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.