Shiba Inu has dropped over 30% of its value in the last two weeks, with Floki Inu mirroring its downtrend. With the much-anticipated HUH Token launching on 6 December, will there be a new meme token grabbing the headlines?
Shiba Inu
Shiba Inu’s price jumped over 1000 per cent at the end of last month, but some investors have now abandoned the meme cryptocurrency after it was discovered that the majority of its existing tokens are held by ‘whale’ wallets. According to CoinMarketCap, Shiba Inu is held by around 870,000 wallets, with the top ten holding nearly 72 per cent of the dog-themed coin.
The largest wallet holds a whopping 41% – worth over US$20 billion at its height – and the owner purchased the SHIB on Uniswap approximately a year ago when it was worth only a few cents.
Shiba is not the first cryptocurrency to spark concerns about ownership concentration.
Initially, whales exerted tremendous influence over Ethereum and Bitcoin, but their ownership concentration has been watered down as more individual investors and institutions enter the crypto market.
Floki Inu
Floki Inu, Shiba Inu’s canine companion, appears to be following the downtrend, after jumping more than 200 per cent in the first week of November.
However, concerns over-concentrated ownership could dampen Floki Inu enthusiasm, as one whale was detected purchasing $3.5 million worth of the token, according to Binance Smart Chain (BSC). At the time of writing, that single wallet housed a total of almost 12 billion FLOKI.
HUH Token
Meanwhile, a new meme cryptocurrency known as HUH Token is attempting to capture the crypto market with the same panache and community-driven inspiration as Shiba Inu and Floki Inu. HUH Token will be available on PancakeSwap and Uniswap on 6 December.
Currently in its pre-sale stage, the designers of HUH Token claim the cryptocurrency will be more than just a meme token, dubbing it a “Utimeme” (a combination of the words…
