- Crypto traders are betting on real hamster races on the blockchain-based platform Hamsters.gg as Bitcoin remains flat and the DeFi market lingers in a bearish phase.
- The platform’s native token, HAMS, has achieved a capitalization of over $6 million nearly overnight, with each token currently trading at 60 cents.
As Bitcoin (BTC) continues to plateau and the decentralized finance (DeFi) realm struggles to recover from the bear market blues, crypto enthusiasts are finding unique methods to produce returns. The latest sensation sweeping the crypto realm involves actual hamsters—the adorable and oft-beloved rodents—partaking in races on the blockchain-based platform, Hamsters.gg.
Racing Hamsters: Crypto’s Novel Thrill
On Hamsters.gg, live hamsters compete in races, and participants place BUSD-based bets on the winning rodent. The platform highlights,
“The hamsters are real and the bets are real. The hamsters are running on a track and the first hamster to cross the finish line wins.”
Top racing hamsters, such as “Rocky” and “Buster,” are drawing bets of up to $500 per race. However, hamsters like “CK” are not as fortunate, with only 8 wins out of 326 races. These races take place every few hours, igniting a chatbox that attracts over 1,000 viewers, punctuated by virtual beer and hotdog emojis.
put him down man pic.twitter.com/ku9cChCz3g
— PZ (@badquant1) July 20, 2023
The Hamsters chatbox hosts messages such as
“Sipping wine, betting on hamster racing…does it get any better than this?”
and earnest strategic discussions:
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“Who’s got some stats on these hamsters? Do we have weight classes?”
Cryptocurrency traders have exhibited a proclivity towards gambling platforms and memecoins, especially following the meteoric rise of tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), which reached market capitalizations in the tens of billions during the previous bull market.
Thanks to Ethereum and other blockchains, anyone can call a smart contract and issue tokens for a few cents. Decentralized exchanges allow these tokens to be instantly issued, supplied with liquidity, and traded almost immediately.
But not all of these novel ventures last. Some like Pepecoin (PEPE), reach billions in market capitalization and establish themselves as high-profile projects, while others quickly fade away.
HamstersGG began its operations earlier in July, live-streaming races on Twitch. Bets are made via the U.S. dollar-pegged Binance USD (BUSD) and deposited from either Ethereum or BNB Chain.
In a hardly surprising move, the platform also introduced a native token, HAMS. The whitepaper on the Hamsters.gg site reveals that the platform garners a 5% cut from all bets, 4% of which is distributed to HAMS token holders.
The Ethereum-based HAMS token has skyrocketed to a capitalization exceeding $6 million practically overnight. Each HAMS token currently trades for 60 cents, a staggering increase of almost 1,000% compared to the previous day. A Uniswap pool maintains $450,000 in liquidity and has generated $9 million in trading volumes in the last 24 hours.
Hamsters.gg developers promise that this is merely the beginning for their innovative hamster betting platform. They declared their commitment to long-term development and scalability in a recent tweet, confirming their dedication to nurturing a sustainable and thriving ecosystem.
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