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Tendies (Pic Courtesy: cryptoslate.com)
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Tendies, New Cryptocurrency, Surges Up To 409% In Four Days

Tendies (Pic Courtesy: cryptoslate.com)
Tendies (Pic Courtesy: cryptoslate.com)

The digital currencies have seen its fair share of fluctuations in the last few days, especially on Sunday. Amid all the turbulence, a low-cap DeFi cryptocurrency surged up to 409% in a few days.

Tendies, a new cryptocurrency, has been seen as the “next generation autonomous and hyperinflationary coin”. It has attracted a lot of attention especially after seeing a sure from $0.1853 on July 30th to a high of $0.9449 on Sunday. At the time of publishing the new asset was valued at $0.70.

It is also gaining more prominence as from Sunday, it has gained more than $4.5 million. In the process, it has surpassed 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.

Their are nearly 9 million TEND stored in the Uniswap liquidity pool. According to their official website, any user can start the draining process. The user who makes the call gets 1% of the drained tokens.

TEND are basically send to two addresses — one of them burns 51% of the drained tokens while the second one receives 48% of the drained tokens which would be distributed to the top 50 TEND holders every three days.

However, the creator of Tendies have that it is a social experiment and warn it comes with considerable risk.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.