The memecoin market witnessed a very bullish 24 hours, which will likely increase investor interest in new projects such as Husky Inu ($HINU). Bitcoin ($BTC) and the altcoin market registered marginal overnight increases.
While the broader crypto market saw marginal increases overnight, Bitcoin and altcoins have still not recovered from a bearish week. The previous week saw increased market volatility associated with intense conflict in the Middle East. Amid the increased volatility, investors are seeking refuge in alternative investment opportunities, such as Husky Inu ($HINU). Memecoins offer investors unrivalled gains, which may help soften the blow as traditional digital investments fall subject to macroeconomic and geopolitical news. While memecoins are not immune to the same factors affecting Bitcoin and alts, memecoins often make significant recoveries quickly.
Memecoins Register Significant Overnight Gains
Major memecoin projects such as Dogecoin ($DOGE), Shiba Inu ($SHIB), Pepe (PEPE) and Dogwifhat ($WIF) gained significant ground over the past 24 hours. $DOGE is up 4.22%, $SHIB gained over 6%, $PEPE, is up by a whopping 13%, and $WIF gained a massive 19%. Amid the continued market volatility, Husky Inu ($HINU) continues its hugely successful presale and presents an alternative to those looking beyond the parameters of traditional investments.
The Current State of Bitcoin ($BTC) and Ethereum ($ETH)
Despite recent price drops, Bitcoin (BTC), the undisputed leader of the cryptocurrency world, continues to be the world’s most trusted digital asset. After a long, hard crypto winter, Bitcoin has gained over 117% in the past year and maintained its price level well in recent months. BTC’s 21 million coin supply cap positions it as “digital gold,” and many regard it as the leading asset to own.
Bitcoin’s popularity is also encouraged by its unique halving process. Bitcoin miners are compensated with 3.125 BTC for every block added to the blockchain, but this incentive decreases roughly every four years in the “halving” process. BTC is the dominant store of value in the crypto market and the go-to choice for institutional investors.
Despite Bitcoin’s strong position, its recent price fluctuations have left some questioning whether BTC can continue to dominate the market in the long term. The uncertainty of the crypto market incentivises investors to find alternative investment opportunities such as Husky Inu ($HINU).
In today’s session, $BTC is trading at $63,545 - a 2.57% increase over the past day.
Ethereum ($ETH) Down Almost 6% in the Past Week
Bitcoin remains the market leader, and Ethereum (ETH), the second-largest cryptocurrency by market cap, has shown signs of relative weakness. Ethereum is the undisputed backbone of decentralized applications (dApps) and smart contracts. Still, it has battled declining network activity, increasing its vulnerability compared to $BTC and other altcoins such as Husky Inu ($HINU).
Ethereum underwent a significant transition to a Proof-of-Stake (PoS) consensus mechanism in 2022. Since this transition, its value has fallen significantly against $BTC, reaching a low it has not witnessed since April 2021.
$ETH’s price is struggling to stay afloat as investors seek more profitable avenues such as Husky Inu ($HINU). Despite the hype around Ethereum (ETH)’s PoS system, the demand for its blockchain services has stagnated. One of ETH’s features is that it offers lower gas fees, which, while beneficial for users, has reduced the income for miners and validators, consequently impacting ETH's price. Moreover, the supply of ETH has increased, leading to diminished demand, which further pressures the asset's value.
$ETH registered a 2.63% increase over the past day, but it is still down by almost 6% in the past week.
Are Investors Taking Refuge in Memecoins?
It is clear to see that investors are increasingly turning their focus to the ultra-popular memecoin market. The total market cap of memecoins has risen to a staggering $50.80 billion in the past year– a clear sign that new entrants have entered the market or existing investors have changed their investment strategies.
Memecoins such as Husky Inu ($HINU) have entered the memecoin space to take advantage of the perceived change in investment strategies. Husky Inu itself was created to add more value and utility to its holders by leveraging the power of the Solana blockchain. Husky Inu is working hard to build a platform that fits its purpose. The project’s recently launched presale has gone very well, with the first stage selling out within days. The second stage of its presale sold out, and the project is undertaking its third fundraising round with great enthusiasm. Since going live, the presale has generated over $438,000.
Husky Inu ($HINU) Plans to Make a Major Mark
Given what the platform plans, Husky Inu’s presale popularity is no surprise. The project aims to launch an Earn App and Decentralized Exchange. Husky Inu’s Earn App will reward users with $HINU tokens for engaging with the project and completing simple tasks such as liking, reposting, and sharing content. The project’s Decentralized Exchange will facilitate decentralized trading, thereby improving the utility and value for $HINU holders.
Beyond its ambitious plans, $HINU further said it prioritizes a reliable token ecosystem maintained through a well-set-out distribution model and capped token supply. $HINU boast significant features which make it stand out from the crowd, including:
- Capped Token Supply: The total supply of $HINU tokens is limited to 100 billion to ensure scarcity and value retention.
- Deflationary Mechanism: 50% of all Husky Inu Exchange and DEX platform fees will be used to buy back and burn $HINU tokens to reduce the circulating supply over time.
- Early Investment Opportunity: Husky Inu successfully launched the $HINU presale, allowing early backers to buy their stake for a humble $0.00012500 per token.
- Charity Voting: 5% of the total Husky Inu ($HINU) token supply will be allocated to community rewards and charity, supporting user-voted charities and goodwill causes.
- Speedy Transactions: Husky Inu leverages the speed and scalability of the Solana blockchain to bring users quick, low-cost transactions.
Visit the following links for more information on Husky Inu:
Website: Husky Inu Official Website
Twitter: Husky Inu Twitter
Telegram: Husky Inu Telegram
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
