Hamster

Notcoin

Hamster Kombat

Axie Infinity

DOGS

Hamster Kombat, the popular Telegram tap-to-earn game, is struggling as its token continues crashing to new lows. 
Hamster Kombat (<a href="https://crypto.news/price/hamster-kombat/" target="_blank">HMSTR</a>) token plunged to a record low of $0.0039, 70% lower than its all-time high of $0.0132. Its circulating market cap has dropped to $253 million, while its fully diluted valuation has slipped to $394 million. 
The token’s sell-off occurred even after it received listings from some of the biggest centralized exchanges in the industry, including top-tier exchanges like Binance, OKX, Bybit, and Bitget. 
The decline has coincided with the plunge of other <a href="https://crypto.news/tap-to-earn-games/" target="_blank">tap-to-earn</a> tokens. Notcoin (<a rel="" href="https://crypto.news/price/notcoin/">NOT</a>), the largest tap-to-earn token, initially rose to $0.029 in June but then slumped by 74% to $0.0074. 
Catizen (<a href="https://crypto.news/price/catizen/" target="_blank">CATI</a>), the biggest Telegram gaming token, has also slumped by 63% from its post-listing high. Other similar tokens like Pixelverse and DOGS (<a href="https://crypto.news/price/dogs/" target="_blank">DOGS</a>) have all plunged by over 60%.&nbsp; 
<h2 class="wp-block-heading" id="the-fall-of-to-earn-tokens">The fall of ‘to-earn’ tokens</h2> 
Historically, most “to-earn” tokens tend to crash over time. For example, play-to-earn cryptocurrencies like Decentraland, The Sandbox, and Axie Infinity have retreated by double digits from their all-time highs. 
 You might also like: <a rel="" href="https://crypto.news/high-hopes-harsh-reality-the-rise-and-fall-of-to-earn-projects/"> High hopes, harsh reality: The rise and fall of “to-earn” projects </a> 
Move-to-earn platforms showed a lot of promise when they were launched. At its peak, Sweatcoin was one of the most downloaded apps in the Google and Apple app stores. It had over 50 million users who accumulated tokens by simply walking or running. However, Sweat Economy, its token, has dropped by over 93% from its all-time high. StepN’s GMT has also tanked. 
The challenge for Hamster Kombat is how to keep the community engaged as its token implodes. According to the developers, HMSTR holders who decide to keep their tokens in the game instead of withdrawing will receive a token boost when the second season starts. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Dear CEOs, We have added an option of keeping your tokens in the game (check the Airdrop section). If you decide to keep your tokens instead of withdrawing them, you’ll be (very) pleasantly surprised! Season 2 will bring a boost to the token holders! Stay tuned! We’ve… <a rel="nofollow" href="https://t.co/aC1mJ8KvuH" target="_blank">pic.twitter.com/aC1mJ8KvuH</a>— Hamster Kombat (@hamster_kombat) <a href="https://twitter.com/hamster_kombat/status/1843645246250377529?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">October 8, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
Hamster Kombat’s issue is that many tokens are still locked, meaning current holders will likely see substantial dilution in the long term. With 63.3 billion tokens in circulation, 37 billion are still locked. 
Token unlocks, especially when there is no burning mechanism, lead to dilution as more tokens are added to circulation. 
The sell-off has also been fueled by weak sentiment in the crypto industry. Bitcoin has remained between $60,000 and $62,000, while most altcoins have retreated. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="3574" height="1982" src="https://crypto.news/app/uploads/2024/10/Hamster-Kombat-Price.png" alt="Hamster Kombat" class="wp-image-14302804">
 <figcaption class="wp-element-caption">
 Hamster Kombat price chart | Source: <a href="https://www.tradingview.com/symbols/HMSTRUSDT/?exchange=OKX" target="_blank" rel="nofollow">TradingView</a>
 </figcaption>
</figure> 
Therefore, the Hamster Kombat token may bounce back if Bitcoin and most altcoins stage a comeback. Additionally, it has formed a falling wedge on the four-hour chart, a highly popular bullish sign. 
 You might also like: <a rel="" href="https://crypto.news/hamster-kombat-in-a-harsh-reversal-market-cap-drops-below-notcoin/"> Hamster Kombat in a harsh reversal; market cap drops below Notcoin </a>

Hamster Kombat meltdown continues, token hits record low

Table of Contents

crypto.news

Other articles published on Oct 10, 2024

OKX Launches Trading Platform for UAE Investors

Bitcoin retraces to $59K amid altcoins stagnant with ‘regulatory hurdles’

Uniswap (UNI) Price Prediction for Today, October 10 – UNI Technical Analysis

VanEck Expands into Venture Capital with $30M Fund for Fintech, Blockchain, and AI

21Shares Expands European Offering with Future of Crypto ETP

Over 63,000 BTC were sent to exchanges in last 72 hours — CryptoQuant

Join our free newsletter for daily crypto updates!