After a great weekend, Dogecoin has recovered the title of top dog over Shiba Inu. Meanwhile, Etheruem is getting a much-needed upgrade that promises speedier transactions, and the new “Utimeme” cryptocurrency HUH token has set a December 6th debut date.
Shiba Inu’s downward trend has continued this week, with the dog-themed coin down 28% from its latest high in late October. The dog-themed coin has been one of the top performers in recent months, with a year-to-date gain of about 70 000%.
The revelation of whale wallets that own the majority of Shiba Inu’s existing tokens is mostly to blame for its recent decline. Shiba Inu is held in around 870,000 wallets, according to CoinMarketCap, with the top ten holding nearly 72 percent.
An unnamed buyer purchased a massive 70 trillion Shiba Inu coins for $8,000 in August of last year, and those coins were valued close to $6 billion at the crypto’s recent peak. Last week, though, this new crypto-billionaire began shifting a massive amount of those coins to four different addresses, maybe in an attempt to take part of those mind-boggling earnings off the table. This would result in a significant number of coins entering the market, causing an even more severe fall.
As a sobering reminder, several cryptocurrencies, notably Nano and Litecoin, have plummeted more than 90% from their all-time highs, and there’s no reason to believe Shiba Inu won’t follow in their footsteps.
The best of the best
Dogecoin has reclaimed its title as the world’s most popular dog-themed cryptocurrency, after losing it momentarily to Shiba Inu last week. Over the weekend, the cryptocurrency’s market capitalisation increased by over 10% to over $37 billion.
Dogecoin is primarily used to send tiny quantities of money with low trading fees and is widely used in cryptocurrency exchanges, providing it a competitive edge over its canine peers.
This cryptocurrency was established as a parody payment system after Tesla CEO Elon Musk tweeted about his Shiba Inu bred puppy.
Upgrade to Ethereum 2.0
The Ethereum network is undergoing a substantial update in order to make it quicker and more environmentally friendly. For Ethereum, which has become one of the most popular decentralised blockchain platforms, transaction delays and fees have been a big worry.
Bitcoin and other cryptocurrencies have been chastised for their environmental impact, owing to the significant amount of energy consumed in mining and maintaining them.
The news of an update appears to have pleased investors, as Ethereum rose more than 4% in 24 hours on Monday, reaching a fresh all-time high of almost $4,700.
Last month, bitcoin hit a new all-time high of about $67,000, as Wall Street offered yet another sign of rising acceptance for cryptos by establishing the first U.S. bitcoin futures exchange-traded fund.
The HUH Nation and the HUH Token
Meanwhile, HUH Token, a new meme cryptocurrency, is attempting to capture the crypto market with the same flare and community-driven inspiration as Shiba Inu and Floki Inu. HUH Token will be available on PancakeSwap and Uniswap starting December 6th.
HUH Token’s founders claim that the cryptocurrency will be more than just a meme token, calling it a “Utimeme” (combining the words utility and meme). It will bring real-world value by connecting the distribution system to Binance.
Holders can recommend friends and receive 10% of their initial investment as BNB by using a unique referral code.
The launch announcement has already caused a stir, with the developers claiming pre-launch sales were so high their payment systems briefly crashed. Since then, the organisation has teamed up with NOWPayments to ensure that future transactions go smoothly.
HUH Token claims its one-of-a-kind mechanism would allow users to profit from two sources. Token and BNB
HUH Token is said to have a legion of supporters, all of whom are eagerly awaiting the token’s introduction on the open market. They claim that community service is an essential component of what they do and that the inhabitants of their HUH Nation will always benefit and enjoy excellent service.
Follow HUH Token on their Socials before they Launch: