Hamster Kombat (HMSTR) Plummets After Major Exchanges Listing, Monthly Active Addresses Soar

Hamster Kombat [HMSTR], a popular tap-to-earn game on Ton Blockchain, recently captured attention within the crypto community. Since its launch six months ago

Popular tap-to-earn game on Ton Blockchain, Hamster Kombat [HMSTR], recently captured attention within the crypto community.

Since its launch six months ago, it has managed to gather more than 300 million users.

HMSTR listed across major exchanges

On the 26th of September 2024, HMSTR saw a shift in market dynamics after several crypto exchanges listed it.

The altcoin was listed on major platforms like Binance, OKX, and Kucoin. Following the listing on Binance, the exchange outpaced others in capturing the market flow.

As such, Binance pre-deposits exceeded 6.2 billion tokens and the balance following the listing reached a record 18 billion, which is 18%.

In other exchanges such as Bybit, pre-deposits were 3 billion tokens which was 4.6% while OKX had 4.1%.

HMSTR plummets after listing

While the listing was highly anticipated, the market had an immediate negative reaction.

HMSTR experienced a sharp decline shortly after listing. While its pre-market futures high was $0.3865, the opening prices did not match expectations.

The initial trading price was $0.014 which declined by 32.6% to $0.011. Shortly after, HMSTR further plummeted to $0.0088.

Therefore, the altcoin has experienced a sustained decline since the listing. In fact, at the time of writing, HMSTR was trading at $0.006791.

This marked a 30.42% decline over the past day. Over the same period, its market cap declined by 30% to $437 million, according to Coinmarketcap.

On the upside, although HMSTR prices had declined, its monthly active addresses soared.

According to Cryptoquant, Hamster Kombat Surpassed 100 Million Monthly Active Users, Launching HMSTR Token on The Open Network (TON).

As such, the first block had 4.3% of transactions interacting with the Hamster Kombat contract address.

Impact on price charts?

According to AMBCrypto’s analysis, HMSTR failed to meet market expectations.

Since the launch, the altcoin has seen a surge in negative market sentiment. Therefore, the current market conditions could set HMSTR for further decline.

For example, the total liquidation surged over the past 24 hours. According to Coinglass, total liquidation reached $5.1 million.

During this period, liquidation for short positions was $2.5 million and $2.6 million for long positions. This shows that the market was bearish, with long position holders lacking confidence in the altcoin’s direction.

Additionally, HMSTR’s Relative Strength Index (RSI) stood at 26 with an RSI-based Moving Average(MA) of 36.17.

This suggested that the alt was oversold. Thus, the selling pressure was higher than the buying pressure, with the sellers dominating the market.

Simply put, HMSTR was experiencing a strong downtrend. If the current market conditions persist, the price will further decline to $0.005.

However, a correction will see it push above $0.010.