Dogecoin prices have stalled since reaching a high of over $0.70 in early May after the cryptocurrency market appeared to recover from China’s broad crackdown on Bitcoin mining operations in the country. Meanwhile, new meme crypto HUH Token says its pre-sale token allocation has almost sold out. But which meme token is the better investment?
While Dogecoin remains a favorite among crypto gurus such as Tesla founder Elon Musk, its popularity among crypto traders has dwindled since its meteoric rise at the start of the year.
As the first meme cryptocurrency to achieve mainstream adoption, Dogecoin’s appeal has been eclipsed by new meme and altcoins flooding the crypto scene – with Shiba Inu coin, dubbed the ‘Dogecoin killer,’ proving an instant hit with traders.
Similar to Bitcoin, Dogecoin is an open-source cryptocurrency that can be traded and exchanged between users via decentralized peer-to-peer networks, with value tokens rewarded for users who act in place of banks or governments to ensure the validity of its transactions.
Dogecoin was created in 2013 as a satirical take on the flourishing popularity of more traditional coins like Bitcoin and their cult following.
However, the coin has completed a full circle, with it now being taken as seriously as its crypto competitors, following its global popularity in recent years.
Where this coin differs from Bitcoin, XRP, or Ethereum is that it has spread like wildfire as a result of its meme origins and Elon Musk’s endorsement.
The irreverent tech billionaire sent the crypto market into a tailspin earlier this year when he announced that Tesla would suspend Bitcoin payments for its vehicles due to the currency’s significant environmental impact. He has frequently mocked Bitcoin online while praising Dogecoin and artificially inflating the meme coin’s price.
Additionally, the founder of US aerospace company SpaceX announced last year that he would launch the world’s first cryptocurrency-funded moon mission, dubbed DOGE-1, using a Dogecoin-funded CubeSat.
DOGE-1 is a Dogecoin-funded satellite payload that SpaceX is developing in collaboration with energy and space research development company Geometric Energy Corporation, Unizen, and decentralization incubator ZenX.
Dogecoin’s price has remained low since October, when it peaked at $0.34, according to Coinbase.
This is a far cry from Dogecoin’s all-time high in early May, when the coin reached a peak of $.0722320 on 8 May as a result of its rapid rise.
New altcoin and meme coin competitors have repeatedly emerged to challenge Dogecoin’s success, with HUH Token tipped as the new favorite for its design to increase scarcity through avid holding and locked-in liquidity.
HUH Token has announced that it will be locking in $1 million worth of liquidity when it launches on 6 December on popular exchanges PancakeSwap and Uniswap, with $500,000 of liquidity being locked in on each exchange for two years.
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 that have been 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.
Dogecoin has already demonstrated how buying in early can reap huge rewards and HUH Token looks set to try and replicate those astonishing gains.
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