As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I’ve seen it all – from astronomical highs to gut-wrenching lows. The recent plunge of Telegram tokens, particularly RabBitcoin, Catizen, and Dogs, is a stark reminder that the crypto world can be as unpredictable as a roller coaster ride.
In simpler terms, many popular cryptocurrencies on Telegram have experienced a significant decline just a few weeks following their distribution and listing on exchanges.
The RabBitcoin (RBTC) token for the Rabbit-focused platform has dropped significantly from its peak in September, now sitting at $0.0000037 compared to $0.000007 earlier. This decline has reduced the total market value of RBTC from over $63 million to around $47 million. Meanwhile, Catizen (CATI), a widely-played cat-themed game, has experienced a dramatic fall from $1.1974 to just $0.4, resulting in an estimated market capitalization of approximately $84 million.
Currently, the value of Dogs, a well-known cryptocurrency on Telegram, has decreased significantly. In September, it was trading at $0.0011, but as of now, it’s down to $0.00065.
Similar digital assets such as Hamster Combat and NotCoin have faced difficulties, leading to significant losses for their holders totaling billions of dollars. Similarly, Toncoin (TON), the token associated with the TON Blockchain, has dived into a severe bear market, plummeting by more than 43% from its peak this year.
Telegram gaming hype has faded
Users who had collected vast amounts of Telegram’s tap-to-earn tokens and gaming coins were left disillusioned as the airdrop didn’t live up to their expectations. On the other hand, Dogs has amassed more than 50 million users, with Catizen and Rocky Rabbit following closely behind at 42 million and 30 million users respectively.
Previously, I shared insights on Hamster Kombat, where the prices of CATI, DOGS, and RBTC have decreased. This dip is primarily due to an influx of selling from individuals who had acquired these tokens prior to the airdrop. Typically, holders of “to-earn” tokens tend to sell their assets post-airdrop, aiming to dodge the initial price decline.
In general, it’s quite typical for airdropped tokens to experience significant price drops after their initial listing. To illustrate, the Wormhole token has plummeted more than 84% from its original listing price, even though it offers robust functionality. Similarly, ZkSync has seen a double-digit decline as well.
This drop in prices is also influenced by the overall mood in the cryptocurrency sector. The Fear & Greed Index for crypto has shifted towards fear, currently at 37, indicating that most digital coins are experiencing a bear market. Bitcoin’s price has fallen to approximately $60,600, and the total market value of all cryptocurrencies has decreased to around $2.1 trillion.
Furthermore, these Telegram tokens encounter a difficulty in maintaining user interest since the value of their reward tokens is consistently decreasing.
A significant factor contributing to the decline in popularity for many play-to-earn networks, which saw a surge last year (2021), is evident. According to DappRadar, only 137 distinct active wallets have been recorded for Notcoin over the past month.
Over the past month, Catizen recorded approximately 1.42 million distinct active wallets. However, there’s been a noticeable drop in this figure more recently. Similar patterns have been observed in other games such as Catizen and Hamster Kombat.
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2024-10-10 18:00