<\/p>\n
Thrill-Seeking Investors Turn To Betting On Animal Racing Tokens As Crypto Markets Trade Sideways<\/p>\n
Bored traders have resorted to wagering crypto on hamster racing for thrills, but blockchain sleuths are sounding the alarm that the project’s founders could be pulling the rug out from beneath its tokens’ investors.<\/p>\n
On July 23, Artist, a DeFi developer, tweeted<\/a> that wallets believed to be controlled by HamstersGG insiders had profited $2M from offloading their HAMS tokens on unsuspecting investors.<\/p>\n ,[Developers] purchased most of the supply within minutes. This demanded knowing the exact launch time, down to the millisecond,” they wrote.<\/p>\n The rug-pull accusations have stymied the growth of HAMS, with the token crashing 81% since tagging an all-time high of $3 two days ago. HAMS now has a $5.6M market cap, with 24-hour volume equating to 71% of the token’s capitalization.<\/p>\n <\/p>\n <\/a><\/p>\n The owner of one wallet that invested $500,000 into HAMS changed<\/a> their ENS domain to \u201cimnotunderwateryouare.eth\u201d in response to the crash.<\/p>\n The allegations facing HamstersGG serve as a cautionary reminder of the risks associated with investing in low-capitalization tokens floated by anonymous development teams.<\/p>\n With memories of abrupt fortunes made in April and May amid a memecoin trading crazy<\/a> Still fresh in the minds of many investors, opportunistic scammers may see crypto traders overcome with FOMO as easy prey.<\/p>\n \u201cYou always need to be extremely cautious and not get caught up in the hype,\u201d said Artist. \u201cMore often than not, it’s merely a strategy to induce you to make you their exit liquidity\u2026 Only today they shamelessly dumped $108,000 of HAMS in one transaction.\u201d<\/p>\n Artist also noted that HamstersGG developers also made $2M from a 30% initial tax on token purchases. “This is acceptable, as it was common knowledge that taxes were involved,” they added.<\/p>\n HamstersGG recently emerged as a popular pastime among degenerate crypto gamblers, with the project’s Telegram attracting thousands of punters.<\/p>\n Users can bet on the outcome of pre-recorded races between hapless rodents. Players that bet on the winning hamster split 95% of the wagered funds with HamstersGG taking a 5% cut. HamstersGG’s pseudonymous developers have acknowledged there is no way of guaranteeing they are not wagering on the races.<\/p>\n The buzz surrounding HamstersGG has inspired an entire category of \u201cAnimal Racing\u201d tokens on CoinGecko. While several of the tokens correspond to web3 games involving gamified breeding mechanics, The Rabbits Club, Snails Race, and Rat Roulette claim to facilitate wagering on events featuring live animals. HAMS accounts for 85%<\/a> of the sector’s capitalization.<\/p>\n<\/div>\nMemecoin Risks<\/h2>\n
Animal Racing Tokens<\/h2>\n