Why is Akita Inu (AKITA) grabbing market attention?

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Akita Inu (AKITA) is primarily a meme-based token that joined the likes of Shiba Inu and Dogecoin as a popular altcoin, which made quite an impact in 2021. Built on top of the Ethereum blockchain, the community-driven crypto is exclusively built with input from the community making it completely a democratised project.

Launched on 1 February 2021, the liquidity of the token was initially locked in Uniswap, and the contract keys were burned. The reason is to establish itself as a decentralised cooperative, which uses its liquidity and token model to structure and incentivise members for contribution.

On 5 June, the AKITA crypto witnessed an uptrend, up by 10.79%. Even, volume wise, it gained over 146% at 6:30 AM (GMT +1), according to CoinMarketCap.

Why is Akita rallying?

AKITA crypto has had a mixed month so far. The 3037-ranked token did see a rally of 7.35% about 14 days ago, but it quickly slipped back into the red zone over the past week or so. Over the past week, the token witnessed a decline of 4.9%, according to CoinGecko.

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While the exact reason for the rally is unclear, overall, the leading two meme-based cryptos, Dogecoin and Shiba Inu have been witnessing a good outing in the market so far. While DOGE was up by 4.22%, SHIB was up by 7.30% on a day that marked improvement following weeks of bearishness.

The upbeat mood seems to be reflected even on AKITA’s chart movement and witnessed an upswing in the RSI of 46.72. The movement indicates that investor activity appears to have risen compared to a few days back.

Image Credit: Trading View

The Momentum Oscillator indicator suggests an upward climb on its way up, indicating that momentum is on the AKITA’s side with the recent market trends.

Recently, Akita Inu held its first-ever community-wide airdrop on 30 June, which took place on the Binance platform. During the airdrop, the protocol launched Akita and AkitaDAO on the Binance platform.

How is AKITA crypto’s price faring

The AKITA crypto on Tuesday was trading at US$0.0000001846 with a trading volume of US $7,95,989 over a day, according to CoinMarketCap. AKITA enjoyed a fully diluted market cap of US$18,466,026 and a maximum supply of 100,000,000,000,000 AKITA coins. 

Rumours have been rife on Twitter that Akita is planning for a bigger airdrop sometime soon, but it’s hard to confirm the authenticity of the news. This may also have resulted in the sudden interest in the token, as crypto markets are primarily driven by speculation. 

Therefore, the market participants must ensure that they conduct proper market research and not fall for speculation talks. Investment decisions must only be taken after gathering enough about the projects and studying their trends. 

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