Just days after two prominent Telegram games launched their long-awaited tokens on The Open Network (TON), the value of both has plunged more than 50% from their initial peak.
Hamster Kombat, a game that has attracted some 300 million users on Telegram’s mini-app over the past few months, launched its HMSTR token last Thursday to a mixed reception from players. Of the 129 million eligible to receive the token, many complained that their rewards were too small, even “dusty” compared to expectations.
Just five days after its launch, the price of HMSTR has dropped 53%, now sitting at $0.047 according to data from Coingecko, after peaking at $0.1 on its first day. Today alone, the price has dropped 12%, partly due to the market downturn due to the impact of tensions between Israel and Iran.
Meanwhile, the game's CATI token on Telegram has fallen even further since its launch on September 20. As of this writing, the price has dropped 58% to $0.47. Today alone, the price of CATI has dropped 16.3%, compared to its peak of $1.11 on launch day last month. Similar to Hamster Kombat, many players have been somewhat angry with Catizen's airdrop distribution, with many accusing Catizen of "slashing tokens" and showing signs of being a scam because it did not keep its original promise.
It’s not just Telegram games that are seeing a big drop, with the biggest gaming tokens this year all seeing a big drop. Notcoin (NOT), for example, is down nearly 74% from its June peak. The trend isn’t limited to Telegram games.
Newly launched tokens tend to be highly volatile, but gaming tokens are particularly volatile, similar to memecoin. This may reflect the infancy of the crypto gaming sector or indicate a lack of investor confidence in the sustainability of these games.
While Telegram games have attracted large audiences with the promise of free rewards, they have yet to demonstrate lasting viability beyond airdrops. Hamster Kombat and Catizen have announced ambitious future plans, including the launch of additional games and additional token rewards, but token values remain under short-term downward pressure.
Source: https://tapchibitcoin.io/hamster-kombat-va-catizen-giam-50-sau-khi-airdrop-token.html
