Missed out on Shiba Inu? Top 3 Cryptocurrencies to Buy Now
Despite recent declines, Shiba Inu has risen over 77,000,000% in the last year, a figure that would be unthinkable in virtually any other asset class. At that rate, last November’s investment of $1,500 in Shiba Inu would be worth more than $1 billion today. And that mind-boggling fact may be enough to convince some investors to invest in this Dogecoin-inspired token.
However, Shiba Inu is a breed with limited utility, and hype has been the primary driver of its skyrocketing price. More precisely, the chances of Shiba Inu repeating its performance are almost nil. Therefore, if you’re looking to invest in cryptocurrency, Ethereum, Solana and HUH Token may offer better value.
Ethereum is a decentralised ledger technology that enables programmers to create their own blockchains. This means that in addition to storing transaction data, the network can execute smart contracts, which are computer programmes that run automatically in response to predefined conditions. This technology serves as the foundation for decentralised finance (DeFi) applications, which enable the borrowing, saving, and lending of cryptocurrency.
Furthermore, because blockchain technology gets rid of the need for intermediaries such as banks, DeFi services lay the groundwork for a more affordable and inclusive financial system. To that end, $170 billion in Ethereum DeFi products is currently locked in, an increase of over 1,000% from November 2020. As a result, the Ethereum blockchain is by far the most popular DeFi ecosystem.
DeFi applications require computing power, which is not free. This means that users are required to pay transaction fees using the network’s native cryptocurrency. In other words, as demand for DeFi services increases, the cryptocurrency’s price should increase as well.
Like Ethereum, Solana is a programmable blockchain, which means it supports smart contracts, decentralised applications, and other decentralised applications (dApps). However, Solana was built to be faster and more scalable than other platforms, which could boost its popularity significantly in the coming years.
Context is required to fully grasp why this is significant. Ethereum is currently undergoing an upgrade, the next phase of which will occur in 2022 and will see the connection of 64 shard chains to the core blockchain. This improves throughput by distributing the compute load across additional infrastructure. And once that initial phase is complete, the Ethereum network will be capable of processing 3,000 transactions per second (TPS), a significant increase over the current 30 TPS.
This figure, however, falls short of the 50,000 TPS that Solana is capable of handling. Indeed, Solana is the world’s most performant blockchain at the moment, with incredible throughput and near-instant finalisation times. This increases the platform’s scalability, as the network can handle more traffic than other options.
Around $14.1 billion is currently invested in Solana DeFi products, making it the third-largest DeFi ecosystem after Ethereum and Binance. However, if demand for DeFi services continues to grow and Ethereum’s network cannot keep up, funds may flow into Solana, boosting its price.
New cryptocurrency HUH Token has announced that it will be locking in $1 million worth of liquidity when it launches on 6 December. The enticing new crypto will be launching on popular exchanges PancakeSwap and Uniswap, with $500,000 of liquidity being locked in on each exchange for two years.
The news will undoubtedly increase investor confidence and encourage holders to think more long term with this token, something which is unique in the cryptocurrency market.
To further enhance this sentiment, HUH Token is also introducing a referral scheme. Holders that refer others with a unique code will receive 10% of that new investor’s initial investment in Binance (BNB). This code can be used indefinitely, meaning that holders can keep generating BNB with each new referral.
HUH Token is currently in its pre-sale phase, and its creators seem hell-bent on repeating Shiba Inu’s substantial growth and success releasing a truly special and clearly well-backed multi-chain, smart-contract cryptocurrency.
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