According to investors and experts, the increasing number of instances of the Omicron version of Covid in the United States is a primary cause for the December drop in cryptocurrency prices.
Ethereum was up more than 450% in 2021, but it is on track to have its worst month since March 2020 as investors re-evaluate their exposure to risky assets in the aftermath of the appearance of the omicron variation. Bitcoin also did well overall this year but has faltered in this tenuous period. As these two cornerstones of the crypto sphere affect any other altcoin, it’s no surprise that most coins, even new ones like HUH Token have felt the impact.
With omicron still escalating and the US economy slowing somewhat. There have also been worries about energy consumption that also could have been a factor in recent crypto falls. Today, the ‘proof of work’ form of cryptocurrency mining is seen as negative by a large portion of the investing community due to the amount of energy it uses due to its electric guzzling technology. However, if you dig deep enough, you’ll find that much of the energy is energy that couldn’t be utilised for anything else. In comparison to the enormous value that can be received from it, it seems that energy will become much less of a problem in the next few years. Some even argue that ‘proof of work’ is fairer as the average joe can afford the technology more readily than an investment in a ‘proof of stake’ system.
In December, stocks that hold or mine cryptocurrency fell more than the assets themselves. Early in that month, a new cryptocurrency was released called HUH Token (HUH). Instead of crashing, it soared over 6000% in only a week. It did seem to be affected by the downward market of the month, however. It is now in a prime purchase opportunity, which coincidently lines up with the new year and the new allocation of venture capitalist banking portfolios. HUH has intentions of using social media as a form of monetisation. There is already a bank of well-known Instagram and Twitter influencers who will be posting about this cryptocurrency at the end of this month. As shown by Shiba Inu and Dogecoin, attention really does sell in this environment. A lot of their success can be attributed to their referral system, which allows the holders to recruit more HUH holders through a code that gives these recruiters ten per cent of the person they recruited first purchase. This is given as BNB.
Their roadmap also highlights many utilities on the way, including a social media-based NFT marketplace, and a met HUH- verse like a project, a unique social media platform for web3.0. They will also apparently be launching on Uniswap as of the 6th of January.
We are on the verge of institutional investors gaining a thorough grasp of the various firms and what they truly do in cryptocurrency, as well as the economics of the businesses. It’s still difficult for most average users to understand the nuances of cryptocurrency mining. Because it is a minor sector of the market, there aren’t many institutional investors giving significant attention to it. This shows great potential and high estimates in the coming month, if not the year.
Some have estimated Bitcoin to reach $100,000 by the end of 2022, but the rise of the metaverse is luring investors away to potentially more lucrative currencies like HUH. You can see a lot of alternative currencies perform incredibly well, whether they’re in the metaverse, gaming, or decentralised finance. Venture capitalists and fresh money are all focused on that early-stage development potential, and HUH Token seems to tick all those boxes.
Learn More About HUH Token Here:
HUH Official Swap- https://swap.huh.social/