.71, up by 563% on the 1-year chart and 66% on the biweekly.
Cutoshi's Viral Rise: From Trending On X To $1 Million Presale
Cutoshi could be one of the meme coins Van de Poppe would like to watch since it was trending on X on the number 1 spot for both the USA and worldwide.
Cutoshi is a brand new meme coin, meaning that there are no previous cycle holders needing to take profit. It’s in stage 3 of its presale and has raised nearly $1 million in funding.
The project combines memes, a cat that represents the Chinese Lucky Waving Cats, with DeFi. This gives it more substance than regular meme coins since an entire ecosystem is planned.
The Cutoshi Dex is a cross-chain platform that offers P2P options. This makes it easier to trade across blockchains, as Cutoshi recognizes the opportunities of interoperability, just like Polkadot.
Education is another part of the vision and a learning academy is planned since many meme coin traders and also other altcoin investors do not yet know how to use DeFi to their advantage.
Cutoshi is up 72% on the biweekly chart and will continue to rise in price until the end of the presale.
Given its low market cap and interesting value proposition, Cutoshi is one to watch.
For more information on the Cutoshi (CUTO) Presale:
Join and become a community member:
https://twitter.com/CutoshiToken
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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