Ethereum and Solana are set to engage in a fierce rivalry, with Solana eyeing the Layer 1 throne. However, the Cutoshi token might give Ethereum the edge it needs to maintain its leadership.

Is it time for an Ethereum breakout?

After weeks of ranging action, Ethereum finally broke out. Analysts are expecting further upward movement in the coming weeks, aiming for a potential target of $3,000 by the end of 2024. However, concerns of centralization are rising within the Ethereum community, as block builders Beaverbuild and Titan Builder account for over 85% of new blocks. Meanwhile, Ethereum founder Vitalik Buterin shared new insights on the 'The Surge', an upcoming update to improve scalability.

Solana struggling to reclaim key level

Selling pressure on Solana seems to be dissipating, as traders anticipate an imminent move above $160. Currently, Solana trades at $151, down 2% over the last 24 hours. If Solana turns the resistance into support, it could pave the way for a rise to $200. Recently, Solana reached a new milestone of $6 billion in total value locked (TVL) with over 6 million daily active addresses, showcasing sustained investor interest.

Cutoshi is bringing utility to memes

Most meme coins fail to sustain in the long run, being driven by hype. Cutoshi aims to be an exception with its decentralized exchange (DEX) supporting multiple blockchains, enabling swaps at the lowest cost. Cutoshi has also implemented a unique reward system, Cuto Farm, where users earn money by staking, providing liquidity, and completing tasks. Additionally, NFTs and other merchandise will soon be available.

While Solana aims for the Layer 1 throne, Ethereum continues to strengthen its position through platform enhancements and support from technologically advanced projects like Cutoshi. These developments promise to make the crypto market more dynamic.