On Wednesday, the Hamster coin dropped 40.31% to $0.000000000781 but is now staging a rebound. Over the last week, it rose by a mind boggling 724.61%.
This week’s crypto headlines have been dominated by a brief exchange of tweets between Elon Musk and Billy Markus, a co-creator of Dogecoin (DOGE/USD).
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 runs through one of two tunnels to sell or buy that coin. Although it may appear absurd, the hamster has already exceeded the S&P 500 and Dow Jones stock indices since June 12. When compared to Warren Buffett’s Berkshire Hathaway, the hamster outperforms.
Presumably, the trades are executed by the hamster’s anonymous human business partner, who posts the buy and sell orders.
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 price volatility of Hamster is not only typical of new coins, but of the cryptocurrency market in general. There are plenty of new coins on the market, and investors seem to flock to anything Musk mentions. Those based on a smart or attention-grabbing gimmick, such as Hamster, stand out.