Dogecoin (DOGE) and Huobi (HT) are two cryptocurrencies that were boosted this year by affiliation with Elon Musk. The Tesla owner’s purchase of Twitter led to speculation that Dogecoin (DOGE) would be used on the social media messaging service. Huobi (HT) rose simply with the news that Musk had added the project on Twitter. Uwerx is a new project that can reward investors on merit, rather than speculation.
Uwerx (WERX) Can Rise with its Underlying Market
Uwerx is a project that can see big gains in 2023 as it taps into a real underlying market. Uwerx has all the elements that have seen other coins surge in the past: largely unknown, ready for exchange listings, secure, disruptive, and with a growing market. Uwerx will disrupt the freelance worker market with a blockchain platform. The gig economy is a fast-growing sector after the pandemic led to changes in working habits and Uwerx can take advantage of that trend.
Uwerx was recently audited successfully by InterFi Network and Solidproof and there is a lock-up period of 25 years after presale as well as a contract ownership renouncement being tabled in for when the project is ready to be listed on centralized exchanges, so investors know that this is a serious and safe project.
Dogecoin (DOGE) Slides as Twitter Dreams Fade
Dogecoin (DOGE) has been able to mount a small rebound from the depths of the bear market, but the coin still has a valuation of $10bn which is huge for a project that has little real-world utility. Dogecoin (DOGE) trades at a premium valuation because of its following and its links to Tesla founder Elon Musk. Musk’s purchase of Twitter was enough to create a rally in the price of DOGE in October 2022, but it faded as the plans came to nothing.
Dogecoin (DOGE) investors also ignore that the token is a Proof-of-Work (PoW) coin so that could be an obstacle for the project as investors will select more energy-efficient options, which is the reason that Elon Musk reversed earlier plans to accept BTC for a Tesla. Investors should look closely at their holdings of Dogecoin (DOGE) and be honest about the risk/reward outlook for a $10bn gimmick. The volatility of the meme-coin was seen yet again when Musk changed the Twitter icon back and forth which caused a spike and fall in the price of Dogecoin (DOGE).
Huobi (HT) Faces Problems Despite a ‘Follow’
Huobi (HT) saw some selling pressure on the news that the exchange would join its rivals with a cut in staff numbers by 20%. Management also had to brush off rumors of insolvency at the exchange after the FTX fallout spooked investors. A statement from Tron founder and Huobi board member, Justin Sun, confirmed that a “structural adjustment” was needed in the firm, but it has since been able to remain steady in the market.
Huobi (HT) had planned to embark on a global expansion, but those plans will be on hold due to the recent market problems. Huobi (HT) rallied earlier in the year simply on the news that Elon Musk had followed the exchange on Twitter. The cryptocurrency market is obsessed with Musk’s comments and activity, but they rarely lead to long-term gains in crypto. Investors should focus on real utility such as the underlying market that Uwerx will leverage. The current market price of $0.0075 provides a springboard for potential investors to get into a lucrative presale at an amazing value, especially with the 75% purchase discount.