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Explanation: What is Hummingbird Finance?
Hummingbird Finance is a new cryptocurrency token, launched in April 2021. It is a smart contract or program based on the Binance smart chain blockchain network.
Blockchain technology is the core of most cryptocurrencies including Bitcoin. It looks complicated, but it is a database used to record transactions.
Susannah Streeter, senior investment and market analyst at Hargreaves Lansdown, told The Sun: “The founder of Hummingbird promised to use token proceeds to help raise money, protect charities to protect the species in the wild and raise awareness.
“But this promise is difficult to prove, and the way the token works will reward holders not to sell their tokens, and tax those who do so.
“This has aroused people’s suspicion, the purpose is to simply raise the price in a wave of speculation, so traders should treat tokens very carefully.”