On Saturday, the cryptocurrency market had seen huge gains, with Human Protocol (HMT) and meme coin Ski Mask Dog (SKI also having some serious spikes.
The blockchain-based Humanity Protocol’s solutions for identity verification and data privacy came with newfound interest and HMT the token powering the protocol shot up 175 percent. In May, the project raised $30 million in a seed round led by Kingsway Capital at a $1 billion valuation.
It is high profile backed by leaders such as Animoca Brands, Blockchain.com and Shima Capital. This funding has allowed Humanity Protocol to increase its team size and prepare its public testnet launch in late 2024, with a goal to bring a ‘human layer’ to Web3.
Ski Mask Dog Surges 129%
The initiative found support from investors, including Polygon founder Sandeep Nailwal and Animoca co-founder Yat Siu. In the meantime, meme coin Ski Mask Dog also raced 129% higher as the community’s burning zeal for the coin and celebrity endorsements powered its market momentum.
Built on Coinbase’s Layer 2 blockchain Base, SKI has gathered attention after some say the developer abandoned it. With over $8 million of 24 hour trading and a market cap over $30 million, SKI is boasting. Endorsements from pop star Camila Cabello, who formerly had the SKI logo on display as her Instagram picture, and Base creator Jesse Pollak are helping drive its rapid ascent.
As important as that is, the project stands out from the crowded meme coin space as one focused on the sparks of community creativity and social media engagement. Even though the wider crypto market is volatile, the marketing strategy for one of the crypto’s most popular meme coins, SKI seems to be impressing investors.
As mentioned, this only further solidifies iterations around crypto’s future potential for utility focused projects like Human Protocol and socially driven tokens such as Ski Mask Dog and the different forces that are fueling this industry into existence.
