Shiba Inu has surged over 850 per cent since the beginning of October and is one of the many Dogecoin knockoffs that have acquired popularity after the Doge’s rapid ascent to prominence. But let’s take a look at some other smart investments with strong fundamentals, including a soon to be released crypto called HUH Token.
Shiba Inu spiked in the beginning of October after Elon Musk tweeted a photo of his Shiba Inu dog, which enthusiasts mistook for an endorsement. He later tweeted that he doesn’t own any Shiba Inu, and he’s sticking to the original Dogecoin. Shiba Inu’s surge was only slightly quelled as a result of this. Instead, expectations that Robinhood will respond to the petition’s almost 400,000 signatures proved more potent, driving the price upward.
Shiba Inu, unfortunately, has relatively little practical application. It’s difficult to see how it can maintain this price for an extended period of time.
But instead of bashing Shiba Inu, here are some cryptocurrencies with greater long-term prospects and offer enhanced features in comparison.
Ethereum is the second most valuable cryptocurrency by market capitalisation, and it was the first to use smart contracts. Smart contracts are small pieces of self-executing code that enable developers to create blockchain applications.
Since its introduction in 2015, Ethereum has grown by over 150,000%. However, the network is currently experiencing tremendous congestion and hefty transaction costs. Despite this, Ethereum continues to host the majority of decentralised applications.
It is undergoing an update to Ethereum V2 in order to make the system more durable and scalable. As a result, we should expect Ethereum to continue to fuel a substantial portion of the cryptocurrency sector if it is successful.
Charles Hoskinson, one of Ethereum’s co-founders, is the creator of Cardano. Rather than improving an existing blockchain, the Cardano team went back to the drawing board and created a new blockchain from the ground up. Cardano’s research-driven strategy has resulted in a more slower development of its technology, with its smart contract functionality only recently launched.
Cardano distinguishes itself by having a number of real-world relationships, particularly in Africa. For example, it announced earlier this year that it will collaborate with Ethiopia’s Ministry of Education to keep students’ academic records on the blockchain.
A new meme cryptocurrency dubbed HUH Token is attempting to capture the cryptocurrency market with the same panache and community-driven inspiration as Shiba Inu and Floki Inu. The HUH Token will be available on PancakeSwap and Uniswap beginning 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 utility and meme), and will attempt to give real-world value through its integration with Binance.
Holders can recommend friends and earn 10% of their initial investment in the form of BNB by using a unique referral code.
Buying cryptocurrencies before they launch can be hugely profitable, as we’ve seen with Shiba Inu and Floki Inu.
This year, Solana has risen more than 12,000% from the beginning of the year. Offering dramatically increased transaction speeds and cheaper costs, it’s one of several cryptocurrencies that have been dubbed “Ethereum killers.”
Solana has shown no indications of slowing down. It has a strong management team and has attracted a number of renowned investors. Solana appears to be in a good long-term position right now.
Polkadot was created to address a problem that Ethereum and other older blockchains share: they don’t interact properly with one another. It’s not quite the same, but it’s similar to having a bank account but being unable to transfer funds to another bank. That is why Polkadot’s answer is so important for the crypto industry’s future.
There are a few competitors in this market, but Polkadot has a solid reputation and a lot of projects running on its platform.
The rest is up to you
Because cryptocurrencies are a new and uncontrolled sector, they are high-risk investments. Every investor has their own set of priorities and risk tolerance. Even if you’re fine with high-risk investments, it’s still preferable to invest in real-world utility coins rather than speculative meme coins.
Before you buy any coins, make sure you do your homework. You must be comfortable with the risk and determine whether the coin will fit well into your overall investment portfolio. Pay attention to the coin’s leadership, as well as how it fits into its competitive environment, the problem it intends to solve, and the number of people it may affect.
Follow HUH Token on their Socials before they Launch: