Benzinga | Aug 5, 2021 10:52PM EDT

Twitter CEO Jack Dorsey Endorses HamsterCoin, Pushing The Crypto Up 252%

Twitter Inc. (NYSE:TWTR) CEO Jack Dorsey pulled an Elon Musk-style move as he endorsed joke cryptocurrency Hamstercoin, causing Hamster (CRYPTO: HAM) to increase its price vertiginously.

What Happened: In a Tuesday tweet, Dorsey suggested Hamstercoin is better than both Ether (CRYPTO: ETH) and Musk's favoring cryptocurrency Dogecoin (CRYPTO: DOGE). According to Poopcoin data, the HAM rallied that day by nearly 252% from its 24-hour low of $0.0000000002463 to a high of $0.0000000008669, and stands at $0.0000000007806 as of press time.

Shortly thereafter, Dorsey answered a tweet suggesting it's "only a matter of time before he buys in to" Ether with a short but rather explicative "No."

The Twitter CEO is widely known to be a so-called "Bitcoin maximalist," meaning that he believes Bitcoin has all -- or nearly all -- the value that can be found among all the digital assets and will dominate the space.

Hamster is a token launched on Binance Smart Chain -- a blockchain launched by the world's top crypto exchange Binance and powered by Binance Coin (CRYPTO: BNB) -- with furthering financial freedom and avoiding negative market fluctuations as its purported goals.

In the third quarter of 2021, the coin's team plans to conduct an advertising and marketing campaign and to have its infrastructure audited ahead of its fourth-quarter exchange listing.