On September 26, 2024, Hamster Kombat held a massive airdrop, distributing over 60 billion HMSTR tokens to 131 million users. It was one of the largest events in the crypto space, but it caused an immediate sell-off, causing the price of #HMSTR to fall 45.4% to $0.006803 within the first 24 hours.
Listing on exchanges and market reaction
After the airdrop, the $HMSTR token was listed on major exchanges such as Coinbase and Binance, but the expected price increase did not follow. The price continued to fall due to sell-offs and market speculation.
Factors of the fall
The main reasons for the price decline include massive post-listing sell-offs, airdrop transparency issues, disappointment over a larger than expected token supply, and an unexpected lock-up period for 11% of tokens.
Current Market Data
Hamster Kombat is currently trading at $0.004932 with a 24-hour trading volume of $169,944,780. The token is down 15.14% over the past 24 hours and is ranked 165th on CoinMarketCap. The current market cap is $317,514,533 with a total circulating supply of 64.375 billion tokens and a maximum supply of 100 billion HMSTR tokens.
Market sentiment and outlook
Despite the drop, there is still optimism in the community due to listings on major exchanges and Hamster Kombat's plans for a token buyback and burn, which could stabilize the price by reducing the circulating supply.
Conclusion
The future of the HMSTR token remains uncertain. While the launch generated significant interest, the current price drop raises concerns about the long-term viability of the token. Investors will be watching the teamâs next steps and market dynamics to assess the potential for recovery.
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