Crypto traders have found a unique way to generate returns as the crypto market remains stagnant and the DeFi sector fails to fully recover from the bear market. Blockchain-based platform Hamsters.gg allows users to bet on real hamster races. “The hamsters are real and the bets are real. The hamsters are running on a track and the first hamster to cross the finish line wins,” the site explains. Popular hamster racers like “Rocky” and “Buster” have bets of up to $500 per race.
Crypto traders have a tendency to jump on gambling platforms and meme-coins, especially after the rise of tokens such as Dogecoin (DOGE) and Shiba Inu (SHIB) – which jumped to tens of billions in market capitalization in the previous bull market. Last year saw hopefuls bet on artworks from the English language to McDonald’s branded Grimacecoins, both of which fell to nearly zero after a few weeks of trading. But some, like Pepecoin (PEPE), jumped to billions in market capitalization and became big-name projects.
Data shows Hamsters.gg went live earlier in July and live-streamed a series of races through Twitch on Thursday. Bets could be placed via U.S. dollar-pegged Binance USD (BUSD) by depositing tokens from either Ethereum or BNB Chain. There is also a HAMS token, which has skyrocketed to over $6 million capitalization nearly overnight. On-chain data shows each HAMS exchanges hands for 60 cents at writing time in Asian morning hours, a nearly 1,000% increase compared to Thursday.
“Sipping wine, betting on hamster racing…does it get any better than this?” a recent message on the Hamsters chatbox reads. Hamsters.gg developers say this is just the start of the novel hamster betting platform. “Our vision is for long-term development and scalability. We’ve been working on this project for over three months, and we’re committed to building a sustainable and thriving ecosystem,” they said in a tweet last week.
Ridiculous or not, crypto traders have found a fun way to generate returns as the crypto market remains flat. Hamsters.gg allows users to bet on real hamster races, with popular racers like “Rocky” and “Buster” drawing bets of up to $500 per race. There is also a HAMS token, which has skyrocketed to over $6 million capitalization nearly overnight. Hamsters.gg developers are committed to building a sustainable and thriving ecosystem, and this is just the start of the novel hamster betting platform.