Crypto surge: HuskyX price shoots up 67,000% in less than 24 hours

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The price of HuskyX, a relatively lesser-known cryptocurrency, shot up by a massive 67,000 percent in less than 24 hours.

HuskyX, a day earlier, began from a small value of $0.000000008738 and climbed to $0.000001485 within 24 hours. The price was hovering around 0.0000174899 at 5:40 pm IST.

The traded volume of the meme coin had crossed 3,450 percent, with tokens cumulatively valuing $1.06 million exchanging hands in a day's period.

With this unprecedented surge in its value, HuskyX has joined a list of dog-themed coins that have recently recorded an upswing in their prices within an acutely short period of time.

Despite their high-value returns, crypto analysts have warned investors against investing in meme coins without understanding the respective tokens.

Notably, HuskyX is a deflationary token, and remains rare as the supply is in an ever-decreasing mode.

Also Read | Here’s how you can safely invest in cryptocurrency in India

While cryptocurrencies have gained popularity in India, it is key to note that the sector is yet to be formally regulated.

The Finance Ministry is racing against time to introduce the planned bill on cryptocurrency in the upcoming Winter Session of the Parliament. This urgency comes in the light of what many in the government see as unchecked growth of an unregulated sector and can be gauged from the multiple meetings being held, including one chaired by Prime Minister Narendra Modi.