The token of Hamster Kombat experienced a significant decline of over 30% after its highly anticipated airdrop and token listing
Hamster Kombat (HMSTR) fell to $0.0088, resulting in a total valuation of over $574 million, establishing it as the 110th most prominent cryptocurrency. Its opening price was substantially lower than the pre-market futures high of $0.3865.
Binance, OKX, MEXC, Gate.io, Woo, and KuCoin are among the numerous centralized exchanges on which it has been listed. The earn program, which Binance also launchedprovide participants with the opportunity to receive 100 million HMSTR tokens.
The utmost supply cap of Hamster tokens is 100 billion, with 64.3 billion of them currently in circulation, according to data from CoinGecko. This decline was likely the result of a significant number of airdrop recipients unloading their tokens.
Hamster Kombat’s valuation is less than that of Notcoin, the first tap-to-earn token to be listed, with a market capitalization of over $871 million.
In essence, Hamster boasts a more extensive ecosystem than Notcoin. It has an impressive following of 14.3 million on X, 37.6 million YouTube subscribers, and more than 300 million participants.
The price decline is likely because Hamster has over 35 million tokens secured, whereas all of Notcoin’s 102.4 million tokens are in circulation.
The most significant short-term risk for Hamster will be the increased selling of tokens by millions of individuals who have amassed billions of tokens in the past few months.
Typically, Telegram tokens that have been recently listed experience a decline immediately after their launch.
Catizen’s stock price initially surged to $1.150 following its launch; however, it has declined by more than 38%. In the same vein, Notcoin and Pixelverse have both experienced double-digit declines from their all-time highs.
It is worth noting that Hamster Kombat’s airdrop occurred during general cryptocurrency appreciation. The total valuation of all coins increased by 3.7% to $2.26 trillion, while Bitcoin rose to $64,700.
In the past, other widely anticipated tokens have also failed to meet expectations. For instance, Sweat Economy has sunk by 94% from its record high, even though Sweatcoin had over 50 million users before the SWEAT token airdrop.
