This is typical of the cryptocurrency market which has prevailed in high risks and extreme fluctuations; A relatively new meme token, Hachiko (HACHI), has spiked more than 900% within a single day. This exponential growth has been something that has not only captured the attention of the general cryptocurrency community, with investors and fans of the digital currency but also the coin which is currently ranking alongside other altcoins.
Hachiko, the staunch dog named after the famed Japanese Akita, hit $0.003114 per token from $0.002331 a week ago. This has boosted its market capitalization to $3.11 million, and this is quite an achievement for a newbie cryptocurrency. This growth is even more visibly driven by a 24-hour trading volume of $5 88 million, which is a 495,32% increase.
The relatively new HACHI tokens have attracted a lot of trading in the market, and the trading volume to market capitalization stands at 188.88%. This high ratio shows high levels of attention and market depth in the tokens, as more traders seek to ride the token’s chain. However, some veterans trading warn that such kind of high revenues are quickly followed by analogous losses and the question about further economic development is still open.
According to Hachiko’s tokenomics, the token has a total supply and a maximum supply of 1,000,000,000 HACHI tokens, and it states that all the tokens are in circulation. This fixed supply cap has become a common marketing selling point where many cryptocurrencies compare with the limited supply standards of the dollar or other cryptocurrencies like Bitcoin, having only 21 million tokens in circulation.
As with other dog-inspired cryptocurrencies that emerged in recent years, the growth of Hachiko was predictable. Based on its popularity, in 2021 it can be stated that two meme cryptocurrencies Dogecoin, launched in 2013 as a joke and Shiba Inu created in 2020, experienced some significant bull runs stimulated by social media and celebrities. Such predecessors have provided a basis for the meme tokens and from which Hachiko seems to be the latest culture.
As for the long-leverage prospects of similar meme-based digital assets, the opinions of experts vary. While some so believe that they are simple bubbles, others are of the opinion that they act as a springboard for new entrants in the field, encouraging mass acceptance of blockchain solutions.
The Hachiko phenomenon also into how investors are continually on the lookout for exponentially increased returns in the crypto market. In conventional financial markets there is little money to be made with steady yet reasonable profits many people have turned to these risky and highly volatile digital currencies to get rich overnight. However, financial advisors insist that this is where a rationale for an investment must be carried out, and they advise against anyone risking more than he is willing to lose in such risky ventures.
Like in the case of many new age and upcoming cryptocurrencies, issues surrounding the functionality of Hachiko and its base protocol. Even as the token has established both an online platform and social media accounts, few details about the development team, their timeline, and the token application are available. It is nothing new in the world of meme tokens and has led to scrutiny when it comes to the sustainability and authenticity of the project.
Regarding Hachiko coin, the community is more and more focused on its potential to become the new meme coin. However, in the last few months, the regulator imposing its strict outlook to the segment which might prove a problem for many cryptocurrency projects without methods for classification and sustainable underlying principles.
While a new layer on a suddenly exploding project might be beneficial, the fast rise of Hachiko also shows the suitability of the sentiment and hype in Shiba Inu on the cryptocurrency market. In particular, new tokens often enjoy high demand and attention on social media platforms and in forums, which results in price increases independent of the fundamentals.
This in overview of the sector development proves once again that the crypto market is very dynamic and, at times, unpredictable; therefore, the new tokens such as Hachiko are only to be expected. While some believe that these phenomena indicate the market’s ability to fund various asset classes, others claim that they compromise the focused and rigorous construction of a blockchain.
Thus, investors and observers are given a riddle to solve when it comes to trying to determine whether Hachiko is merely the latest in the spasmodic crypto craze or the first sign of a new contender on the market. As the token’s price continues to fluctuate, many are reminded of the crypto market’s cardinal rule: it approximates the clichéd saying: past performance is no indication of the future.
In the next few days and weeks, it will truly be the litmus test of whether Hachiko can continue to gain ground and become an emergence of more than the usual fad. Whether it can leverage this explosive start into a sustainable value creation story is yet to be seen, but one thing is certain: crypto’s most loyal buddy has surely marked its territory.
