Since Bitcoin (BTC) was launched in 2009, the idea of decentralised currency has become one of the hottest talks among investors and has encouraged people to engage with cryptocurrencies in different ways. Ethereum (ETH) is probably the most utilised token that has many applications. The rise of meme coins is a manifestation of humour in human nature. Just now the market is paying quite a lot of attention to a new coin called HUH Token (HUH), which proclaims itself as an “utimeme” – a combination of utility and meme. What makes the HUH qualify as an “utimeme”? How far can this idea go?
Ethereum is the pioneer of blockchain smart contracts. The idea is to allow computer programs to automatically execute the actions necessary to fulfil an agreement between several parties on the Internet, theoretically censorship-resistant and less prone to fraud. It is also capable of hosting other tokens by its ERC-20 compatibility standard.
According to coinmarketcap.com, more than 280,000 ERC-20-compliant tokens have been launched, and over 40 of them have become the top-100 tokens by market capitalisation, and each of them serves a different purpose, for instance, Tether (USDT) for stability, Binance Coin (BNB) for exchange and Chainlink (LINK) for security.
Another example is the emergence of the Play2earn system. The idea is to allow players to generate revenues in terms of coins or accessories by participating in games.
The world is also entering into a new era of digital assets with the implementation of non-fungible tokens (NFT) catalysed by the ETH blockchain. In the first quarter of 2021, the sales of NFTs have exceeded $2 billion, and part of these transactions are backed by reputed auction houses, including Sotheby’s and Christie’s.
Jokes Become Tokens
One thing to note about cryptocurrencies is that sometimes they can be simply a sub-culture. The idea of decentralisation means there is no strict rule like the finance world are used to be. So, there is a category of cryptocurrencies as a result of a joke derived from the Internet, the meme coins.
Dogecoin (DOGE) is the first token of its kind, originated from the famous “doge” meme on the Internet featuring a dog on the logo. The most well-known supporter of DOGE is Tesla CEO Elon Musk, who posted several times on social media that this coin is his favourite one. DOGE is one of the top-10 tokens with a total market value of $36.58 billion.
Other meme coins like Shiba Inu (SHIB), Tiger King (TKING), MonaCoin (MONA), Garlicoin (GRLC) and SushiSwap (SUSHI) derived from different themes have been growingly popular. The Internet is having much fun with them, and their prices are skyrocketing. Yet these are the coins that barely have an actual value to serve as a legit tool of transactions – at least not at the moment.
Utility + Meme = The Future?
Lately, the market has been talking about a new cryptocurrency called HUH Token (HUH). It is said to be officially launched on the 6th of December, but the presales have been overwhelming that once caused a brief crash in its payment system. One of the reasons for this upsurge could be its self-proclamation as an “utimeme”, a utility with real-world value by linking the distribution system to Binance, and the meme that helps to grow its community.
HUH has set up a referral system that allows holders to refer friends and receive 10% of the referee’s initial investment as BNB. Plus, HUH encourages its price stability by providing some static rewards – the longer a person holds the tokens, the more rewarding it is. So, from this perspective, it can be an asset worthy of investors’ diamond hands.
So now back to the questions: how far can the idea of an utimeme go? There is an article that says HUH Token has had some legion followers eagerly awaiting the release of the token onto the open market. What sounds more promising is, the developers repeatedly stress that community care will be a big part of HUH’s development, which is also a key feature for some meme coins to gain die-hard fans, which might make it the next big thing replicating ETH and those flying meme coins.
Follow HUH Token on their Socials before they Launch: