In a thread of Tweets, Jack Dorsey has implied that HamsterCoin is the biggest threat to Ethereum. Dorsey’s tweet was in response to a user claiming that Dogecoin is the biggest threat to Ethereum, but both of these tweets are likely just jokes.
Unlike Ethereum, HamsterCoin doesn’t support smart contracts, nor does it have the security of decentralization that Ethereum boasts. Even though this tweet was clearly a joke, Hamster pumped over 100% since Dorsey’s tweet.
What is Hamster?
Hamster is another useless Binance Smart Chain token that has no clear advantages over more established cryptocurrencies. Its website has little information about the project, but if you’re familiar with any other frictionless yield farming protocol on Binance Smart Chain, this is yet another copy of SafeMoon.
Hamster Token is your run of the mill pyramid scheme token where the early investors receive the most token rewards while smaller investors simply hold up the price of the token for those at the top to make a profit.
If you decide to put your hard earned money into Hamster, there’s a good chance you’ll lose money. Hamster should be treated as a gamble rather than a sound investment.
Brief History of Hamster Coin
Hamster token has been around for about a month, and it’s currently trading for less than 1 1-millionth of a cent. This is due to the enormous supply of 10 quadrillion tokens, so the coin won’t be able to reach $1 anytime soon.
If anyone tells you that their Binance shitcoin is going to a dollar, they’re either lying or don’t understand how investing works. With the current supply of Hamster (and most other Binance Smart Chain tokens) in the quadrillions, it would take more money than there is in the U.S economy to make the token worth anywhere near $1.
How To Buy Hamster (HAM)
- Open a Binance Account
Since the only place to buy Hamster is on Binance’s decentralized exchange PancakeSwap, you’ll have to make a Binance account to trade Hamster tokens. PancakeSwap uses Binance Coin to swap into other cryptocurrencies, so you’ll 1st need to buy Binance Coin on Binance Exchange.
- Download MetaMask
Once you’ve bought Binance Coin, you’ll need to send it to a cryptocurrency wallet that’s compatible with PancakeSwap. The best wallet to do this is MetaMask, as its Google Chrome extension makes it easy to interact with decentralized programs like PancakeSwap.
When you download MetaMask, it’ll be set to Ethereum mainnet as default. Since PancakeSwap is on Binance Smart Chain, you’ll need to change the network before you get started. To do so, choose “custom RPC” from the networks tab and enter the following information:
Network Name: Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com - Make Your Purchase
After connecting to Binance Smart Chain, you can visit PancakeSwap.finance to make your purchase. Once your wallet is set up, buying crypto on PancakeSwap is a relatively simple process. Go to the exchange tab, then search for Hamster. Once you’ve found the token, select the amount of BNB you seek to convert into Hamster.
If you receive an error, you may need to increase your slippage. Since Hamster charges a 10% fee for both buying and selling the token, you may need to set your slippage tolerance over 10%.
Best Crypto Exchanges For BNB
As previously mentioned, the only way to get Binance Coin to use on PancakeSwap is with Binance Exchange. The platform is the largest cryptocurrency exchange in the world, so there’s significant liquidity to make any size cryptocurrency trade. Make a Binance account today to be ready for the next up and coming altcoin on PancakeSwap!
Leverage your Crypto & Earn Interest
BlockFi offers loans without approval by requiring cryptocurrencies like Bitcoin as collateral. As long as you pay back the loan, you will be able to reclaim your crypto. This is perfect for crypto holders who strongly believe their token of choice will perform well because they can use the cash from the loan while still having the exposure they want.
Some BlockFi users use the loan to buy more cryptocurrency to leverage their position even more, although this can be risky for volatile assets. Users with lower risk tolerance on BlockFi may instead choose to simply keep their assets in BlockFi’s high interest bearing accounts to earn 5% to 10% interest. If any of BlockFi’s services are for you, check it out and set up an account to start earning!
Is Hamster a Good Investment?
From a fundamental perspective, Hamster Coin is 1 of the worst investments you could possibly make. However, in this day and age fundamentals simply don’t matter. Cryptocurrencies with no real world use case have gained millions of dollars in funding, so just because Hamster is a poor fundamental investment doesn’t mean that the token can’t go up. This being said, Hamster should be treated as a gamble, not an investment.
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