What is Hamster Race Betting? Inside Crypto Degen's New Game World and the Animals Involved by Benzinga [Advance Cash ]

What Is Hamster Race Betting?  Inside Crypto Degen'S New Game World And The Animals Involved By Benzinga

Benzinga - For years people have been betting on ponies with horse racing, an activity that includes in-person betting at racetracks and also online thanks to the rise of online sports betting and horse racing betting.

Cryptocurrency fans could have a new form of animal betting with the rise of Hamsters (CRYPTO: HAMS) and other animal racing related cryptocurrencies.

What happened: A new blockchain-based platform called Hamsters.gg was recently launched, which offers viewers the opportunity to bet on hamsters in live races and bet and win cryptocurrency.

“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 Hamsters website says.

Streamed on Twitch, four hamsters race on a short track with users betting with BinanceUSD (CRYPTO: BUSD). Punters can deposit BNB chain tokens or Ethereum (CRYPTO: ETH).

According to Coindesk, the HAMS white paper states that the platform takes 5% of all bets placed. Of this total, 4% is distributed to HAMS token holders.

Rising betting on the platform has helped HAMS' valuation soar in recent days, hitting a high of $3.32 on July 21, before falling back to below $1.

The Hamsters Twitter account promised more to come to bet on Hamsters and also brushed off claims of using replays and renaming the same hamsters for races.

Related Link: How to Use Binance Smart Chain

Why it matters: If the use of hamsters in the cryptocurrency world sounds familiar, it might be because you remember a hamster named Mr Goxx.

In 2021, Mr. Goxx captured the hearts of the cryptocurrency world by live trading through a Twitch account. The hamster would run on a wheel and then select one of dozens of pre-selected cryptocurrencies. The hamster would then also choose whether to buy or sell the token in question.

The decisions made by Mr. Goxx have turned into actual cryptocurrency trades and have seen Mr. Goxx outperform Warren Buffett, Cathie Wood and other stock market investors in a short period of time.

With the rise of hamster betting, cryptocurrency degens might already be moving on to the next kind of animal racing. New crypto-themed betting platforms for races involving snails, rats, and rabbits have also popped up, according to Decrypt.

Coingecko now tracks a new category of race-themed tokens from across the animal kingdom, including HAMS.

Connecting horse racing to the world of cryptocurrency and NFTs also saw the launch of ZedRun in 2019, which was one of the first successes of the NFT bull market of 2021. Users can buy NFT horses, breed them and race them for tokens.

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While betting on hamsters or a token associated with the project, it should be remembered that sometimes new tokens lose value and investment and crypto modes may fade.

For crypto degenerates, betting on animal breeds with chips can be a fun activity or a rewarding exercise.

HAMS Price Action: According to data from Coinmarketcap, the HAMS token is trading at $0.6496 at the time of writing. The token has traded between $0.3821 and $3.32 since tracking began.

Read next: Crypto Trading Hamster Mr. Goxx is back from the dead

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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