Dogecoin has reclaimed it’s title as top dog over Shiba Inu, after a strong weekend. Meanwhile, Etheruem is getting a much-needed upgrade with the promise of faster transactions, and new “Utimeme” cyrpto HUH token has announced its launch for December 6th.
The fall
Shiba Inu has continued its downward trend this week, with the dog-themed coin falling 28% since its recent high in late October. The meme coin has been one of the best performers in recent months skyrocketing nearly 70,000,000% so far this year.
Shiba Inu’s move down is mainly due to the discovery of whale wallets that control the majority of its existing tokens. According to CoinMarketCap, approximately 870,000 wallets hold Shiba Inu with the top ten owning almost 72%
Last year August, an anonymous person bought a colossal 70 trillion Shiba Inu coins for $8,000 and those coins were worth close to $6 billion at the crypto’s recent peak. But this new crypto-billionaire began moving a large amount of those coins to four different addresses last week in what might be a move to take some of those eye-watering profits off the table. This would result in a large volume of coins flooding the market, which would inevitably cause an even bigger crash.
As a sober reminder, several cryptos, including Nano and Litecoin, have plunged more than 90% after hitting their all-time highs, and there is nothing to suggest Shiba Inu couldn’t follow in their footsteps.
Top dog
Dogecoin has officially cemented its place again as the top dog, bouncing back after briefly losing its place to Shiba Inu last week. The cryptocurrency has seen its market capitalization climb more than 10% to over $37 Billion, over the weekend.
Dogecoin is primarily used to transfer small amounts of money with minimal trading fees and is now commonly used in crypto exchanges, giving it a bit of extra bite in comparison to its other canine counterparts.
Originally inspired by a meme of a Japanese dog breed called Shiba Inu, this cryptocurrency was initially created as a joke payment system and was made famous after Tesla’s CEO Elon Musk posted a tweet of his Shiba Inu dog.
According the CoinMarketCap, Dogecoin has smashed through a previous resistance level at around $0.27:
Ethereum 2.0 upgrade
Ethereum is undergoing a major upgrade to make the network faster and more environmentally friendly. Transaction times and costs have been a major concern for Ethereum, which has become one of the most popular decentralized blockchain platforms.
Bitcoin and other cryptocurrencies have been criticized for their impact on the environment due to the huge consumption of energy in mining and maintaining them.
The news seems to have gone down well with investors as Ethereum surged more than 4% in 24 hours on Monday, to hit a new all-time high over $4,700.
Meanwhile, bitcoin also jumped to a new all-time high of nearly $67,000 last month, as wall street showed another sign of growing acceptance for cryptos, following the listing of the first U.S. bitcoin futures exchange-traded fund.
HUH token and the HUH Nation
Meanwhile, a new meme cryptocurrency called HUH Token is looking to grab hold of the crypto market with the same flair and community driven inspiration as Shiba Inu and Floki Inu. HUH Token will be available from the 6th of December on PancakeSwap and Uniswap.
Currently, in it’s pre-sale stage, HUH Token’s creators say the crypto will be more than just a meme token, calling it a “Utimeme” (combining the words utility and meme), and aims to provide real-world value by linking the distribution system to Binance.
Using a unique referral code, holders can refer friends and receive 10% of their initial investment as BNB.
News of the launch is already creating waves, with the creators saying its pre-launch sales were so overwhelming that it caused a brief crash in its payment systems. The company has since partnered up with NOWPayments to ensure future transactions run smoothly.
HUH Token states its unique system will allow its users to earn through two streams of income. BNB and HUH Token.
It is alleged that HUH Token has a legion of followers, a number in the thousands, all of whom are eagerly awaiting the release of the token onto the open market. At this present time, HUH Token is putting itself through a Certik audit to be sure to achieve no hiccups and a high level of service for its investors. They say that community care is a big part of what they are about and ensure that the citizens of their HUH Nation always stand to benefit and receive a great service. A belief that runs strong with the unique system that they offer.
Story by Kane Jack
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