Ociswap

Cryptocurrency

Polkadot

Dogecoin

Shiba Inu

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 <p class="paragraph">It is no secret that the cryptocurrency market loves a memecoin to speculate on for the short term. Now, a new fun token surge in DeFi earning the attention and interest of crypto traders amid an airdrop campaign.&nbsp;</p>
 <p class="paragraph">The new memecoin is called HUG, opening its arms to hug-related memes while appealing to love and kindness. Notably, the token “powered by hugs” has gained the attention of large influencers and is yet in its early stages.</p>
 <p class="paragraph">In particular, Ivan on Tech (<em>@IvanOnTech</em>, 425,700 followers) recently hosted a HUG airdrop on X (formerly Twitter). The post already had over 1,800 comments with other relevant accounts supporting the recently launched memecoin, campaign, or infrastructure network. For example, Adrian Zduńczyk (<em>@crypto_birb</em>, 650,100 followers).</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Legend! @PiersRidyard knows what he’s doing</p>— Adrian Zduńczyk, CMT (@crypto_birb) January 22, 2024
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 <h2 class="wp-block-heading" id="h-hug-price-analysis-nbsp">HUG price analysis&nbsp;</h2>
 <p class="paragraph">Interestingly, HUG runs on Radix (XRD), part of a DeFi ecosystem that is still growing and maturing. Therefore, the token is not listed on main cryptocurrency exchanges, indexes, and aggregators like <em>Coingecko</em> or <em>CoinMarketCap</em>.</p>
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 <p class="paragraph">Currently, the only way to acquire this <a rel="noopener noreferrer nofollow" title="memecoin" href="https://thebittimes.com/tag/memecoin.html">memecoin</a> is through decentralized exchanges using XRD or other Radix-based tokens. This lower accessibility evidences its experimental phase and might impose challenges for new people to join.</p>
 <p class="paragraph">In this context, HUG is a low-liquidity and low-cap cryptocurrency with significant risks attached. The <a rel="noopener noreferrer nofollow" title="memecoin" href="https://thebittimes.com/tag/memecoin.html">memecoin</a> is trading at $0.00001859 by press time, down 18% in the last 24 hours on Ociswap (OCI).</p>
 <p class="paragraph">Essentially, the token is close to its all-time high, with less than $1 million market cap and $100,000 liquidity. This means HUG could correct and retrace any time if the sudden interest loses momentum and dies.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="820" src="https://cdn.thebittimes.com/images/2024/01/26/aee8cbf241a333646e9a66f1712c5f57.webp" alt class="wp-image-151321" srcset="https://cdn.thebittimes.com/images/2024/01/26/aee8cbf241a333646e9a66f1712c5f57.webp 1024w, https://cdn.thebittimes.com/images/2024/01/26/aee8cbf241a333646e9a66f1712c5f57.webp 300w, https://cdn.thebittimes.com/images/2024/01/26/aee8cbf241a333646e9a66f1712c5f57.webp 768w, https://cdn.thebittimes.com/images/2024/01/26/aee8cbf241a333646e9a66f1712c5f57.webp 1386w" sizes="(max-width: 1024px) 100vw, 1024px">
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   HUG/USD 4-hour chart and market data. Source: <em>Ociswap</em>
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 <p class="paragraph">However, cryptocurrency traders constantly seek new opportunities on <a rel="noopener noreferrer nofollow" title="memecoin" href="https://thebittimes.com/tag/memecoin.html">memecoin</a>s with appealing and fun narratives. Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and, recently, Bonk (BONK) each had their moments surpassing the $1 billion capitalization.</p>
 <p class="paragraph">It is worth mentioning that there is a constant risk of selling pressure while the <a rel="noopener noreferrer nofollow" title="memecoin" href="https://thebittimes.com/tag/memecoin.html">memecoin</a> is being <a rel="noopener noreferrer nofollow" title="airdrop" href="https://thebittimes.com/tag/airdrop.html">airdrop</a>ped. Early investors or <a rel="noopener noreferrer nofollow" title="airdrop" href="https://thebittimes.com/tag/airdrop.html">airdrop</a> participants are more inclined to dump their HUG tokens if liquidity increases with more people joining the ecosystem.</p>
 <p class="paragraph">All things considered, everything is possible among cryptocurrencies, but the risks are relevant. Speculators must always do their due diligence and apply proper risk management when engaging in a volatile market or assets without a clear demand and fundamentals.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/new-memecoin-receives-support-of-large-influencers-amid-airdrop-tbt77760.html">https://thebittimes.com/new-memecoin-receives-support-of-large-influencers-amid-airdrop-tbt77760.html</a></p>

New memecoin receives support of large influencers amid airdrop

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