Hamster Kombat, an upstart in the Web3 gaming space, has reported impressive transaction figures, reaching a total volume of $5.3 billion and boasting 11 million token holders.
On November 14, the project team announced a notable daily spot trading volume of $1.3 billion along with a perpetual trading volume of $4 billion for its native token HMSTR.
Despite these numbers, the platform is facing a steep decline in user engagement. Monthly active users plummeted from 300 million in August to just 41 million in early November, marking an 86% drop from a base of 259 million users.
Additionally, on-chain analysis from IntoTheBlock shows that the number of active addresses has dropped, from over 700,000 at the end of September to under 20,000 as of November 13.
HMSTR's price also reflected this trend, falling from a high of $0.01 per token on September 26 to $0.0022 on November 4. Community sentiment appears mixed; according to CoinMarketCap, 73% of the 87,689 voters remained optimistic about the token's future, while 27% expressed pessimism.
At the recent Binance Blockchain Week in Dubai, Notcoin co-founder Sasha Plotvinov addressed the challenges of maintaining user interest in Web3 gaming.
In a panel discussion on “Telegram Mini Apps and Games,” he emphasized the need for emotional engagement and fresh experiences to retain players.
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