Hamsters.gg has given a bit more insight into the effectiveness of its token burns. The Hamsters.gg team took to social media in response to a question from another user.
User Moon Dev wrote:
“Nice hustle on those buybacks and burns, fam but tbh, isn’t burning tokens just a temporary fix? How do you see it affecting the project’s long-term growth?
The question gave the HamstersGG the chance to explain in detail a little more of what happens when running token-burning sessions.
Hamsters.gg admin responded, saying:
“Well, I wouldn’t call burning tokens ‘temporary’. Compiled with marketing, buybacks, and further development creates a very strong floor.
“Yes, burning is a ‘small’ portion of this but it’s HUGE in the long run for supply.
Hamsters.gg has taken the crypto bet world by storm with its HAMS token gaining over 1000% in value over the weekend of July 22-23.
The HAMS token saw an incredible surge from $0.29 to $3.31, reaching a market capitalization of $18.1 million at its peak.
However, later on, HAMS saw a sharp decline with its market cap dropping to around $7.6 million.