Crypto News: Elon Musk Boosts Dogecoin Again and HUH Token has Launched
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
The richest man in the world, Elon Musk, has endorsed Dogecoin once again, sending its price slightly higher. Meanwhile, the much anticipated HUH Token has launched today.
Musk said via Twitter that web3—the notion that a decentralised version of the internet powered by crypto technology will eventually supplant Silicon Valley's web 2.0—"sounds like BS" and cited Dogecoin in response to a report that high Ethereum transaction fees are preventing investors from participating in decentralised finance (DeFi).
This week, Twitter co-founder Jack Dorsey announced his departure from the social network to focus on web3 development and his payments company Square, which has been rebranded Block. Dorsey previously advocated for the adoption of a decentralised internet and was a driving force behind Twitter's bitcoin and decentralised projects.
Musk responded to the news, saying "web3 sounds ridiculous" and "I thought nothing could be crazier than '99," referring to the late-1990s dot com bubble, during which investors poured billions of dollars into internet-based companies that ultimately failed.
Musk maintained his support for meme-based Dogecoin, tweeting "dooooge" in response to a Coindesk report that eye-wateringly high Ethereum transaction fees are preventing smaller investors from accessing DeFi exchanges.
DeFi, which leverages blockchain technology to recreate traditional financial services without the use of banks or financial institutions, has seen a surge in interest over the last few years as investors pour money into the space.
Meanwhile, the much anticipated HUH Token (HUH) has launched on PancakeSwap and Uniswap. It looks to become a serious challenger for Dogecoin, with ambitious plans to become one of the top 10 cryptocurrencies in the world.
However, HUH Token is promising to be more than just another meme token and has laid out its plan for real-world value and utility in its White Paper.
According to the White Paper, "HUH Token's dream is a decentralised metaverse where everyone gains from the data they generate. The data generated by engagement, be it information, opinion, images, sound or another form of self-expression, generated value for the influencers and individuals because all data creates influence, and HUH believe that influence is a currency to be shared for the greater good".
This concept of "tokenising" influence is certainly new in the crypto space and has the potential to be a hit with the creative and influencer communities. Musicians, artists, and influencers can use this cryptocurrency and its associated social network called "MetHUH," to monetise their works or "influence" through the use of HUH Tokens.
The creators of HUH Token claim to have created the world's first 'UTIMEME' cryptocurrency, which combines the strength of 'meme' tokens with the usability of utility tokens. "Tokenomics will drive rapid growth in the value of the HUH token that will be the basis for transaction and reward across a meaningful social network called 'MetHUH' where users' data ownership is taken seriously from a cryptocurrency first perspective. With the HUH social network, MetHUH, everyone can be rewarded in HUH for exchanges of content and engagement".
HUH Token's creators have also locked in USD 1 million of liquidity for two years, to help promote stability and long-term holding.
HUH Token also includes a novel referral programme where holders can refer others and earn a 10% commission on that new person's initial investment. The commission is paid in Binance coin (BNB) or Ethereum (ETH), depending on the crypto exchange you use. Holders can keep refering people and earning commission indefinitely.
HUH Token's founders appear hell-bent on replicating Shiba Inu's meteoric rise and success and are rumoured to have partnered with thousands of top social media influencers to promote it.
Only time will tell, but this new cryptocurrency could become much bigger than Dogecoin or Shiba Inu, especially considering its added features and real-world utility.