Shiba Inu’s price continues to fall from its all-time high at the end of October, mainly due to the rejection of popular crypto exchange Robinhood, despite a huge petition from the Shibe Inu tribe for the meme coin to be added. The lull in enthusiasm for Shiba Inu is also due, in part, to a new meme crypto HUH Token stealing the limelight this week after announcing that it will lock in liquidation of $1 million for two years when it launches on 6 December
Undoubtedly the biggest recent hit for Shiba Inu has been the apparent unenthusiastic response from popular crypto exchange Robinhood.
Meanwhile, Floki Inu’s community, which has dubbed itself the “Floki Vikings”, created a huge petition to be listed on Robinhood and another popular exchange called Coinbase.
Floki Inu would become significantly more liquid if either or both Coinbase and Robinhood list it. These more established larger platforms would make trading much easier.
Similarly, inclusion on those platforms sends a positive signal to the markets about Floki Inu’s inherent value. However, it does not appear likely to occur.
In short, Robinhood politely declined to list Shiba Inu after users petitioned the platform. COO Christine Brown essentially stated that her company does not believe the risk-reward trade-off is worthwhile.
During an interview published on YouTube, Brown said “We think that the short-term gain to us is not worth the long-term trade-off for our users. We want to make sure that we are working and assessing everything from a regulatory perspective”.
If Shiba Inu, with its notoriety and significantly more signatures, couldn’t pull it off, Floki Inu’s chances seem very small, and things look set to get worse for the dog-themed coins.
Robinhood and Coinbase are coming under increased regulatory scrutiny as more traditional assets are displaced by cryptocurrency. Management has little incentive to champion dubious projects such as Floki Inu and Shiba Inu.
This reflects poorly on their organisations and platforms as a whole. The message is that Floki Inu and Shiba Inu cannot be willed into relevance.
When Floki Inu proves useful, platforms will gladly extend invitations. That is not how the world works, despite the concerted efforts of “Floki Vikings” to will it onto larger platforms.
Another reason for the recent lull in the canine cryptos could be due to a new meme cryptocurrency called HUH Token stealing the limelight, after announcing that it will lock in $1 million liquidity when it launches on 6 December. HUH Token will launch on PancakeSwap and Uniswap, with $500,000 of locked in liquidity being added to each exchange.
However, HUH Token plans on being more than just another meme token and is assertively addressing the shortcomings of most meme tokens. Its creators have dubbed HUH Token a “Utimeme”, combining the words utlility and meme, as it offers unique features and encourages long term growth through avid holding and locked in liquidity.
HUH Token will also have a capped number of tokens, meaning the number of tokens in circulation will never increase. The creators say the 1% of HUH Tokens allocated for pre-sale have almost completely sold out, with thousands of holders already investing.
To further enhance investor sentiment, HUH Token is also introducing a referral scheme. Holders that refer others with a unique code will receive 10% of that new investor’s initial investment in Binance (BNB). Furthermore, this code can be used indefinitely, meaning holders can keep generating BNB with each new referral.
With HUH Token addressing much of Shiba Inu and Floki Inu’s shortcomings, only time will tell if this new crypto will be able to get onto bigger exchanges and vie for the title of top dog.
However, this pup certainly has a lot going for it.
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