Investors appear to be flocking to currencies linked with faster and cheaper transactions as Ethereum expenses rise, resulting in a jump in Loopering and Solana. Meanwhile, HUH Token has announced that it will go live on PancakeSwap and UniSwap on December 6.
The crypto market has had another exciting month, with Bitcoin and Ethereum exceeding their all-time highs. But a few altcoins are starting to pick up steam as the transaction speeds and price for Bitcoin and Ethereum present challenges for retailers.
According to Glassnode, the average Ethereum transaction price has increased by almost 2000% since late June and has more than doubled in the last two weeks, with an average mean transaction charge of $52.
As a result, cryptocurrency consumers have turned to layer 2 cryptos such as Loopering and Salona, which offer speedier and less expensive transactions. According to CoinMarketCap, Loopering has increased by over 240 per cent this month.
Solana, a programmable blockchain, now has a market capitalisation of over $68 billion and is wrestling for the title of 5th biggest crypto globally, with its nearest competitor Cardano hot on its heels in 6th place with a market cap of over $67 billion.
Solana recently introduced NFTs into its ecosystem, which has also given it a significant boost. The non-fungible tokens now account for nearly $500 million of the cryptocurrency’s overall worth.
Meanwhile, on December 6, a brand-new cryptocurrency dubbed HUH Token will go live on the crypto exchanges PancakeSwap and UniSwap.
HUH Token wants to be more than simply another meme token, so it’s launching a one-of-a-kind referral system with the goal of encouraging long-term prosperity. It also permits holders to generate two independent revenue streams. A holder of a HUH Token will be given a referral code, which they may then pass on to someone else. When another buyer uses that code, 10% of that person’s purchase will be credited to the wallet of the person who referred that buyer. This link can then spread because the new owner will receive a referral code that they can share with others, resulting in passive income for the holders.
The announcement of HUH Token’s initial coin offering (ICO) has already enticed investors. The company claimed that pre-launch sales were so strong that it caused a momentary outage in its payment systems. Since then, the organisation has teamed up with NOWPayments to ensure that future transactions go smoothly.