As a seasoned analyst with years of experience in the crypto market, I must say that Hamster Kombat’s performance following its airdrop and listing is not unexpected. The 30% plunge in token price and the current valuation are quite common in the world of cryptocurrencies, especially for newly listed tokens, regardless of their ecosystem size or user base.
The Hamster Kombat’s tokens experienced a significant drop, exceeding 30%, right after the highly anticipated airdrop and their listing on exchange markets.
Hamster Kombat (HMSTR) dropped to $0.0088, giving it a total market capitalization exceeding $574 million and placing it among the 110th largest cryptocurrencies. In comparison to the predicted high of pre-market futures at $0.3865, its opening price showed a substantial decrease.
The cryptocurrency can be found on numerous major decentralized platforms such as Binance, OKX, MEXC, Gate.io, Woo, and KuCoin. Notably, Binance has introduced an “earn” program offering a chance to win 100 million HMSTR tokens for participating users.
According to information from CoinGecko, the digital currency known as Hamster has a capped maximum supply of 100 billion coins, out of which approximately 64.3 billion are currently circulating. It seems reasonable to infer that this decrease may have transpired due to recipients of the airdrop deciding to sell their tokens.
✅ The on-chain functionality for immediate token claiming and balance withdrawal has been activated. Now, you’re free to move your tokens wherever you like!
— Hamster Kombat (@hamster_kombat) September 26, 2024
As an analyst, I find myself observing a notable disparity in the valuations between Hamster Kombat and NOT, the pioneering tap-to-earn token that made its way onto the listings. NOT boasts a market capitalization exceeding $871 million, while Hamster Kombat’s valuation falls short of this mark.
Essentially, Hamster is a more extensive environment compared to Notcoin. With approximately 300 million users, 37.6 million subscribers on YouTube, and 14.3 million followers across X platform, it’s clearly the bigger player in the field.
As an analyst, one plausible explanation for the recent price decline could be the discrepancy between the token supply. Specifically, Hamster’s token pool is significantly smaller, with over 35 million tokens locked, while Notcoin has 102.4 million tokens circulating in the market. This difference might influence the market dynamics and potentially lead to a lower price for Hamster tokens compared to Notcoin.
One potential rephrasing could be: “The immediate danger for Hamster lies in a surge of selling from numerous individuals who’ve amassed billions of tokens during the past couple of months. Historically, tokens launched on Telegram tend to face a drop in value soon after their introduction.
Following its launch, the value of Catizen (CATI) surged to $1.150, only to later dip more than 38% lower. Meanwhile, Notcoin and Pixelverse have also experienced substantial drops, with both falling over ten percent from their peak values.
As a researcher, I find it noteworthy that the airdrop for Hamster Kombat coincided with an uptrend in the cryptocurrency market. For instance, Bitcoin (BTC) soared to an impressive peak of $64,700, while the collective valuation of all coins experienced a 3.7% increase, reaching a staggering $2.26 trillion.
Many eagerly awaited digital assets have fallen short of expectations in the past as well. To illustrate this point, let me give you an example: The Sweat Economy has experienced a dramatic decline, dropping by as much as 94% from its peak, even though Sweatcoin boasted more than 50 million users prior to the distribution of the SWEAT token.
Read More
Sorry. No data so far.
2024-09-26 16:36