Hamster Kombat price has lost more than 40 percent of its value less than a week after listing on exchanges. For a game that had built up a massive following of more 300 million players, Hamster Kombat really disappointed its loyal fanbase with its airdrop on September 26. Worse still, the development team added insult to injury by listing the HMSTR token at a relatively low price.
Between June and September, the tap-to-earn game attracted tens of millions of players, who looked forward to substantial rewards during the airdrop. However, when the day finally came, and after playing the game for months, only 131 million of the 300 million qualified for the airdrop.
Furthermore, many players complained of receiving between $5 to $10 worth of HMSTR as rewards. The biggest winners were reportedly social media influencers. A listing price of $0.01 only made matters worse. The token generated an impressive $1.2 billion in trading volume, but blend of anger and disappointment from its 300 million supporters has sent the token price nosediving.
Perhaps hoping to prevent a selloff after listing, the Hamster Kombat team decided to limit airdrop rewards and list the token at a relatively low price. However, they missed the point when they failed to consider the length of time that players had spent interacting with the game. At the end of it all, it felt like a waste of time. The anger that followed is, therefore, justified.
However, as Shiba Inu previously showed us, there could be a silver lining in all this. In mid-2021, Ethereum Founder Vitalik Buterin famously received unsolicited 504 trillion SHIB tokens from the project team, representing 50% of the total supply. However, he chose to donate 10% of that to charity and burned 90% of the token, worth approximately $6 billion in today’s currency.
Despite Vitalik’s move initially having been interpreted as spiteful towards Shiba Inu, it brought attention to the project and helped propel it to be the second-largest meme coin. Despite the strong anger around HMSTR token, few can match up to its 300-million player community. A significant fraction of that number could still be viewing it favourably.
Therefore, I wouldn’t be surprised if the token blasts off in the coming weeks. Also, with thetoken price having lost more than 40% of its value, some holders may opt against selling the token. That could help build the momentum for recovery. Also, the token is currently listed in a few exchanges, and more listings in the future could help expand its market.
Hamster Kombat price faces resistance at the 0.00593, pivot and will likely find initial support at 0.00570. However, if the downside momentum strengthens, it could extend the decline to break below that level and test 0.00560.
Alternatively, the buyers could take control if the price moves above 0.00580, it could favour the buyers to take control. In that case, the first resistance could come at 0.00593, but a stronger bullisness could break above that level to test 0.00607. Meanwhile, the downside narrative will be invalid.
This post was last modified on Sep 30, 2024, 12:00 BST 12:00