Finally, on September 26, the highly awaited Hamster Kombat (HMSTR) airdrop took place. The “CEOs” engaged in the game received 60 million tokens overall via the Telegram tap-to-earn mini app.
Many gamers, however, claim that the HMSTR airdrop did not live up to their expectations, and as a result, the majority sold the token as soon as it was released.
Sell-Off Triggers Price Crash
At 12:00 UTC, the HMSTR token went live on several exchanges. Despite previous price speculation by the crypto community, it eventually began trading at $0.014.
However, significant sell-offs caused the HMSTR price to fall by 20% in a matter of minutes. This result stands in stark contrast to the overall market, where prices increased significantly. As of right now, the price of Hamster Kombat is $0.006829, down 30.02% from the previous day.
However, the volume exceeded $1 billion as the price fell. Volume is a measure of a cryptocurrency’s level of interest. There is a lot of buying and selling as it rises. In contrast, a decline suggests otherwise.
However, for HMSTR, the combination of the rising volume and falling price is negative because it shows how strong the downward pressure on the token is. Should this persist, the price may drop even further.
Meanwhile, a spike in the token’s derivatives volume was observed, according to Coinglass statistics. This noteworthy increase suggests that HMSTR is the subject of much speculation. Rising interest in futures combined with declining pricing, however, is a bearish indication, just like the spot volume.
In addition, a lot of gamers complained about the HMSTR airdrop, claiming it only offered an average of $8. This result, nevertheless, was expected. Even though 2.3 million players were barred from Hamster Kombat before the airdrop, a sizable number of people still participated, greatly reducing the payouts.
What’s Next for HMSTR? Price Prediction
Although it may be too early to forecast the price of HMSTR, the 5-minute chart indicates that the cryptocurrency has stabilized at a level between $0.0067 and $0.0069. Moreover, the neutral 50.00 signal line is the approximate center of the Relative Strength Index (RSI).
This suggests that there is a fairly neutral momentum surrounding the Hamster token. Consequently, the price may briefly fluctuate in an up-and-down pattern. If this happens, $0.0065 might be the next level that HMSTR reaches.
However, if the selling pressure lessens, the price of HMSTR might see a significant uptick. If buying pressure materializes during this time, the price may rise as high as $0.0080. It’s also important to note that, at press time, Hamster Kombat has not yet addressed the complaints of users.
Final Thoughts
The Hamster Kombat (HMSTR) airdrop faced significant disappointment from users, leading to an immediate sell-off and a sharp decline in the token’s value. While the airdrop generated substantial trading volume, the fact that the token’s price dropped by over 30% shortly after release indicates strong selling pressure, likely driven by underwhelming rewards and unmet expectations from the gaming community.
The speculative nature of HMSTR, reflected in both spot and derivative markets, signals a bearish trend, at least in the short term. With the token stabilizing around a lower price range, its future will depend on whether selling pressure diminishes and whether the developers address user concerns effectively to restore confidence.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.