The popular earn-to-play Telegram game, Hamster Kombat, is facing difficulties as its token continues to drop to new lows.
Drastic Drop in Token Value
The #HamsterKombat (HMSTR) token has plunged to a new record low of $0.0039, marking a 70% decline from its all-time high of $0.0132. The token’s market capitalization has dropped to $253 million, with its fully diluted valuation reaching $394 million.
Despite being listed on major centralized exchanges such as Binance, OKX, Bybit, and Bitget, the token has failed to maintain its value, leading to a continued sell-off.
Decline of Other "To-Earn" Tokens
The HMSTR token’s decline coincides with a similar drop in other earn-to-play tokens. For example, Notcoin (#NOT🔥🔥🔥 ), originally the largest "to-earn" token, surged to $0.029 but later plummeted by 74% to $0.0074. Other tokens, such as Catizen (CATI) and Pixelverse, have also seen drops of over 60%.
The Fall of "To-Earn" Tokens
Historically, most "to-earn" tokens tend to decrease in value over time. Decentraland, The Sandbox, and Axie Infinity, which are also focused on earning through gameplay, have all suffered significant declines from their all-time highs.
How to Keep the Community Engaged?
The developers of Hamster Kombat are trying to keep their community engaged, even as the value of their token collapses. They have announced that players who leave their tokens in the game will receive bonuses at the start of the second season. However, the challenge lies in the fact that many tokens remain locked, potentially leading to further dilution as more tokens are gradually unlocked and released into circulation.
Weak Crypto Market and Its Impact on Hamster Kombat
The weak sentiment in the cryptocurrency industry has contributed to the sell-off. #bitcoin☀️ is trading between $60,000 and $62,000, while most altcoins have experienced substantial declines. Should bitcoin and other altcoins recover, there is a chance that the Hamster Kombat token could bounce back as well.
Additionally, the token has formed a falling wedge on the four-hour chart, which is often interpreted as a bullish signal.
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