Hamster Kombat (HMSTR) has dominated cryptocurrency trends over the past few months as one of the most followed blockchain projects of 2024.
Although the team revealed a profitable roadmap to sustain early investor enthusiasm, the altcoin suffered a sharp decline following its highly anticipated airdrop and official listing on Thursday, September 26.
HMSTR price has seen a rapid decline of over 40% over the past day amid increased selling momentum as many airdrop recipients offloaded their coins.
The altcoin consolidates at $0.0068 after falling from $0.009095.
Meanwhile, Hamster Kombat's price movements a day after launch have raised concerns about its long-term performance and stability.
HMSTR price drops after stock market debut
The Hamster team has carried out the long-awaited airdrop, distributing over 60 billion HMSTR coins to the 131 million qualified users.
Although the tap-to-win game has been launched on major exchanges like Crypto.com, the altcoin has seen steady bearish declines over the past day.
Hamster Kombat's problems began after its initial release, which drew a lot of criticism from the community, with many calling it "unfair".
This is very unfair from @hamster_kombat that you disabled more than 60% of users' accounts saying "Cheating is BAD" even though most of them never cheated, while others... many accounts that cheated didn't get any "Cheating is BAD". Try to solve this problem and think about it...
The Telegram-based game has banned around 2.3 million of its more than 300 million participants due to cheating.
Furthermore, the offer did not meet users' expectations, as many ended up with pennies after anticipating balances that would change their lives.
Thus, many airdrop recipients sold their HMSTR holdings immediately after the listing, triggering a massive bearish wave.
Additionally, the unexpected compulsory lockup of 11% of the allocated tokens meant a lack of transparency for many in the community.
