23 April, 2024

Animal-Themed Coins Drive Altcoin Frenzy on Decentralized Exchanges

24 Jul, 2023

30 Oct, 2023

  • Animal-themed cryptocurrencies fuel the altcoin boom on DEXs, outshining Bitcoin’s dominance.
  • Traders witness massive gains with HAMS, SNAILS, and ROACH tokens on Uniswap.
  • Concerns arise over volatility and liquidity as slow rugging fears loom.

In the ever-evolving world of cryptocurrency trading, a new trend has taken center stage as DEX traders shift their focus from Bitcoin to altcoins. The emergence of animal-themed tokens, such as Hamsters (HAMS), Snail Race (SNAILS), and Roach (ROACH), has sparked a frenzy among traders, leading to massive gains on decentralized exchanges.

July has become the month of altcoins, leaving Bitcoin to flirt with the $30,000 mark on centralized exchanges like Binance. Meanwhile, DEX traders have turned to Uniswap V2 and other DeFi platforms, hunting for the next opportunity to capitalize on the booming animal-themed narrative. The rise of these peculiar tokens has led to some astonishing profit-making opportunities for traders. A crypto analyst recently spotted a whale wallet that raked in an astounding $400,000 profit from a few well-timed trades involving animal-themed cryptocurrencies.

One particular token that caught the trader’s attention was HAMS, which experienced exponential growth overnight. The token’s value skyrocketed, earning the whale wallet an impressive $459,797 in unrealized profits. Despite the staggering gains, the whale has not yet sold the tokens, indicating a potential belief in the token’s future growth. 

However, with immense profits come significant risks, and some animal-themed tokens have experienced sharp nosedives, wiping out gains for investors. The low liquidity on exchanges and concerns over “slow rugging” by developers, where large volumes of tokens are sold at price peaks, have surfaced on crypto Twitter, raising caution among traders.

Interestingly, the trend of animal-themed tokens is not confined to mere speculation. Websites like Hamsters.gg have engaged DEX traders by hosting real-life hamster races and betting events, generating real revenue from the community’s participation. This common theme of revenue generation is a driving force behind the success of several projects, whether they are casino tokens, UI/UX tokens, or animal-themed cryptocurrencies. As the crypto ecosystem evolves, traders increasingly seek projects with tangible revenue streams, ensuring long-term sustainability.

Rollbit Coin ($0.07063) is another example of a token riding the wave of the crypto casino narrative during this alt season. While it yielded impressive gains for holders, it also experienced rapid fluctuations in value, showcasing the short-lived nature of such trends. As the crypto landscape shifts, traders remain eager to explore new opportunities. The rise of animal-themed cryptocurrencies and the frenzy surrounding them underscore the dynamic and exciting nature of the crypto market.

Source: Coin market cap

In conclusion, animal-themed cryptocurrencies have taken the DeFi world by storm, providing traders with exhilarating profit-making prospects. While the altcoin season gains momentum, the focus on revenue-generating projects suggests a maturing crypto ecosystem. As DEX traders continue to seek the next big opportunity, they must navigate the risks associated with the fast-paced world of cryptocurrency trading.


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