The incredible rise of cryptocurrency raises red concerns.

New Delhi, India: Crypto aficionados are used to hearing about astronomical returns from a lesser-known coin in a matter of hours. It was accomplished by SQUID, Shiba Inu, and Kokoswap. There’s a new name to add to the list: HuskyX. (HUSKYX).

In the previous 24 hours, the new cryptoverse has returned almost 67,000%. The digital token has a market capitalization of $1.5 billion.

In just 24 hours, the little-known cryptocurrency has risen from $0.000000008738 to $0.000001485. However, at 1.30 p.m. IST on Monday, it was trading at $0.000001477. The counter’s traded volume increased by nearly 3,450 percent in the last day, with tokens worth $1.06 million changing hands. The total number of tokens in circulation is 990,030.97 billion.

Analysts believe dog-themed currencies are a hit, and HUSKYX tokens are the latest to join the pack.

According to Sharat Chandra, a Blockchain & Emerging Tech Evangelist, it introduces a new idea called “rebasing” to adjust supply increases and decreases. “Rebasing ensures that the token’s value remains constant regardless of whether the circulating supply of tokens increases or decreases. Rebase is triggered when the price of an asset falls below a certain threshold. This is one of the primary motivators for the HUSKYX rally.”

HuskyX is a deflationary token, meaning its supply is always falling, making it increasingly scarce. Every HuskyX transaction is taxed, and a portion of the coins is burnt. However, holding these can be gratifying as well.

HuskyX is another meme coin, according to Shivam Thakral, CEO of BuyUcoin, and a quick surge in its price could be a short-term occurrence. To reduce risk, he advises investors to exercise caution when investing in such coins and diversify their portfolio among several crypto assets.

Investors should not be afraid of missing out, according to market experts and analysts, and should first learn about the token before buying.

According to Manav Bajaj, creator of Panther Quant, there are some red flags in this coin that should be investigated before acquiring. Bajaj says, “There is zero liquidity and a large transaction charge.” “Rebasing also diminishes your holdings and has an impact on your assets.”

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