The cryptocurrency market has witnessed significant fluctuations in meme coins fueled by TikTok influencers, particularly Just A Chill Guy [CHILLGUY] and Huzz coin [HUZZ].
As of November 20th, CHILLGUY held a market capitalization of $240 million, while HUZZ had $27 million. By November 21st, CHILLGUY’s market cap slightly decreased to $400 million from a peak of $500 million.
Conversely, HUZZ experienced a drastic decline from $27 million to $4 million, marking an unprecedented 85% drop within a short span of time.
The Decline of Huzz Coin Following a 100X Surge
Similar to CHILLGUY, HUZZ encountered a significant surge on November 20th attributed to viral TikTok and X (formerly Twitter) posts.
Both tokens underwent a staggering 100X rally, with HUZZ skyrocketing from $0.0001 to $0.03.
Unfortunately, HUZZ swiftly retraced all its gains, causing distress among investors who failed to sell off their holdings in time.
Despite still having 38,000 token holders, the top 10 holders controlled nearly 20% of the total coin supply. This concentration of ownership indicated the potential for significant price manipulation by large holders, necessitating vigilance for prospective HUZZ investors.
Possible Scenarios for HUZZ Coin Recovery
Upon analyzing the price charts, the OBV indicator exhibited a decline followed by sideways movement, signaling a wane in demand and buying pressure post the 100X surge.
Although the Stochastic RSI hinted at a potential price bounce, the tepid OBV could present challenges for latecomer bulls.
If the reversal gains traction, short-term upside targets might be at $0.0140 and $0.0183. Conversely, prolonged weakness could lead HUZZ down to $0.0001. The profit-taking behavior post a 100X surge mirrored the experience of Peanut the Squirrel [PNUT], struggling to sustain levels above $1.5 after its meteoric rise.