Hamster fever has gripped crypto social media over the weekend with everything from furry sports betting to memecoins. Markets remain in their state of torpor, however, with very little movement in either direction.
A recently launched website allowing users to bet on hamster racing using crypto is taking social media by storm.
Crypto Hamster Fever
Hamsters.gg was launched last week, claiming to be the “world’s first live-streamed hamster race.” Furthermore, bets can be placed on the fluffy contenders named ‘Teddy,’ ‘Rocky,’ ‘Buster,’ and ‘Oliver,’ among others.
The site has attracted a slew of crypto gamblers who place bets in Binance USD (BUSD) in races that are held at various intervals and streamed.
Once a victorious rodent has crossed the line, winners split the pool of bets, with the platform taking a rake of 5%.
However, the races are not live, as site operators want to prevent streaming a fatality or a race that goes on for ages. This could lead to insider betting, however.
The move has caused the latest hot memecoin, HAMS, to pump to an all-time high over the weekend. The token rewards holders with a cut of the house’s take of the losing bets.
HAMS skyrocketed to an all-time high of $3.31 on July 22. However, it has already dumped more than 70% to current prices of $0.87 at the time of writing.
On July 24, $HAMS was trending on Twitter with 177,000 Tweets. Comparatively, #Bitcoin had 307,000 Tweets.
Some have already accused the project of being a rug pull, claiming that developers have already made more than $2 million and are dumping on markets.
Animal Racing Tokens
Nevertheless, the hype has even spurred coin analytics platforms such as Coingecko to add a new animal racing category. There are currently eight tokens in the category, including Rat Roulette (RAT), another spinoff to catch the hype wave.
Other copycats, such as Maze Race, have already emerged, offering another spurious token and rodent racing.
The wider crypto market has not been as active as the racing hamsters over the weekend. Total capitalization is unmoved at $1.23 trillion, pretty much where it was this time last month.
BTC topped $30,000 very briefly in early Asian trading on Monday but quickly retreated to $29,790 where it currently trades. Furthermore, the top 20 altcoins are all showing red at the moment though losses are minimal.
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