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Cryptocurrency News Articles
HMSTR Token’s Price Plummets After Its Listing, Driven by Profit-Taking and Declining Market Confidence
Oct 02, 2024 at 11:00 pm
The price of Hamster Kombat (HMSTR) has fallen below expectations since its airdrop and exchange listing. The tap-to-earn Telegram-based game had a lot of hype and excitement surrounding it.
After its airdrop and exchange listing, Hamster Kombat (HMSTR) token’s price has failed to meet expectations, dropping significantly amid profit-taking activities and declining market confidence.
HMSTR’s price dropped rapidly after being listed on several exchanges on September 26. Profit-taking activities quickly triggered a major sell-off, leading to a significant depreciation in HMSTR’s value within minutes.
The Telegram-based tap-to-earn game had a lot of hype and excitement surrounding it, which many felt could affect the price of the token upon listing. However, the market had hoped that HMSTR would follow in the footsteps of Notcoin, which saw a massive surge on its listing day, but HMSTR was unable to replicate that success.
HMSTR’s price has dropped by more than 50% in the last six days. The token is yet to recover from the bearish trend, as it has further depreciated by over 15% in the last 24 hours. The price of the token is trading at $0.004512 as of the time of writing.
One of the main factors behind the bearish sentiment around the HMSTR token is growing dissatisfaction within the community, especially concerning the token’s distribution process.
While Hamster Kombat has a massive following with over 300 million users, the distribution of its airdrop to 131 million users did not yield the expected positive impact.
The negative bias toward the token could be attributed to factors such as “the unfair” HMSTR token distribution. Users who were affected by the way the token were distributed felt the rules and changes implemented before the airdrop were made to favor the influencers, as more of the tokens were allocated to them instead of regular players.
This has led to users losing trust in the token, which has created fear, uncertainty, and doubt (FUD) among users. This has affected the token, causing people to sell off their HMSTR or avoid purchasing it.
Despite the poor outcome of the HMSTR price following its listing, it was still able to rank high among the top tokens launched in the first quarter of 2024.
In September, Hamster revealed that it is entering the interlude season, which is a warm-up before Season 2. If the second season manages to reengage the community and continue to attract players, it could trigger the price spike that many investors initially expected. However, for now, HMSTR continues to struggle under the weight of skepticism and market pressure.
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