A brand new week begins, and alongside comes a brand new dog-themed coin with astronomical surges which has left traders surprised. Right here’s what it’s good to know earlier than opening your pockets.
At press time, the market was observing a downtrend. However HUSKYX, which soared after a one-day worth spike of about 67,000%, was nonetheless rising. In accordance with Coin Market Cap, the Binance Good Chain-based token was final fetching a worth of $0.000008594 and was up 357.56% in 24 hours.
The million-dollar query for some merchants is, whether or not this a profitable new meme coin or just one other “SQUID token?” Effectively, one option to assess a crypto challenge is by investigating when its web site was constructed. In accordance with crypto researcher Max Maher, an older web site indicators that extra time went into creating the challenge.
In the meantime, HUSKYX’s web site was created on 16 October 2021.
Wanting on the coin’s group can be a helpful gauge. Nonetheless, a number of Twitter customers posting the HUSKYX hashtag complained that the tokens they owned, had been disappearing.
— andrew bizy (@Andrewbizy) November 14, 2021
For its half, HUSKYX had a purpose for this. The web site claimed,
“HUSKYX is a deflationary token which implies the Whole Provide is at all times reducing, making it increasingly more uncommon. Every HUSKYX transaction is taxed, and a small share of the cash are burned, however holding does reward you ultimately.”
Including to the peculiarity of all of it, the official HUSKYX Twitter account additionally introduced an iPhone prize in return for enhancing the token’s market cap.
— Huskyxfinance (@HuskyX_Official) November 15, 2021
Moreover, the white paper claimed that HUSKYX holders would get ETH rewards.
Wanting on the data from Binance Good Chain, traders can be taught that there are greater than 6,000 holders and over 51,000 transactions on report.
Who let the canines in?
The HUSKYX web site celebrated the token itemizing on CoinMarketCap. This was regardless of the crypto rating firm being unable to confirm the challenge’s self-reported market cap.
Does this imply that when CoinMarketCap can’t examine a token’s market cap, it takes the challenge’s declare at face worth? Moreover, if HUSKYX goes the identical approach as SQUID, would the corporate be accountable to traders who took the itemizing as an endorsement of the challenge’s credibility?
It’s value noting that previously, CoinMarketCap had faced accusations of enabling wash trading – or tolerating platforms that artificially churned up excessive transaction volumes to get higher rankings.
Keep in mind the crimson flags
After the SQUID token carnage, Max Maher identified the crimson flags which traders had missed. He additionally shared some ideas to analyze future initiatives.
Maher suggested traders to search for language errors on the web site, an absence of details about the founding staff, unhealthy web site design, and a scarcity of technical particulars within the white paper.