The HAMS token, associated with Hamsters.gg, a platform where users bet on a live-streamed hamster race, experienced an astounding 1000% price surge.
Hamsters recently took the crypto news by storm with the meteoric rise of the HAMS token. It all started when Hamsters.gg, a website allowing users to wager crypto on live hamster races, gained traction.
The platform’s token, HAMS, took advantage of this newfound fame and soared massively. The price of HAMS rallied from $0.29 to $3.31 during the weekend. This massive surge astounded even seasoned traders and drew substantial speculative interest.
However, HAMS has plummeted soon. The token is trading below $1 at the time of writing.
The HAMS token, which had a market capitalization of $1 million before the surge, reached $18.1 million at its peak. This led CoinGecko to introduce a new dedicated sub-category on its platform called “animal racing.” However, current HAMS market cap is only around $7.6 billion.
The allure of hamsters racing and the excitement of HAMS trading have captured the crypto community’s attention.
The frenzy and the dream
Crypto traders are caught up in a frenzy of optimism, with some members of the Hamsters.gg Telegram community daring to dream big. Speculations within the group range from HAMS surpassing $100 million market capitalization.
Pseudonymous community members have compared HAMS to Bitcoin (BTC), pointing out that HAMS has a total supply of 10 million tokens, significantly lower than Bitcoin’s 19.4 million circulating tokens (out of a maximum of 21 million).
While such comparisons fuel excitement, Bitcoin remains the most valuable cryptocurrency globally, with a market capitalization of approximately $578 billion.