A low-cap DeFi cryptocurrency is the latest to shake up the cryptoverse after surging 409% in just a few days.
Tendies, a new cryptocurrency that bills itself as the “next generation autonomous and hyperinflationary coin,” is attracting attention after jumping from $0.1853 on July 30th to a high of $0.9449 on Sunday, according to CoinGecko. The asset now stands at $0.70 at time of publishing.
The coin is also gaining significant volume on the Uniswap Protocol as its 24-hour trading volume soars to more than $4.5 million, surpassing stablecoin powerhouse Tether (USDT) and decentralized oracle network ChainLink (LINK).
Tendies relies on a deflationary model and user loyalty to try and establish value. Its tongue-in-cheek name is a reference to a meme about chicken tenders that began on 4chan back in 2014.
🐔Poloniex is honored to list the future of fried crypto – Tendies ($TEND) will be listed this weekend. 🍗
— Poloniex Exchange (@Poloniex) August 1, 2020
Of the nearly 9 million TEND stored in the Uniswap liquidity pool, 4% are drained on a daily basis. According to the Tendies website, any user can start the draining process. The user who makes the call gets 1% of the drained tokens.
The remaining drained TEND are sent to two addresses. One address burns 51% of the drained tokens. The second address receives 48% of the drained tokens which would be distributed to the top 50 TEND holders every three days. The process is designed to incentivize investors to hold more TEND in order to qualify for bonuses.
The anonymous developers of the cryptocurrency themselves say Tendies is nothing more than a social experiment and warn it comes with considerable risk.
Featured Image: Shutterstock/Oleksandr Nagaiets