Hamster Kombat price dropped on September 26 after the team launched the largest airdrop on the Ton blockchain. Those who claimed the airdrop were left with ‘dust’. The HMSTR price has dropped 45.4% in the past 24 hours and is trading at $0.006803.
The asset is still facing a lot of selling pressure as more airdrop claimants rush to secure their airdrops. The HMSTR price movement has entered a consolidation phase, but where will it go from here?
Why did Hamster Kombat price drop after listing on the exchange?
The Hamster Kombat team launched a massive airdrop on September 26, distributing over 60 billion tokens to 131 million users. Despite being listed on major exchanges, the price has fallen due to several factors:
Post-Listing Dumps: Many airdrop recipients sold their tokens immediately after listing, causing the price to drop significantly.
Airdrop Distribution Issues: Influencers received large allocations based on referrals, contrary to the team's previous announcement. This led to a loss of trust in the team's transparency and further sell-offs.
Market Speculation: Initial price predictions were based on an assumed supply of 10 billion tokens. When the actual supply was revealed to be much higher, this led to disappointment and selling pressure.
Lockup Period: The mandatory lockup period for 11% of tokens, which was not announced earlier, further increased uncertainty and affected the willingness of participants to hold the tokens.
Hamster Kombat Price Prediction: Where Will HMSTR Go?
From a more technical perspective, Hamster Kombat price could fall further as the Chaikin Money Flow (CMF) indicator is negative, suggesting increasing selling pressure on the asset.
HMSTR price is consolidating in a downward direction. The price action is moving sideways between support and resistance, indicating a potential breakout, as shown by the arrows on the chart. Additionally, increased selling pressure could contribute to the downward trend in Hamster Kombat price.
Key support and resistance levels:
0.0064: The immediate support level is 0.006400 USDT, which has been tested multiple times and is the lower boundary of the range.
0.007: Immediate resistance is at 0.007000 USDT, which marks the upper boundary of the current range.
According to Coinglass, derivatives traders are engaging in short selling of HMSTR, which could negatively impact the token price as they believe the price could drop lower.
Hamster Kombat's current market capitalization is $435 million, well below its pre-listing market valuation.
Hamster Kombat price looks bleak after their TGE event on September 26. Selling pressure is mounting as 131 million airdrop claimants rush to cut their rewards. HMSTR could continue to fall unless market conditions change.
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