The price of cryptocurrency Kuma Inu (CRYPTO: KUMA) has surged 82.4% to $0.00000005179 over 24 hours in the early hours of Tuesday.
What Happened: Kuma Inu rose 85.1% against apex cryptocurrency Bitcoin and also gained 89.3% against Ethereum. The altcoin is down 5.2% from its all-time high of $0.00000056 reached earlier on Monday.
For comparison, the apex meme cryptocurrency Dogecoin (CRYPTO: DOGE) traded 5.24% lower at $0.2261 at press time.
Why It Matters: Kuma is the native token that is used in the Kuma Breeder, a yield farming protocol. The project behind the token says it is fully decentralized and is community-driven.
Kuma Inu says on its website that it is a community-focused decentralized finance (DeFi) cryptocurrency project, consisting of Kuma Breeder, Kuma DEX and Kuma NFT.
Kuma launched its v1 token in May with one quadrillion tokens. 50% of the supply was sent to Ethereum co-founder Vitalik Buterin’s wallet, while 3% was sent to the token’s early investor Shiba Inu (CRYPTO: SHIB).
The project behind the token announced the Kuma Token V2 migration in June.
Kuma Inu announced on Twitter in September that it accidently burnt all liquidity provider tokens.
Accidently burnt all LP tokens https://t.co/0VA7fXIlxl
— Kuma Inu Official (@KumaInuOfficial) September 20, 2021
Photo: Courtesy of Kuma Inu