VeChain’s (VET) December Dip and HUH Token’s (HUH) Early Success
The HUH Token launched on Monday the 6th December 2021 and within 48 hours it had increased in value by over 1000%. The launch of HUH Token was timed to perfection, given the flash crash in early December 2021 that wiped $350 billion off the total market capitalisation on CoinMarketCap. Almost all major cryptocurrencies took a hit, including the world’s biggest digital currency, Bitcoin. BTC lost almost a fifth of its value at one point in the crash. Large and small coins alike were affected, including VeChain (VET).
VeChain (VET) is the token of software that aims to allow better digital communication and collaboration between businesses. It provides a way to make supply chain management and data transfer more efficient. VET is the token by which changes to the protocol can be implemented. Its ability to track items in the entirety of the supply chain process is highly desirable. As a result, it is already used by some of the world’s biggest corporations, including Walmart and BMW.
VeChain plans to use sustainability as a key feature in its implementation going forward. A recent example was VeChain tracing and verifying all of the data from a Danish company’s efforts to remove and recycle 305 metric tonnes of plastic from the ocean.
As of the week beginning the 13th of December, VET is around 30% below its 100 days moving average. Even in the wake of another 10% dip from the 6th-13th of December, VET is one of the most popular coins available. This is borne out in its market cap, of over $5billion, and its 24-hour trading volume, of over $300 million.
The HUH token launched two days after the worst of the December flash crash, as the market began to attempt to correct. The launch was hugely successful, reaching over 4000% of its launch price within a week, as well as featuring amongst the top 20 coins on PancakeSwap.
HUH hasn’t proved invulnerable to the ups and downs of the crypto world, but the uniqueness of the world’s first “utimeme” cryptocurrency means that there is unprecedented room for the HUH token to grow. Perhaps the most innovative feature of the HUH token is its intelligent referral system. This allows wallet holders, of which there are almost 10,000 just a week after its launch, to gain 10% (paid in BNB) of the initial investment of any new holders.
As of the week beginning 13th December 2021, HUH had a trading volume of $3.49m. Compared to VET’s first week after being listed, in which it had decreased in its initial value after 7 days, the HUH token has a phenomenal amount of potential, having seen an increase of over 4000%.
VET, HUH, and Data Usage
Both VET and HUH are seeking to use data in a way that is beneficial to the holder and people in general. One of VeChain’s aims, according to CoinMarketCap, is to “boost (the) efficiency, traceability, and transparency…while reducing costs and placing more control in the hands of individual users.”
The HUH token, as part of its own future decentralised metaverse, has similar and even more ambitious designs. In the HUH token’s white paper, they talk about achieving a state where “everyone gains from the data they generate.” HUH firmly believes that “all data creates influence, and…influence is a currency to be shared for the greater good, not just sold for profit.” VeChain and the HUH token want to use data, as well as the transparency and influence around it to improve things in their own different ways.
Learn More About HUH Token Here:
HUH Official Swap- https://swap.huh.social/