Ethereum (ETH) and Bitcoin (BTC) are the two largest cryptocurrencies in existence and have been dictating the market's general direction. After one of the largest reductions in price for Ethereum (ETH) and Bitcoin (BTC), there have been positive signs of recovery in the past seven days.
HUH Token (HUH) is a Binance smart chain-based token that will be looking to capitalise on the recovery of the crypto giants. As they begin to recover and their price returns to prior highs, HUH Token (HUH) alongside other popular cryptocurrencies, will begin to receive the benefits of a potential bull market once more.
Ethereum (ETH) has been had the more impressive return of the giants. Ethereum (ETH) has seen an almost 20% growth over the past seven days between its lowest point and highest. This sign has given many people hope and has even stirred rumors regarding an event called the 'flippening'.
This is a long-awaited moment for Ethereum (ETH) supporters as the event refers to the day Ethereum (ETH) surpasses Bitcoin (BTC) in the crypto rankings. It is unclear if this will happen, but some have taken the faster increase in value of Ethereum (ETH) as a signal that it could occur.
Bitcoin (BTC) is still regarded as the leader and face of cryptocurrency. This is why all other cryptos are referred to as altcoins. Bitcoin (BTC) increased by almost 10% over the last seven days using its highest and lowest values. All eyes will be fixed on the movement of Bitcoin's (BTC) price as the indicator for investors to begin pouring into the crypto market again.
Bitcoin (BTC) has been unfortunately affected by a few factors that may also impact the price as time goes on. As the popularity of cryptocurrency grows, so does the attention from governments and how they can regulate the market. The U.S Federal Reserve will be one of the significant factors determining Bitcoin's (BTC) price over the coming months.
HUH Token (HUH) is in an interesting position as a newer token. It is a multi-chain token and will follow, in some regard, the macro position of the cryptocurrency market. However, HUH Token (HUH) has utilised one of the most potent tools available to them as a platform, and that is social media marketing.
HUH, Token (HUH) has many social media influencers working with them to spread the word about the token. The team recently demonstrated the effect of this influence as 500 of the influencers posted, and overall the token increased in value by approximately 70%.
HUH, Token (HUH) stated that this is a fraction of their influencers and is saving some of the larger ones for the future. This demonstration has shown the team has focused on how to affect the price of their token using the most effective advertising strategy in recent years. In addition, the posts were done during the decline of Bitcoin (BTC) and Ethereum (ETH), meaning the macro movement of the market was against the token.
It would be interesting to see what would happen if HUH Token (HUH) were to get their larger number of influencers to post during a bull market and the increase in price afterward. This will be most effective if Bitcoin (BTC) and Ethereum (ETH) begin to move towards their all-time highs.
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Website: https://huh.social/
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