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You need to know THIS before buying HUSKYX, the coin that soared by 67,000%

You need to know THIS before buying HUSKYX, the coin that soared by 67,000%

A brand new week begins, and alongside comes a brand new dog-themed coin with astronomical surges which has left traders shocked. Right here’s what that you must know earlier than opening your pockets.

Beware…of puppies

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. Based on Coin Market Cap, the Binance Sensible 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 approach to assess a crypto undertaking is by investigating when its web site was constructed. Based on crypto researcher Max Maher, an older web site alerts that extra time went into growing the undertaking.

In the meantime, HUSKYX’s web site was created on 16 October 2021.

Supply: ICANN Lookup

Wanting on the coin’s neighborhood can be a helpful gauge. Nonetheless, a number of Twitter customers posting the HUSKYX hashtag complained that the tokens they owned, had been disappearing.

For its half, HUSKYX had a cause for this. The web site claimed,

“HUSKYX is a deflationary token which implies the Complete Provide is all the time lowering, 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.

Moreover, the white paper claimed that HUSKYX holders would get ETH rewards.

Wanting on the data from Binance Sensible Chain, traders can study that there are greater than 6,000 holders and over 51,000 transactions on document.

Supply: BscScan

Who let the canine in?

The HUSKYX web site celebrated the token itemizing on CoinMarketCap. This was regardless of the crypto rating firm being unable to confirm the undertaking’s self-reported market cap.

Supply: Coin Market Cap

Does this imply that when CoinMarketCap can’t examine a token’s market cap, it takes the undertaking’s declare at face worth? Moreover, if HUSKYX goes the identical method as SQUID, would the corporate be accountable to traders who took the itemizing as an endorsement of the undertaking’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.

Bear in mind the crimson flags

After the SQUID token carnage, Max Maher identified the crimson flags which traders had missed. He additionally shared some suggestions to research future initiatives.

Maher suggested traders to search for language errors on the web site, an absence of details about the founding group, unhealthy web site design, and a scarcity of technical particulars within the white paper.


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