Billed as a “useless meme coin,” Cosmos-based Chihuahua (HUAHUA) is experiencing exponential growth, and a recent governance proposal shows that it intends to be anything but useless.
Boasting $3.5 million in liquidity and having grown in daily volume on Osmosis to over $1 million, the month-old chain has a community that has rallied with it’s financial performance. Weekly giveaways and strong engagement across social media platforms Twitter, Reddit and Discord have bolstered Chihuahua’s base and created a thriving community.
Juno stakers that were lucky enough to delegate to the Chihuahua validator were rewarded with one million HUAHUA in a recent airdrop, which if compounded, equals approx. $10,000 at today’s price. An additional airdrop to ATOM stakers also helped spread the coin around.
“It’s really not a useless coin,” Chihuahua Community Manager and Developer Brandon said. “We have major plans to add utility that we can’t talk about yet. But rest assured, we gonna let the dogs out.”
Utility appears to already be growing.
A Telegram tip bot has been built allowing users to send HUAHUA to one another. The 2,000+ community helps onboard new users and troubleshoot technical problems. Memes in the channel are not in short supply.
NFTs featuring 200 different Chihuahuas with four levels of rarity are planned with the help of Secret Network. Crypto analysts have predicted that NFTs could outpace decentralized finance in coming years and excitement surrounding this NFT project is spreading.
A Chihuahua Community DAO seeks to be established via governance proposal with the overarching goal to “bootstrap community engagement.” The DAO wants to establish collaborations with every IBC-enabled zone, starting with the Cosmos Hub and Osmosis. Future plans involve major brands and content creators. The proposal has garnered overwhelming community support on the Commonwealth website and will soon be in front of voters.
Additionally, Chihuahua has been listed on CoinGecko as a preview. Developers say they are waiting on CoinGecko staff to input the numbers to make it official.
Since the chain went live on Dec. 14, Chihuahua has managed to increase it’s social media users by 33 percent and has gone from a starting daily volume of $5,000 to $1.8 million on Osmosis DEX in the last two weeks.
The current supply is 102 billion coins with a staking reward of 478%. Inflation is set at 60 percent and current market cap is $500 million.
Community members point to the marketing of Chihuahua as a reason for its early success. The slogan “To the world Chihuahua is just a coin, to us Chihuahua is the world” appears to have caught the attention of community members. Some say the coin has the best chance to take the Cosmos ecosystem mainstream. Whatever is in store for the dog coin, Chihuahua is the first meme-coin on Cosmos that might just surprise us with its utility.
