Bounce back from the dip with HUH Token (HUH) Terra (LUNA) and Near Protocol (NEAR)
In the last few days, there has been a rise in green candlesticks as seen on coinmarketcap and while HUH Token (HUH) has been trading. Terra (LUNA) and Near Protocol (NEAR) have made a great turn for themselves rising from the dip at 20% and 12% respectively. Could HUH Token do the same?
This could be because traders suggest that there will be a further price appreciation expected and that spike in buying pressure could raise prices toward $93. HUH Token has risen steadily previously as it continued to influence the market after its near 4000% surge just five days after launching in December 2021.
HUH has been described by analyticsinsight.net as the world’s first ‘Utimeme’ that uses the power of popularity from its users to fuel its worth of a cryptocurrency.
Terra (LUNA) has grown to be one of the great performing assets in February despite all the pitfalls that have sprung up over the months leading up to it. Even with geopolitical disagreements and uncertainty of the future.
As the prices surge upwards on in the cryptocurrency market, Terra (LUNA) has passed Ethereum (ETH) in price increase, according to Coindesk $30 billion worth of LUNA tokens are now staked on various platforms.
There are several reasons why Terra may have risen in the last few hours; Yashu Gola, writing for an article in Cointelegraph suggested that it was because Terra Protocol burned 29 million LUNA tokens worth $2.57 billion recently. “The move happened as the supply of TerraUSD (UST), a stablecoin backed not by the U.S. dollar but LUNA, increased from around 11.26 million on Feb. 1 to almost 12.92 million on Feb. 28, marking an increase of nearly 14.75%.”
Because of the catalyst caused by the increase of UST supply, Terra incentivizes its user to burn LUNA and mint UST. It also helped that the non-profit organization supporting the terra blockchain – Luna Foundation Guard (LFG) raised $1 billion in LUNA tokens.
On the other hand, Near Protocol has risen 12.03% over the last 24 hours, but a possible cause for this could be a technical reason. According to Tradingview. Near Protocol is known for making it easy for users to facilitate transactions using their tokens that are similar to Ethereum (ETH). Beincrypto.com has said that ‘NEAR is a development platform based on a sharded, layer-one, proof of stake blockchain.’
NEAR Protocol (NEAR) can achieve up to 100,000 transactions per second, working with Ethereum (ETH), Polkadot (DOT), Cosmos (ATOM) and several other blockchains to allow for the free flow of assets and communication between networks. Multichain has begun their partnership with Near Protocol (NEAR) which will help enable multi-chain assets and communication to easily bridge between NEAR and other networks, according to a tween by @Multichain.
With all the extra interest in NEAR Protocol, the news of the future and all the good opportunities it adds, it’s no wonder people are flocking towards the Token leading it to a rise as people watch the “Multichain Future.”
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