Rising costs on Ethereum appear to be driving investors to coins associated with faster and cheaper transactions, leading to a surge in Looper and Solano. Meanwhile, HUH Token has announced that it will launch on PancakeSwap and UniSwap on the 6th of December.
It has been another interesting week for the crypto market with serious roadblocks starting to immerge for Ethereum, with the world’s largest smart-contract blockchain seeing rising costs. The average fee on Ethereum has risen by over 2000% since late June and has more than doubled in the past two weeks, with an average mean transaction fee of $52, according to Glassnode.
As a result, crypto users have looked for cheaper layer 2 products like Looper and Salono, which provide faster and cheaper transactions. Looper has surged over 240% over the past 7 days, according to CoinMarketCap, however, as the chart below shows, some resistance has been reached at the $1.60 and $1.40 mark, with a support level developing at around $1.20.
In the past 24 hours, programmable blockchain Solana has risen by 13% to a record of $234 and has gained 25% in the past seven days, making it the 5th largest globally, with a market capitalization of $70 billion.
Solana’s ecosystem continues to expand into NFTs which is now responsible for over $500 million of its total value.
Despite some of these major moves in the market, grandaddy Bitcoin has been relatively stable, currently trading around the $61,200 mark.
Meanwhile, an exciting new cryptocurrency called HUH Token will be launching on crypto exchange PancakeSwap and UniSwap on December 6.
Currently, in its pre-sale stage, HUH Token’s creators say the crypto will be more than just a meme token and aims to provide real-world value by linking the distribution system to Binance. Using a unique referral code, holders can refer friends and receive 10% of their initial investment as BNB.
HUH Token wants to be community-driven crypto and is rumored to have signed several top social media influencers that make up what it calls the “HUH Nation”, who will be driving the community. Linking itself to Binance, HUH Token allows holders to refer friends and receive 10% of their initial investment in BNB. Additionally, those who are referred can benefit from a reduced sales tax. Instead of the traditional 20% that you would normally pay, when selling you will only be taxed 10%.
News of the launch certainly seems to be enticing investors already, with the company saying its pre-launch sales were so overwhelming that it caused brief issues in its payment systems. The company has since partnered up with NOWPayments to ensure future transactions run smoothly. Many are also happy to discover that they are being audited by 5 different companies, at a minimum, and one of those companies are Certik. Investors can remain at ease knowing that Certik will have the full audit on its website for anyone to read.