Elon Musk hails crypto-trading hamster

Hamster-themed cryptocurrency soars following Musk comments

A hamster beside a hamster wheel                                 
Hamster Wheel – Photo: Shutterstock
                                

In one of the stranger cryptocurrency stories of late, US billionaire Elon Musk has taken to social media to praise a crypto-trading hamster. 

Mr Goxx set out to make his cryptocurrency fortune in mid-June, when his owners set up an electronically wired quasi-trading desk in his cage. The hamster selects the cryptocurrency that he wishes to trade by spinning on a wheel and decides whether to buy or sell it by running through either the ‘buy’ or ‘sell’ tube.

The rodent is named after Mt Gox, which used to be the largest cryptocurrency exchange on earth before its collapse, and has thus far achieved a return of nearly 20% on his initial €326 investment. 

Reacting to a recent BBC article on the rodent, Tesla CEO and SpaceX founder Elon Musk tweeted: 

This is by no means the first time that the South Africa-born businessman has championed the more bizarre side of the burgeoning digital asset space. Indeed, he is largely credited with propelling Dogecoin to new heights earlier this year.

Having started the year at $0.0057, the meme-inspired cryptocurrency rose as high as $0.6953 after Musk’s vocal support on social media.

Hamster (HAM) jumps

A similar phenomenon occurred following Musk’s recognition of Mr Goxx. Soon after, Hamster (HAM) a hamster-inspired cryptocurrency surged by more than 460%. 

The crypto had attracted attention earlier in the year from Square and Twitter founder Jack Dorsey, but subsequently slumped significantly. Even after Musk’s latest intervention and a 5,358% increase in trading volume, Hamster still stands 92% below the $0.00000001 it enjoyed in July. 

Further reading: GBP/USD falls to 10-week low despite BoE’s hawkish intervention

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