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Cryptocurrency News Articles
Most Hyped Telegram Tokens Have Suffered a Harsh Reversal, a Few Weeks After Their Airdrops and Exchange Listings
Oct 10, 2024 at 10:58 pm
RabBitcoin (RBTC), the token for the Rocky Rabbit ecosystem, has plunged to $0.0000037, down from its September high of $0.000007.
Several Telegram tokens have experienced a sharp decline in value following their airdrops and exchange listings.
RabBitcoin (RBTC), the token used in the Rocky Rabbit ecosystem, has fallen drastically from its September high of $0.000007, reaching a new low of $0.0000037. This sell-off has significantly reduced RBTC's market cap, which now stands at $47 million, down from over $63 million.
Another notable decline is that of Catizen (CATI), a popular cat-themed game. The token, which reached a high of $1.1974, has now crashed to $0.4, bringing its valuation down to $84 million.
Meanwhile, Dogs (DOGS), another well-known Telegram cryptocurrency, has also seen a substantial decrease in value, dropping from $0.0011 in September to $0.00065.
Other tokens, such as Hamster Kombat and Notcoin, have also faced sell-offs, resulting in billions of dollars in losses for their holders. Even Toncoin (TON), which powers the TON Blockchain, has entered a bear market, with a decline of over 43% from its highest level this year.
This sell-off comes as no surprise, especially for those familiar with the dynamics of Telegram gaming tokens. Despite accumulating millions of coins ahead of the airdrop, many users were left disappointed by the tap-to-earn and gaming tokens on Telegram.
For instance, Dogs boasts over 50 million users, while Catizen and Rocky Rabbit have managed to attract 42 million and 30 million users, respectively.
As reported earlier, the sell-off of CATI, DOGS, and RBTC was largely driven by people who had accumulated tokens prior to the airdrop, a phenomenon commonly observed in such scenarios. Typically, holders of “to-earn” tokens sell after the airdrop to avoid the initial drop in price.
This sell-off is a broader trend in the crypto market, with the crypto fear and greed index moving into the fear zone at 37. Most coins have entered a bear market, with Bitcoin dropping to $60,600 and the total market cap of all cryptocurrencies slipping to $2.1 trillion.
Furthermore, these Telegram tokens face the challenge of keeping users engaged as their reward tokens continue to decline.
This sell-off is a major reason why most play-to-earn networks that gained popularity in 2021 have lost traction. According to data from DappRadar, Notcoin had only 137 unique active wallets in the last 30 days.
On the other hand, Catizen had 1.42 million unique active wallets in the last 30 days, but the number has significantly decreased in recent days. A similar trend can be observed across other games like Catizen and Hamster Kombat.
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