Dogecoin is once again endorsed by the richest man in the world, Elon Musk. Sending its price slightly higher. Meanwhile, the much anticipated HUH Token has launched today.
Musk said via Twitter that web3. The notion that a decentralized 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 decentralized finance (DeFi).
However, 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 decentralized internet and was a driving force behind Twitter’s bitcoin and decentralized 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 sustained his support for meme-based Dogecoin. Tweeting “dooooge” in response to a Coindesk report that eye-watering 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-awaited 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 spread out its plan for real-world value and utility in its White Paper.
According to the White Paper, “HUH Token’s dream is a decentralized metaverse where everyone gains from the data they generate. The data is generated by the engagement, be it information, opinion, images, sound. Or another form of self-expression. Generated value for the influencers and individuals because of all data. Create influence, and HUH believes that influence is a currency to be shared for the greater good”.
This concept of “tokenizing” 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 monetize their works or “influence” through the use of HUH Tokens.
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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 the 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 referring people and earning commission indefinitely.
HUH Token’s founders appear hell-bent on replicating Shiba Inu’s meteoric rise. And success and are rumored 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.