On Wednesday, the Hamster coin dropped 40.31% to $0.000000000781 but is now staging a rebound. Over the past week, it rose by a mind-boggling 724.61%.
The coin has dominated crypto headlines this week amid a brief exchange of tweets between Elon Musk and Billy Markus, a co-creator of Dogecoin (DOGE/USD).
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This article is going to take a closer look at what is Hamster coin and if there is any logic behind the concept.
The idea of Mr. Goxx
The cryptocurrency Hamster revolves around Mr. Goxx, a hamster who picks crypto trades. The hamster chooses which asset to trade by running on a wheel that’s divided into multiple options.
Then, he sells or buys that currency by running through one of two tunnels. It may sound silly, but the hamster has already outperformed the S&P 500 and Dow Jones stock indices since June 12. Pitted against Warren Buffett’s Berkshire Hathaway, the hamster is generating a superior return.
Mr. Goxx has even matched Bitcoin’s (BTC/USD) return over the same time period.
Presumably, the trades are executed by the hamster’s anonymous human business partner, who posts the buy and sell orders.
More than just ‘throwing darts’?
Markus (“Shibetoshi Nakamoto”) is not thrilled about the hamster’s success, which he failed to foresee. He tweeted:
Musk said in response:
Even the most balanced of portfolios will suffer from picking investments that’s not unlike throwing darts at a board.
Meanwhile, the kind of volatility in Hamster price is not only typical of new coins, but of the crypto market in general. There’s no shortage of new coins on the market and investors seem to gravitate towards anything Musk mentions. Those like Hamster, which are based on a clever or attention-grabbing gimmick, stand out.
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