Tendies, New Cryptocurrency, Surges Up To 409% In Four Days

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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.