Sunday, January 16

Shiba Inu, Dogecoin, & HUH Token: How “scams” become leading cryptocurrencies

Shiba Inu has surged almost 1,000% this last month alone. You probably know that it started as a joke, but for months people assumed it was a scam. Now a new crypto HUH Token is coming under the same scrutiny. Will it be the next “scam” to send the crypto world into a frenzy?

Seven years ago, a new cryptocurrency called Dogecoin was released. The idea was to have fun with a cryptocurrency that was cheap enough to play around with. Dogecoin fans (nicknamed “shibes”) gathered on the Reddit forum /r/dogecoin. They would tip each other dogecoins for amusing comments. Each coin was worth a fraction of a cent.

But even joke money is money, and a fun cryptocurrency can be turned into real money. So, the shibes started dreaming of getting rich for free—and the inevitable dance between greed and gullibility began.

Enter Alex Green, who set up a cryptocurrency exchange in the United Kingdom called Moolah, to handle dogecoins as well as other cryptocurrencies. Then without warning Moolah shut down in October 2014, and Green disappeared with the money. It came out that he was actually serial scammer Ryan Kennedy, who had a long history of creating scam start-ups that raised funds and vanished.

As a result, cries of Dogecoin (and other cryptocurrencies) being a scam swirled around the internet. Work stopped on the Dogecoin code; the software was barely even maintained. In the cryptocurrency trading markets, dogecoin was just another altcoin: a low-volume, near-worthless token that gamblers and day traders could swap for other cryptocurrencies, in the hope of making a few pennies.

Fast forward to the present day and dogecoin has a market cap of over $36 Billion. The lesson of this story is clear. Cryptocurrencies aren’t inherently evil, but the people who use them can be. Dogecoin is just a technology and its value, like all cryptos, is mere speculation.

Look no further for a better example of this than Shiba Inu. Coming off the back of its best month ever, Shiba Inu is (like all cryptos) being driven by pure speculation. In fact, if you look at the Wikipedia page for this crypto currency it is still described in the top line as a “pump and dump fraud scheme”. That hasn’t stopped it from reaching a market cap of over $39 Billion. Not bad for a “fraud scheme”.

Now our newest protagonist, a cryptocurrency called HUH Token. Currently in its presale stage and on November 4th they will be officially announcing the release date. The creators have dubbed the token a ‘Utimeme’ token. This is the end product of mixing the words utility and meme together, HUH Token wants to be seen as more than just a meme token as it provides real-world value to those invested.

Some of the features they refer to include a dual cryptocurrency distribution system that allows investors to claim BNB (Binance). You can claim BNB once you have used the unique referral code that you receive when opening a wallet. Once the person you referred uses the unique code, you receive 10% of their initial investment as BNB.

The inevitable cries of scam and fraud have already started to grow over the internet, especially over Reddit (exactly where our story began). But once again we find ourselves debating the validity of something that has no inherent worth (just like any cryptocurrency) and the age of crypto madness is laid bare.

HUH Token has received such a huge pre-launch demand that they haven’t been able to keep up with payments. Once again underlining the fact that what we are dealing with is pure speculation, leaving one to wonder if once again we will be talking about the “scam” HUH Token’s dramatic rise in value in upcoming months.

Follow HUH Token on their socials before they launch: