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Cryptocurrency News Articles
Hamster Kombat's HMSTR Token Launch Hits $1.2 Billion in Trading, Putting TON Network Under Pressure
Sep 28, 2024 at 03:48 pm
Hamster Kombat, a popular Telegram game, finally released its HMSTR token on Thursday on The Open Network (TON). Despite player complaints about airdrops being too little, the token experienced substantial trading activity on its debut day.
Hamster Kombat's HMSTR token launch saw over $1.2 billion in trading within 24 hours, putting The Open Network under pressure to distribute a massive airdrop to potentially 100 million players.
The popular Telegram game finally released its token on Thursday on The Open Network (TON). Despite complaints from players about the airdrops being too small, the token experienced substantial trading activity on its debut day.
HMSTR had a 24-hour trading volume of over $1.2 billion as of early Friday, according to CoinGecko, placing it among the top tier of cryptocurrencies in terms of trading value, just behind Binance Coin (BNB), Dogecoin (DOGE), and XRP.
The token's price fell 18% over the past 24 hours, bringing its market cap to around $430 million, and it is currently trading at $0.0067. That landed it in the top 200 currencies in terms of market cap, but still well behind Notcoin, the original game that kicked off the Telegram tap-to-earn trend earlier this year with a market cap of $970 million.
Another major concern surrounding the Hamster Kombat airdrop was whether or not The Open Network could handle the burden of distributing the token to a possible 100 million players.
This issue arose in late August when the network experienced two consecutive shutdowns, effectively halting block production due to the overwhelming demand for DOGS airdrop claims. The announcement of the airdrop and token launch date for Hamster Kombat came in between the bursts of downtime.
Even earlier this month, TON Core developers expressed concern that airdrops for games like Catizen and Hamster Kombat would cause further disruptions to the network.
The TON Core development team told Decrypt in an interview that the Hamster Kombat airdrop was the "largest-ever airdrop in crypto's history."
"This massive surge in traffic has caused some third-party services to experience overloads, but TON network has generally remained stable, with blocks continually produced without interruption and network fees remaining fixed," they added, suggesting "TON is probably the only blockchain that can withstand events of this magnitude."
"TON is making history and we're proud to be supporting a network which empowers communities, attempts the unprecedented, and offers users highly engaging projects," they said.
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