Key Takeaways
- HUH Token project launched on December 6 and rallied 1000% in two days
- The token has been facing numerous allegations of scam and fraud by early buyers
- In the past 48 hours, HUH price has nosedived over 50%, hitting its first major roadblock since launch
YEREVAN (CoinChapter.com) – Dubbed by supporters as the next Shiba Inu (SHIB), HUH Token price seems to have hit its first major roadblock since going public. It is down over 50% since it pumped to an all-time high of $0.000229 3 days ago.
Launched on the 6th of December, HUH token saw its price pipe over 400% in the initial six hours alone. In the subsequent 48 hours, the token rallied an additional 600% to register a 1000% jump since hitting the market.
Judging by the results, months of social media campaign has paid off. The successful launch of HUH Token caught the attention of several early investors. Those that had missed out on SHIB’s rally saw it as their second chance to reap profits from a starter coin.
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HUH token needs to recover on the charts
Despite its positive start, the HUH token still has a tough road ahead if it is to make it in the competitive space. The project is just halfway to completing stage one, which also includes getting listed on CoinGecko and CoinMarketCap. While those developments will certainly give it much-needed credibility, it won’t be easy. HUH aims to get listed on at least 100 exchanges next year, which includes Kucoin, Bitmart, and Gate.io, among other leading names in the industry.
However, HUH has ambitious plans for its stages 2 and 3 ahead as well. The team behind the project has listed 3000 influencers to help spread the word about HUH. In addition, HUH token plans to enter into stage 3 by creating an NFT marketplace and launching a HUH app.
The aggressive plans are all in sync with the team’s idea of prompting HUH as the ultimate Utimeme. The team considers utimeme as a token that is as popular as a meme coin but also has the utility value of other cryptocurrencies.
HUH coin currently trades at $0.000132, down 41% over the last 24 hours, according to Nomics.
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Huh token faces fraud allegations
Back in Nov, CoinChapter dived deep in allegations of the HUH token project being a scam. Dozens of angry investors had come out to denounce the HUH team for failing to send them their tokens.
“I invested, I sent BNB, a small amount – $100 – I was supposed to receive an email confirmation within 24 hrs and haven’t. I don’t have any tokens. My transfer was confirmed successfully delivered from my wallet. Seems like I was scammed,”
one user had claimed on Reddit.
Other investors on Twitter seemed to have had similar experiences, sharing proof of their transfers on social media.
At the time, an official from the HUH team had responded to CoinChapter’s query, denouncing the allegations as FUD spread against the project.
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Scam reports about the HUH Project persist
Despite the successful launch, scam allegations seem to persist. Just a day after its public launch, investors were still complaining of fraudulent activities. Some users even claimed the platform has asked them for their Metaverse wallet’s keyphrase.
“THEY JUST SENT ME AN EMAIL SAYING AIR DROP IS READY …AND GAVE ME LOCK ID AND SAID I HAD TO CONNECT MY WALLET…THEN THEY TRY TO STEAL BNB…THANK GOT MY TRUST WALLET BALANCE WAS $0. THIS IS A SICK SCAM AND I HAVE PROOF HERE..THEY ARE TRYING TO STEAL OUR FUNDS FROM WALLETS,”
another user alleged.
While those that bought tokens may be celebrating early gains, those that supported the HUH project during the pre-sale are still left without their tokens.
“You should know that hundreds of buyers at presale are still waiting for their HUH tokens. Their charts are therefore not accurate. They are not communicating with presale buyers also,”
one user complained to CoinMarketCap, encouraging them not to list the token.
“Unfortunately everyone vote in the presale got badly burned. We only received half the amount of tokens as if we had purchased at launch price. So far there has been no news on how this will be corrected from the HUH team so please treat with caution until this is rectified,”
another user warned.
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HUH Token wants you to HODL forcefully
While some pre-sale investors complain about not receiving their tokens, the HUH team may have played them well.
For some reason, the team behind the project has reserved themselves the right to force buyers to HODL on their tokens. Calling the initiative vesting, the developers have decided they will hold on to the tokens of early investors for 12 weeks, slowly releasing them in small installments.
The idea behind this is to make sure people don’t sell off their tokens for early gains, thus hurting the project’s prospects.
Despite the explanation, people do not seem to buy the idea. The HUH team organized a pre-sale to fund their launch. Now they are holding on to the tokens against the wishes of the community.
To make matters worse, early buyers were shocked to find out they bought in at a higher price than what the team offered on public sale.
“Presale buyers paid 0.000113 for tokens (8,850 per USDT, which is 177*50) and HUH TOKEN OFFICIAL launched on Pancake at 0.0000056 (177,600 per USDT, as they sold 88,800,000,000 HUH Tokens for 500,000 USDT to Pancake Swap platform). So the presale buyers had their tokens devalued by 95% loss,”
one user complained.
In addition to forcing early buyers to hold their tokens, the project has imposed a 20% commission on sales to discourage holders from dumping their coins.
Despite the early red flags in the project, some hopeful users decided to wet their feet. Now, after an early success, people have not stopped warning others not to invest. While HUH Token might well be genuine, there are too many reasons to stay far away from it. After all, it is not worth being scammed just to find out it was a scam.
