With the Bybit hack taking the market by storm, traders are looking for safe options to secure their wealth

With the Bybit hack taking the market by storm, traders are looking for safe options to secure their wealth. Meanwhile, XRP and Cardano are going through a consolidation phase

The crypto market has been recently affected by the Bybit hack, as hackers managed to steal around $1.4 Billion in assets, while traders are also keeping an eye on XRP and Cardano's price movements. On the other hand, Cutoshi is becoming attractive due to its fast-paced presale and interesting features.

Cardano Experiencing The After-effect Of ByBit Hack

There has been a constant decline in the number of Cardano holders, but the total supply is increasing, now standing at 36.18 Billion, showcasing a vast amount of supply with no equal number of buyers.

When hackers breached the Bybit blockchain and stole around $1.4 Billion worth of assets, the entire crypto market was affected. However, Charles Hoskinson, the founder of Cardano and Ethereum's co-founder, responded to the accident as an "Ethereum Classic" case.

Hoskinson has been recently indicating that Ethereum might be transferring permanently to Cardano, due to the latter's potential and security features.

The Bybit incident affected Cardano, resulting in the token going down by 2.44% in the past one week. As Cardano is standing at $0.7766 at the time of writing, it is hovering around the middle Bollinger band, showcasing a clear sign of consolidation. The MACD indicator is showing weak bearish momentum, with chances of a trend reversal, whereas RSI is standing at 51.30 which is the neutral zone.

SEC Remaining Silent On XRP Appeal

XRP has been seeing a steady growth in the number of holders, roughly at 6.19 Million indicating an increase in user engagement. However, the total supply of XRP remains constant at $99.98 Billion showing no recent token burn.

Besides, SEC has been silent regarding withdrawing from the long battle with Ripple. Though there are hopes, the case has lots of complications. As XRP had previously received an order from Judge Torres (at district level) on paying $125 Million as penalty, Ripple needs to approach the district level for a solution, even if SEC withdraws from the case.

The SEC is expected to make a statement soon as it recently dismissed the case against Coinbase.

XRP is standing at $2.5624 at the time of writing, showing a massive decline of 7.13% in the past week. It is showing signs of consolidation, with price being close to the middle Bollinger band at $2.5694. However, both MACD and RSI indicators are showing a bearish trend, with the former being below the signal line, and RSI standing at 44.80.

Cutoshi Re-defining The MemeFi Ecosystem

While both Cardano and XRP are showing consolidation, Cutoshi is gaining attention from traders. An upcoming meme-utility project, Cutoshi is already starting conversations with its fast-paced presale movement, thriving token farming feature, and upcoming DEX cross-chain platform with non-custodial wallet, and other interesting features.

Built with the aim of spreading the teachings of legendary Bitcoin founder, Satoshi Nakamoto, Cutoshi focuses on providing financial freedom through various engagement models. The gamified yield farming is already attracting trader participation leading to high user engagement, as they get rewards for providing high liquidity.

Cutoshi is also designing engaging games and missions, winners of which will be awarded with CUTO tokens, limited edition NFTs, and recognition in the Lucky Cat Leaderboard. The project also has a special “Lucky Cat Shrine” where users can get exciting surprises and rewards upon completing missions.

Unlike Uniswap and Pancakeswap, which are still struggling with a streamlined swapping platform, Cutoshi is already designing a secure cross-swapping platform that supports over 20 blockchains, leading users to swap tokens without any hassle. Moreover, the in-built scarcity model and clear roadmap of Cutoshi is increasing trust amongst investors, for which the project is seeing a massive progress in its presale stage.

Currently valued at $0.045, Cutoshi has already raised over $2M. Post official launch, Cutoshi will have a solidified education DeFi platform, a non-custodial, multi-chain wallet, and a proper DEX platform.