Hamster Kombat token futures fall 45%, hitting record low
Hamster Kombat futures price dropped to a record low in the futures market as concerns about the tap-to-earn market rose.
The Hamster Kombat (HMSTR) futures fell to a low of $0.1645 on Sunday, down by over 45% from its highest point this month. The retreat occurred as the platform’s token holders continued to wait for the official airdrop, which is expected to happen later this year.
In a recent white paper, the developers noted that players will receive just 60% of their tokens when the airdrop takes place. They also anticipate that it will be the biggest airdrop in the crypto industry.
Based on Notcoin’s (NOT) valuation of over $1.2 billion, Hamster Kombat could achieve a valuation of nearly $8 billion due to its larger brand presence. Hamster has over 300 million active users and a more vibrant social media community, with over 35 million YouTube channel subscribers and 12.6 million X followers.
Hamster Kombat’s price action mirrors that of other top tap-to-earn tokens that have crashed in recent weeks. Notcoin, a platform with over 50 million users, has dropped by over 60% from its highest point level this year, shedding over $1.7 billion in market capitalization.
Pixelverse (PIXFI) token has also dropped by over 82% from its all-time high, while Avacoin (AVACN) has retreated by almost 90%.
Therefore, there are fears that the Hamster Kombat spot price will also drop sharply after the airdrop as many holders may dump the token.
Historically, other play-to-earn and move-to-earn tokens have thrived and then retreated as demand waned. Axie Infinity (AXS) token has retreated from a record high of $171.45 to below $5.
Hamster’s challenge will be keeping users engaged after the token listing. Earlier this month, Notcoin revealed plans to venture into Web3 gaming to maintain user engagement.
It is too early to predict whether users will participate in this game. Besides, there are many more Telegram games in the industry, like Catizen, Notai, Gamee, and Twin Token, that have added over 7.5 million users.
