- The rise of animal-themed cryptocurrencies such as Hamsters (HAMS), Snail Race (SNAILS), and Roach (ROACH) on decentralized exchanges is grabbing the attention of crypto traders.
- This trend has led to substantial gains for traders, with identified instances of profits as large as $400,000 made from trading these animal-themed tokens.
A fascinating shift in crypto trading has been sighted, veering away from the mainstream Bitcoin to the more adventurous altcoins, specifically animal-themed cryptocurrencies. Tokens such as Hamsters (HAMS), Snail Race (SNAILS), and Roach (ROACH) have been roaring in the crypto jungle, proving lucrative for crypto traders on decentralized exchanges, an alternative marketplace for cryptocurrency trading outside the traditional, centralized platforms like Binance and Coinbase.
Bitcoin Sidelines, Animal-Themed Tokens Shine
The previously reigning king of cryptocurrencies, Bitcoin, has been given a break as animal-inspired tokens take center stage. Bitcoin’s current lackluster performance, hovering around the $30,000 mark on Binance, coupled with the dwindling volatility of meme coins, has catalyzed the migration of traders towards the newer cryptocurrencies. Tokens such as HAMS, SNAILS, and ROACH have been reaping significant returns, with instances of certain savvy traders, referred to as ‘whale wallets,’ profiting up to $400,000 from only a few trades.
An example of this fascinating shift can be seen in the interaction of traders with websites like Hamsters.gg. By engaging in live hamster racing and betting, traders have been stimulated to trade HAMS on Uniswap V2, a decentralized exchange. This has been identified by a crypto analyst, @dealerdefi, who found that a single ‘whale wallet’ spent merely $5,646 to purchase 181,446 HAMS before the token’s price exploded, currently sitting on unrealized profits of $459,797.
Grand Gains or a Slow Burn?
While the rise of animal-themed tokens seems promising, it’s worth noting that there’s a potential downside to this exciting trend. Some tokens like HAMS experienced a steep price decline over a short period, wiping out about 62% of gains almost overnight. Moreover, concerns regarding ‘slow rugging,’ a term referring to the dumping of large token volumes for profit at local price peaks, leaving other token holders stranded with low liquidity, have been surfacing on crypto Twitter.
However, the allure of potential gains continues to pull traders towards these tokens. Other animal-themed tokens like Cockfight GG (COCKGG), Fish Race (FISH), and Rabbit Race (RABBIT) have seen exponential growth of over 10,000% in a matter of days.
As these narratives unfold, the cryptocurrency market continues to evolve. The growing trend towards tokens with tangible revenue streams, whether it’s real-world asset tokenization (RWAs), Casino tokens, UI/UX tokens or animal-themed cryptocurrencies, signals a maturing market. Even as crypto traders enjoy the thrilling ride of the alt season, it seems that revenue generation is becoming a key determinant for long-term survival in the wild world of cryptocurrencies.