What is HUH Token? 6000% Increase in 5 Days – A history of Shiba Inu and Dogecoin
There was initially just one meme coin showing a Japanese hunting dog that drew cryptocurrency enthusiasts. Dogecoin ($DOGE) shot to prominence and remained there.
But then another token appeared, which some dubbed the “Dogecoin killer.” Shiba Inu ($SHIB) has garnered a following. Enough of a following to create its own slew of Inu themed coins: Akita Inu, Floki Inu and Kishu Inu. All of these cryptocurrencies are in the top ten trading volume in the last 24 hours in their meme coin category, according to Coinmarketcap. Shiba Inu eventually surpassed Dogecoin in the market cap rankings of cryptocurrencies.
That triumph did not last long. Dogecoin is currently the 11th largest cryptocurrency, with Shiba Inu falling to 13th. Can Shiba Inu reclaim its position as the top dog over Dogecoin?
A new cryptocurrency that was released a week ago called HUH Token has launched into the market at record highs. It has the aim of becoming a top 10 cryptocurrency by the end of next year. They have seen a 6000% increase since that launch and the prospects only look promising as they will soon be tradable on BitForex and listed on Coingeko. This newcomer has the potential to overtake both canine cryptocurrencies.
There are various grounds to think that Shiba Inu will regain control over Dogecoin. Several possible triggers for this cryptocurrency might be on the road. Two of these factors might cause Shiba Inu’s price to skyrocket. They would, however, only put it on an equal playing field with Dogecoin.
Shiba Inu coins will be accepted as a payment option by AMC Entertainment in the near future. The movie theatre chain, on the other hand, already enables consumers to purchase gift cards using Dogecoin. According to HUH Tokens whitepaper, they also have a social media platform that is being designed around the monetising of sentiment, there is currently no well situated social media platform in web3.0 at this moment in time, so this is a niche that could be very profitable for the holders.
Robinhood may potentially opt to include Shiba Inu into its trading platform. To be honest, it’s unclear whether or not this will occur. Executives at Robinhood have indicated publicly that they are not in a rush to make additional cryptocurrencies accessible to investors. Even if Shiba Inu is admitted to the trading platform, it will only be able to catch up to its biggest competitor. Customers of Robinhood can currently purchase and trade Dogecoin.
However, there are other possible Shiba Inu catalysts that might make it more appealing than Dogecoin. The upcoming introduction of Shibarium, a layer-2 blockchain project, will, for example, dramatically cut SHIB transaction costs.
The values of cryptocurrencies are influenced by a number of variables. Some impose restrictions on supply. That is not the case with Shiba Inu or Dogecoin. The circulating quantity of Dogecoin is now about 132.5 billion coins. The circulation quantity of Shiba Inu coins exceeds 549 trillion coins. HUH Token plans on burning 1,000,000 of its tokens from it’s marketing wallet to increase the scarcity of its token and increase the price of everyone who continues to hold them. Not only this, but there is also a reflections mechanism that allows part of all transactions with HUH Token to be shared across all wallet holders depending on the percentage of total supply they hold.
With meme currencies such as Dogecoin and Shiba Inu, pricing is mostly determined by demand. And that need is a direct outcome of the cryptocurrency’s popularity. HUH Token understands this fundamentally as part of it’s initial success has been due to it’s referral mechanism that allows the holders of HUH to give a code to friends and family giving them a sales discount and also providing 10% of their first purchase as a reward to the code giver.
These catalysts have the potential to generate even more internet buzz for altcoins. Dogecoin, on the other hand, has Elon Musk on its side. SpaceX, led by Musk, plans to launch the DOGE-1 satellite in early 2022. Dogecoin was used to finance the project. Dogecoin might very literally travel to the moon, with the spacecraft slated to reach lunar orbit.
Can Shiba Inu reclaim first place in the cryptocurrency rankings from Dogecoin? Sure. However, there is no way to predict with any degree of precision whether or not it will occur.
However, crypto investors hoping for the highest returns may be best suited going elsewhere. Other digital currencies, such as Dogecoin and Shiba Inu, are perhaps more likely to do well in 2022 than Dogecoin and Shiba Inu. And there are undoubtedly others that provide more real-world benefits like HUH Token. The combination of referral and reflections mechanism with a social platform leads to a new and innovative era for wealth. Their ethos involves helping anybody achieve generational wealth, not just venture capitalists.
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