Forget SHIB and PEPE, HAMS Token Holders Bet on Hamster Races in Latest Crypto Meta

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Crypto traders have found a new way to generate returns as bitcoin (BTC) remains stable and the decentralized finance (DeFi) sector fails to fully extricate itself from the lull in the bear market.

The Hamsters.gg blockchain-based platform allows users to bet on real hamster races. The hamsters are real and the bets are real. Hamsters race on a track and the first hamster to cross the finish line wins, the site explains.

Star hamster racers like Rocky and Buster are already drawing bets of up to $500 per race. Others like CK aren’t so lucky to lose 326 races; winning only 8. These races seem to happen every few hours, during which a chat box lights up, drawing at least 1,000 viewers and complete with virtual beer and hot dog emojis.

Sipping wine, betting on hamster races…does it get any better than that?, read a recent post on the Hamsters chat box. Others try to win mathematically: Who has statistics on these hamsters? do we have weight categories?

Crypto traders have a knack for jumping onto gaming platforms and memecoins, mostly after the rise of tokens such as dogecoin (DOGE) and shiba inu (SHIB) which surged to tens of billions in market capitalization during the previous bull market.

Anyone can call up a smart contract and issue tokens on Ethereum (or other blockchains) for pennies, and the presence of decentralized exchanges means that tokens can be issued instantly, supplied with liquidity, and traded soon after.

Most of them do not last beyond a few weeks. Last year, hopefuls bet on items ranging from English-language to McDonalds-branded Grimacecoins, both of which fell to near zero after a few weeks of trading. But some, like Pepecoin (PEPE), reach billions in market capitalization and seem to become marquee projects.

Data shows that HamstersGG went live earlier in July and streamed a racing series live via Twitch on Thursday. Bets can be placed through Binance USD pegged to the US Dollar (BUSD) by depositing Ethereum or BNB Chain tokens.

And unsurprisingly, there is also a HAMS token. A white paper on the Hamsters.gg site explains that the platform takes a 5% cut on all bets, of which 4% is distributed to HAMS token holders.

The Ethereum-based HAMS reached a capitalization of over $6 million almost overnight. On-chain data shows each HAMS traded hands for 60 cents at the time of writing, an increase of nearly 1,000% from Thursday. A Uniswap pool holds $450,000 in cash and generated $9 million in trading volume in the last 24 hours.

Meanwhile, the developers of Hamsters.gg say this is just the start of the new hamster betting platform. “Our vision is one of long-term development and scalability. We have been working on this project for over three months and are committed to building a sustainable and thriving ecosystem,” they said in a tweet last week.

Ridiculous or not. It’s funny. Just like the wild west of crypto should be.

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