HuskyX price: Up 67,000% in just 24 hours! Cryptocurrency’s mind-boggling rally raises red flags

Synopsis

The new cryptoverse has delivered about 67,000 per cent return in the last 24 hours. The digital token is commanding a market cap of $1.5 billion.

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New Delhi: Talks of eye-popping returns from a lesser-known cryptocurrency in a few hours are not new to crypto enthusiasts. SQUID, Shiba Inu and Kokoswap have done it. Now, there is an addition to that list: HuskyX (HUSKYX).

The new cryptoverse has delivered about 67,000 per cent return in the last 24 hours. The digital token is commanding a market cap of $1.5 billion.

The little-known token had surged to $0.000001485 from merely $0.000000008738 in 24 hours. However, it was trading at $0.000001477 at 1.30 pm IST on Monday. The traded volume of the counter surged about 3,450 per cent with tokens worth $1.06 million exchanging hands in the past one day. There are a total of 990,030.97 billion tokens in circulation.
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Analysts say dog-themed coins are having a whale of time and HUSKYX tokens have joined the line.

It brings in a new concept called “rebasing” to adjust the increase or decrease of supply, says Sharat Chandra, a Blockchain & Emerging Tech Evangelist. “Rebase ensures that the value of the token doesn’t change irrespective of an increase or decrease in the circulating supply of the tokens. Rebase gets triggered especially when the prices dips. This is one of the major drivers behind the HUSKYX rally.”

HuskyX is a deflationary token, which means the supply is always decreasing, making it more and more rare. Each HuskyX transaction is taxed, and a small percentage of the coins are burned. But holding these can be rewarding too.

Shivam Thakral, CEO, BuyUcoin, says HuskyX is another meme coin and a sudden rise in its price could be a short-term phenomenon. He asks investors to be cautious while investing in such tokens and diversify their portfolio across multiple crypto assets to minimise risk.

Market experts and analysts say investors should not fall prey to fear of missing out and understand the token before investing.

Manav Bajaj, founder, Panther Quant, says there are certain red flags in this token and a due diligence should be done before purchasing. “There is negligible liquidity and high transaction fee,” adds Bajaj. “Also, rebasing reduces your holdings and affects your investments.”

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Updated: 11/15/2021 — 16:00