Betting on Real Hamster Races Pump and Dump Ham Token Value
Uncover the intriguing world of Hamsters.gg, a blockchain-based betting platform where real hamster races dictate the value of HAMS tokens.
- Hamsters.gg is a blockchain-based betting platform where users can bet on live-streamed hamster races using Binance USD (BUSD) tokens.
- The platform retains 5% of all bets, with 4% of that amount distributed to HAMS token holders as rewards for their engagement.
- HAMS token experienced significant price fluctuations, reaching an all-time high of $3.31 but currently trading at $0.4013. HAMS holders receive 4% of the 5% bets retained by Hamsters.gg from each race.
The crypto community has found a new way to utilize their Binance USD (BUSD) and generate returns as they take part in the emerging blockchain-based betting platform Hamsters.gg.
The Rise (and fall) of HAMS Token
Last July 20, the Ethereum-based token HAMS, issued by Hamsters.gg, is reported to have increased by 783% in value over the course of one day on the decentralized exchange Uniswap V2 according to Dexscreener.
However, as of writing, CoinGecko data shows that HAMS have been down by 57.4% and currently trading at $0.4013. Since its launch, it’s reached its all-time-high of $3.31 last July 22. As of today, the market capitalization of HAMS is $9,685,772, ranking it #957 on platform.
HAMS holders get 4% of the 5% of the bets Hamsters.gg keeps from each race. According to the developers, this distribution mechanism incentivizes token holders by rewarding participation and engagement.
What is Hamsters.gg?
Launched quietly in the second week of July, Hamsters.gg is a platform for live-streamed hamster races where players can bet on real hamsters running on a track to see who crosses the finish line first.
“The hamsters are real and the bets are real,” the website stated.
Real-Life Hamster Races(?)
The races are streamed through interactive live streaming service Twitch. Four hamsters– such as Sparky, CK, Rocky, Buster and 5 others– are arranged in a row on a running track, and users are able to place a wager using BUSD before each race–bets are made by depositing tokens from either Ethereum or BNB Chain.
Winning bettors share the pool of bets amongst themselves, while Hamsters.gg retains 5% of all bets.
Live Stream Controversy
Amid the game’s rising popularity, bettors were surprised to learn that the races were not live as they had assumed. Instead, the races were pre-recorded by a dedicated team of three developers and rodent-wranglers responsible for running the site.
The platform’s core developer, Dani, clarified that this approach was adopted to prevent any distressing scenes of a hamster passing away during a race or the uncertainty of races stalling if the hamsters chose not to participate actively.
Moreover, Dani admitted there is no way to ensure that he and his team members couldn’t bet on winning hamsters they knew about.
“Unfortunately, there is no way to guarantee it,“ Dani stated.
Hamsters.gg Developers Respond to Concerns
Twelve hours ago, the official Twitter account of Hamsters.gg published a thread addressing some concerns.
“We’re not just here for a sprint, we’re in it for the marathon. We’ve always emphasized that this project’s long-term success is our utmost goal,” the developers wrote.
They disclosed that their funds, the 5% tax they get per race, are allocated as 70% of transaction tax goes to dev wallet and 30% to marketing. They also assured that the funds are reinvested for the platform’s betterment.
Moreover, they also shared that the funds are moved to their the dev wallet to bolster security and ensure timely team payouts—to which they assured that “doesn’t affect the project’s health. We’re committed to transparency and gaining your trust.”
“As a testament to our commitment, we’ve added a whopping 90 ETH to our liquidity pool! This is us doubling down on our dedication to the project’s longevity. We’re here, we’re committed, and we’re ready to grow,” they added.
This article is published on BitPinas: Crypto’s New Bet: Real Hamster Race Drives Surge Of HAMS Token
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