Hamster Kombat’s token plunged by over 30% following its much-anticipated airdrop and token listing.
Hamster Kombat (HMSTR) crashed to $0.0088, bringing its total valuation to over $574 million, making it the 110th largest cryptocurrency. Its opening price was also significantly lower than the pre-market futures high of $0.3865.
It has been listed on several large centralized exchanges, including Binance, OKX, MEXC, Gate.io, Woo, and KuCoin. Binance also launched an earn program, where participants will have a chance to win 100 million HMSTR tokens.
Data from CoinGecko shows that Hamster has a maximum supply cap of 100 billion tokens, with 64.3 billion of them in circulation. This decline likely occurred as many airdrop recipients began selling their tokens.
✅ On-chain is on ✅
⚡️ On-chain direct claim and balance withdrawal options are open. You can now transfer your tokens anywhere!
— Hamster Kombat (@hamster_kombat) September 26, 2024
Hamster Kombat’s valuation means that it is smaller than Notcoin (NOT), the first tap-to-earntoken to be listed, which has a market cap of over $871 million.
Fundamentally, Hamster has a larger ecosystem than Notcoin. It boasts over 300 million players, 37.6 million YouTube subscribers, and 14.3 million followers on X.
A likely reason for the price drop is that Hamster has over 35 million tokens locked, while all of Notcoin’s 102.4 million tokens are in circulation.
The biggest short-term risk for Hamster will be increased selling by millions of people who have accumulated billions of tokens over the past few months. Typically, newly listed Telegram tokens experience a decline shortly after launch.
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Catizen (CATI) initially jumped to $1.150 after launch but has since dropped by over 38%. Similarly, Notcoin and Pixelverse have both seen double-digit declines from their all-time highs.
On the positive side, Hamster Kombat’s airdrop happened at a time when most cryptocurrencies are rising. Bitcoin (BTC) rose to $64,700 while the total valuation of all coins rose by 3.7% to $2.26 trillion.
Other highly anticipated tokens have also disappointed in the past. For example, Sweat Economy has dropped by 94% from its record high, despite Sweatcoin having over 50 million users before the SWEAT token airdrop.
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