- The HUSKYX meme token has surged 67,000 percent in the past 24 hours and continues to record massive gains.
- Analysts ask investors to exercise caution with such investments, saying the token has “negligible liquidity and high transaction fees.”
The HuskyX (HUSKYX) cryptocurrency has made mind-boggling moves in the last 24 hours, leaving the crypto world in mixed awe, shock, fear, and criticism. In the last 24 hours, the cryptocurrency has skyrocketed 67,000 percent, thereby commanding a $1.5 billion market cap.
Just a day ago, the token was trading at $0.000000008738. It recently climbed to the heights of $0.000001477 at 1.30 PM IST on Monday and further to $0.000001485 within the last 24 hours. The coin’s trading volume surged about 3,450 percent with tokens worth $1.06 million being traded in the past day. HUSKYX has a total of 990,030.97 billion tokens in circulation. At press time, our data shows the token was trading at $00000205 having risen another 174.5 percent in the last 24 hours.
Controversial HUSKYX sending tremors with massive gains
HUSKYX is one of the many dog-themed cryptocurrencies that has seen a rush and craze from investors. Others continue to trend at the Shiba Inu dog breed coins Dogecoin and Shiba Inu. HUSKYX, analysts say, now seems to have joined in on the frenzy for dog-related cryptocurrencies, hence its noteworthy rally.
According to Sharat Chandra, a blockchain and emerging tech evangelist, HUSKYX brings with it the novice concept of token ‘rebasing.’
Rebase ensures that the value of the token doesn’t change irrespective of an increase or decrease in the circulating supply of the tokens. Rebase gets triggered especially when the prices dip. This is one of the major drivers behind the HUSKYX rally.
As CoinMarketCap notes, a rebase or price-elastic token is designed in such a manner that the circulating supply increases or reduces automatically with fluctuations in the token’s price.
Another feature of HUSKYX is its deflationary mechanism. A portion of the coins used in transactional fees is burned, which constantly cuts down the supply.
However, Shivam Thakral, CEO at BuyUcoin says HUSKYX is another meme coin and its sudden shoot in price could be a short-term phenomenon. He asks investors to exercise caution when investing in such tokens. Diversifying their portfolios across multiple crypto assets minimizes risk, he adds.
Other market experts and analysts say investors should not fall for the HUSKYX FOMO. Rather, they should conduct proper research before investing. Manav Bajaj, founder, Panther Quant, agrees, saying the moon-pursuing token has raised several red flags in its wake.
“There is negligible liquidity and high transaction fee,” adds Bajaj. “Also, rebasing reduce your holdings and affects your investments.”
Notably, Squid Game token (SQUID), Shiba Inu, and Kokoswap are among the meme tokens that have made similar eye-popping returns in just a few hours. However, some of these, such as SQUID, turned out to be scams after developers fled with investors’ money.