Become rich quick with crypto: Dogecoin, Shiba Inu and HUH Token

Photo courtesy HUH Token

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February 2, 2023

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Shiba Inu (SHIB) has fallen further this week after surging by more than 70,000% this year to a record high of $0.00008854 at the end of October, making some people millionaires in just a few months. But SHIB’s price has plunged over 60% since then, indicating that traders have been actively locking in their Shiba Inu profits. This has also resulted in a significant reduction in volumes of SHIB’s benchmark instrument, SHIB/USDT, on Binance, indicating a lack of retail interest.

Dogecoin has also continued its downward trend falling over 50% since its crypto millionaire-making peak. The signs are clear: the great heights of the canine coins is now far behind them as the market struggles to find any fundamental or intrinsic value offered by these coins.

Fortunately, though, there is a new meme coin that’s about to enter the fray, with stronger fundamentals and practical features that could propel it to becoming one of the top 10 cryptocurrencies in the world. It’s called HUH Token and it’s launching on 6 December.

The Fall of The Canine Cryptos

In just five days, starting on Friday, SHIB’s estimated market value fell to $21.30 billion from roughly $28.31 billion.

Google’s keyword search data also revealed dwindling interest in the “Shiba Inu” markets, with its 12-month score dropping from 100 to 20, almost in line with SHIB’s 60% price correction.

The most recent round of selling in the SHIB market pulled prices below a significant upward sloping support (the velvet trendline), indicating the market’s potential for more losses.

Meanwhile, Dogecoin also continues its steady decline possibly due to global headwinds of investors flocking to safe havens like the yen and the greenback, causing Dogecoin’s (DOGE) price to plummet. For much of November, the DOGE price was trapped in a decline, which has intensified in recent days.