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Kuma Inu Price Surges 85%: What's Going On?

The price of cryptocurrency Kuma Inu (CRYPTO: KUMA) has surged 82.4% to $0.00000005179 over 24 hours in the early hours of Tuesday.

What Happened: Kuma Inu rose 85.1% against apex cryptocurrency Bitcoin and also gained 89.3% against Ethereum. The altcoin is down 5.2% from its all-time high of $0.00000056 reached earlier on Monday.

For comparison, the apex meme cryptocurrency Dogecoin (CRYPTO: DOGE) traded 5.24% lower at $0.2261 at press time.

Why It Matters: Kuma is the native token that is used in the Kuma Breeder, a yield farming protocol. The project behind the token says it is fully decentralized and is community-driven.

Kuma Inu says on its website that it is a community-focused decentralized finance (DeFi) cryptocurrency project, consisting of Kuma Breeder, Kuma DEX and Kuma NFT.

Kuma launched its v1 token in May with one quadrillion tokens. 50% of the supply was sent to Ethereum co-founder Vitalik Buterin’s wallet, while 3% was sent to the token’s early investor Shiba Inu (CRYPTO: SHIB).

The project behind the token announced the Kuma Token V2 migration in June.

Kuma Inu announced on Twitter in September that it accidently burnt all liquidity provider tokens.

Read Next: Shiba Inu Surges Another 14% But Is An End To Rally Coming Soon?

Photo: Courtesy of Kuma Inu

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