Did You Miss Out on Hamster Races, Anon? HAMS Token Jumps 783%

Degens betting on the price of the HAMS token might be doing even better than degens betting crypto on the actual hamster races.

Sander Lutz•

Hamster fever is here. 

After Hamsters.gg—a website that lets users bet crypto on livestreamed hamster races—took off on Thursday, the platform’s own token has now skyrocketed in price.

The price of the Ethereum-based token, HAMS, jumped 783% in a 24-hour span on the Uniswap V2 decentralized exchange, per data from Dexscreener, rising from about $0.29 on Thursday to a peak of $2.56 Friday afternoon.

The price of HAMS is quickly losing pace, however, currently sitting at $1.73 on Uniswap V2. CoinGecko, a cryptocurrency price tracker, shows the current market price at $1.82 with a brief peak of $2.40 earlier this afternoon.

That extreme price movement has attracted significant attention and speculative interest from crypto traders. Despite the fact that only yesterday, the fluffy rodent-affiliated token had a market capitalization of $1 million, according to its creators, it has seen over $15.3 million in trading volume in the last 24 hours, per CoinGecko.

As of writing, the coin currently boasts a market capitalization of over $18.1 million, according to CoinGecko. That remarkable jump appears to have prompted the crypto price-tracking platform to create a new dedicated sub-category on its site: animal racing.

I don't own any hamsters but I do think hamsters are cute

I unfortunately missed this narrative but glad for everyone who hit it

When you hit narratives, understand they don't last forever, be smart pic.twitter.com/3jRQz4uICn

— Rager (@Rager) July 21, 2023

Within the Hamsters.gg Telegram community, users were jubilant on Friday—perhaps delusionary so, with some anticipating HAMS could exceed a $100 million market capitalization, or even eventually eclipse Bitcoin.

“To put in perspective, we have less supply overall than Bitcoin,” pseudonymous Hamsters.gg community member Captain Booty wrote Friday. “This [is] going to get sooooo nuts lol.”

HAMS has a supply of 10 million tokens; Bitcoin has a circulation of roughly 19.4 million tokens, currently, out of a maximum of 21 million. The latter, the most valuable cryptocurrency on Earth, has a current market capitalization of about $581 billion.

Was thinking last night how Hams could be the “final act”

Pepe -> BITCOIN -> Hams ->??? pic.twitter.com/sUQgDa9D5Y

— phooter➕ (@phooterxbt) July 21, 2023

Others, like the tweeter shown above, took the sign of HAMS’ remarkable ascendance, in contrast, as a cursed omen—one likely to spell doom for the entire crypto ecosystem.

In other words, we've hit the top. YOLO?

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.