A new week has begun, and with it, a new dog-themed coin has unusual mutations that have baffled investors. Here’s what you need to know before opening a wallet.
Careful … dog
At the time of going to press, the market is on a downward trend. But HUSKYX is up 67,000% and is still moving north. According to CoinMarketCap, the Binance Smart Chain-based token is trading at $ 0.000073 and is up 146% in 24 hours.
The million dollar question for some traders is: is this a successful new coin meme or just another “SQUID token”?
To evaluate a crypto project we need to study when its website was created. According to crypto researcher Max Maher, an older website signals that developers are spending more time building projects.
Meanwhile, the HUSKYX website was created on October 16, 2021.
Source: ICANN Search
A look at the coin’s community can also be a useful metric. However, some Twitter users who posted the HUSKYX hashtag complained that the tokens they owned had disappeared.
– Andrew Bizy (@Andrewbizy) November 14, 2021
For their part, the HUSKYX website states:
“HUSKYX is a deflationary sign, which means that the total supply is constantly decreasing and becoming ever scarcer. Every HUSKYX transaction is taxed and a small percentage of the coins are burned, but in the end you still pay off. “
HUSKYX’s official Twitter account also announced an iPhone price to increase the token’s market cap
– Huskyxfinance (@HuskyX_Official) November 15, 2021
Additionally, its whitepaper states that HUSKYX holders will receive ETH rewards.
Looking at the data from Binance Smart Chain, investors can see that there are over 6,000 holders and over 51,000 transactions recorded.
The HUSKYX website celebrated the listing of the token on CoinMarketCap, even though the crypto-rating firm was unable to verify the project’s self-reported market capitalization.
In the event that CoinMarketCap cannot examine the token’s market capitalization, will it claim the project at face value? And if HUSKYX embarks on the same path as SQUID, will the company be held accountable to investors who see this listing as confirmation of the credibility of the project?
It’s worth noting that CoinMarketCap has previously faced allegations of allowing wash trading – or tolerating platforms that artificially increase trading volume for better rankings.
After the SQUID slaughter, Max Maher pointed out red flags that investors ignored. He also gives some tips for studying other projects in the future.
Maher advises investors to be careful with language errors on the website, missing information about the founding team, poor website design and missing technical details in the white paper.
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According to Ambcrypto