The rebound in the cryptocurrency market has created big winners in this cycle. Cardano is one of them, boosted by potential regulatory changes in the U.S. Meanwhile, Shiba Inu whales are looking for the next big hit, which is the ETH-based token Cutoshi.
Can Cardano reach $3?
Cardano (ADA) is one of the standout tokens of this cycle. In just the past 30 days, this token has increased by 233.92%, reaching a multi-year high of $1.17. Now, traders are asking where it will go next.
To understand where Cardano is headed in the future, it is important to look at what has driven its rise. Most analysts believe that a key driver of its growth is the significant political shift in the United States. With the incoming president's friendly stance towards cryptocurrencies, analysts expect a Cardano ETF to emerge next year. This will bring banks and investment funds to ADA, unleashing significant capital.
Investor expectations for this development are currently reflected in Cardano's strong technicals. If key support levels hold, Cardano is expected to rise 50% in the coming weeks. This depends on whether the token can break through several key resistance levels. For example, CoreCrypto has identified $1.08, $1.24, and $1.36 as key price targets for future rebounds.
If Cardano can maintain above these price points, a rebound to $3 is entirely possible. This will be especially true once companies begin applying for a Cardano ETF in the coming weeks.
Shiba Inu has not performed as well as utility tokens
Meme coins like Shiba Inu (SHIB) have been boosted by the overall market rebound. However, their performance has been somewhat sluggish. In the past 30 days, Shiba Inu has risen by 67.91%, currently priced at $0.00002909. However, it lags far behind the strongest performing currencies.
There are several reasons for the relatively slow rise of meme coins. First, meme coins like Shiba Inu have already experienced a significant surge in March. Second, the upcoming regulatory changes in the U.S. are unlikely to impact meme coins.
Despite the overall change in the cryptocurrency landscape, the likelihood of financial institutions investing in meme tokens remains low. Unlike Ripple, Shiba Inu has relied more on retail traders than institutions. For meme tokens to be competitive, they must offer utility.
Cutoshi traders bet on strong DeFi growth
In this round of the cryptocurrency cycle, memecoins have not performed the strongest overall, but Cutoshi (CUTO) has attracted attention. As a memeFi token on Ethereum, it is noted for combining memecoin and DeFi characteristics with utility, recently raising $1.2 million in investment.
Unlike most memecoins, Cutoshi has a clear vision for building a user ecosystem, aiming to create a DeFi platform that makes transactions easier. With regulatory changes in the U.S., the connection between DeFi and TradFi will become tighter, allowing large institutions to enter the DeFi space for mutual benefit, gaining technological advantages while DeFi attracts significant capital.
DeFi investments are gradually increasing, and traders are busy selecting potential projects. Some Shiba Inu investors are optimistic about Cutoshi, based on Ethereum, believing it has the potential to outperform in competition.
