Hamster Kombat’s price dropped significantly on September 26 after a massive airdrop distributed more than 60 billion tokens.
On September 26, the price of Hamster Kombat fell after the team launched the largest airdrop on the TON blockchain. Airdrop claimants finally cashed out the "dust". The price of HMSTR has fallen 45.4% in the past 24 hours and is currently trading at $0.006803. As more and more airdrop claimants rush to get their airdrop, the asset is still facing huge selling pressure. HMSTR price action has entered a consolidation phase, but where will it go next?
Why did the price of Hamster Kombat drop after it was released?
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 been falling due to several factors:
Post-listing sell-off: Many airdrop recipients sold their tokens immediately after listing, causing a significant drop in price.
Airdrop Allocation Issue: Influencers received large allocations based on referrals, contrary to previous communication from the team. This led to a decrease in confidence in the team’s transparency and further sell-off.
Market speculation: Initial price predictions were based on an assumed supply of 10 billion tokens. When it was discovered that the actual supply was much higher than this number, investors were disappointed and came under selling pressure.
Lock-up Period: The mandatory lock-up period for 11% of tokens was not communicated in advance, which further increased uncertainty and affected participants’ willingness to hold tokens.
Hamster Kombat Price Prediction: Where will HMSTR go?
From a more technical perspective, Hamster Kombat’s price could fall further as the Chaikin Money Flow (CMF) indicator is negative, suggesting that selling pressure on the asset is increasing.
The price of HMSTR is consolidating downwards. The price action is moving sideways between support and resistance levels, indicating a possible breakout, as indicated by the arrows in the chart. Additionally, increasing selling pressure could lead the price of Hamster Kombat lower.
Key support and resistance levels:
$0.0064: The immediate support level is at 0.006400 USDT, which has been tested many times and is the lower limit of the range.
$0.007: Immediate resistance lies at 0.007000 USDT, marking the upper limit of the current range.
According to Coinglass, derivatives traders are entering into short positions on HMSTR, which could have a negative impact on the token price as they believe it could fall in price.
Hamster Kombat's current market capitalization is $435 million, far below the market's pre-IPO speculation.
The price of Hamster Kombat is looking bleak after the September 26 TGE event. Selling pressure is increasing as 131 million airdrop claimants rush to cut their losses. Unless market conditions change, HMSTR is likely to continue to fall.
