Bored with the Hamster craze? Crypto enthusiasts are now betting on an array of animals, including snails, rabbits, horses, and rats. Taking advantage of the frenzy surrounding animal race betting, several projects and their corresponding tokens have emerged, creating a new category on Coingecko.
Currently, five animal tokens are listed on Coingecko: Hamsters (HAMS), two snail racing platforms called Snail Trail (SLIME) and Snail Race (SNAILS), two horse racing projects ZED Run (ZED) and Metaderby (DBY), Rabbit Race (RABBITS), and Rat Roulette (RAT). Interestingly, the list also includes Marble Bet (MARBLE), which stands as the only non-animal token.
The spotlight initially shone on Hamsters, the world’s first live-streamed hamster race, which captured the attention of crypto enthusiasts. The native token HAMS experienced a staggering 850% surge. However, similar to some hamsters losing their leads during races, the HAMS token couldn’t sustain its gains, and it has now dropped by 78% from its all-time high, currently trading at $0.44.
Among the remaining animal racing projects, only two involve real animals in gambling activities. Rabbit Race, for instance, has activated its betting portal and successfully conducted multiple races. The project even made a $2000 donation to an animal shelter and also emphasized the welfare of rabbits as their top priority. The Rabbit Club token $RABBIT achieved an all-time high market cap of $1.72M, an astonishing 524x increase from its launch price.
ANNOUNCEMENT:
— The Rabbits Club (@TheRabbitsClub) July 25, 2023
We are thrilled to announce that #RABBITS community has just made a heartfelt donation of $2000 to an animal shelter in India! Recognizing the immense challenges faced by the countless street animals in India, we knew we had to extend our support to those in need. pic.twitter.com/wGDNBBB95Q
On the other hand, Rat Roulette introduced a unique concept, placing a rat in the middle of a moving roulette wheel. The rat sniffs the holes until it chooses one and dives in, similar to a ball in a traditional roulette game. The RAT token is down by 37% from its all-time high and currently trading at $0.22.
The sudden surge in these animal projects attracted the attention of notable figures in the crypto industry. Coingecko’s co-founder and Chief Operating Officer, Bobby Ong, joined the betting action, acquiring Hamster, Snail, Rabbit, and Marble tokens for his portfolio. He playfully raced the tokens against each other to see which would come out ahead by Monday, ultimately selling his positions without significant gains.
This weekend I've bought Hamster, Snail, Rabbit, Marble. I now have a collection of animals in my portfolio to race against each other to see who comes out ahead by Monday.
— Bobby Ong (@bobbyong) July 22, 2023
Should I add more to my racing list? Shill me GeckoTerminal links to your animals for me to take a look.
While the animal race betting trend is undoubtedly intriguing, investors should exercise caution and be mindful of the crypto market’s inherent volatility. The potential for animal tokens to gain traction in the future is uncertain, and one should conduct thorough research before engaging in such projects.
As the fascination with animal tokens continues, we should remain watchful of these unique ventures and their impact on the ever-evolving landscape of cryptocurrency.
