A stealth-launched crypto token called “Hourglass” has gained significant attention in the market, with its market cap surpassing $1 million and attracting over 300 wallet holders in just one week. This surge in interest followed an emotional Medium post by an anonymous developer who criticized crypto scams and influencer-driven pumps.
In a move that some supporters see as “walking the walk,” the developer renounced ownership of the Hourglass token and disabled functions only available to the owner. This effectively made the developer equal to the community owners of the token in many ways. Additionally, the developer locked liquidity for 100 years and made the token zero-tax, making it “rug proof.”
The success of Shiba-Inu, another stealth-launched token with a mission of decentralization, is cited as an example of the potential gains in community-owned tokens. One believer in the Hourglass token is Crypto Twitter influencer Alex Lofourno, who explains that investors are increasingly drawn to ownership-renounced, community-owned tokens with locked liquidity because they eliminate the risk of outside forces manipulating the market.
Another interesting aspect of the Hourglass community is the direct correspondence between the developer and selected community members, who are collaborating on building utility into the token and launching a supportive NFT project. This interaction adds a level of transparency and engagement within the community.
The Hourglass community, known as “The Timekeepers,” is optimistic about the token’s potential for success. They point out that large wallets from backers of other major projects have shown support by holding onto their Hourglass tokens, suggesting a possible supply squeeze in the future.
The enthusiasm surrounding the Hourglass community on social media platforms like Twitter and Telegram further reflects the optimism within the community. Despite the unpredictable nature of cryptocurrencies, the Hourglass community has made a promising start.