Hamster Kombat Meltdown Continues Token Hits Record Low

0
243
Hamster Kombat Meltdown Continues Token Hits Record Low

This comes as the token of the Telegram tap-to-earn game Hamster Kombat, which records a new low of $0.0039. This is, of course, a massive 70% from the previous high of $0.0132. Although the market cap and circulating supply are currently at $253m, the fully diluted market cap for XCD is now at $394m.

Still, its value has been declining lately; however, it has recently been listed on large Centralised exchanges like Binance, OKX, Bybit, and Bitget. This is a unique case of Hamster Kombat and a tendency typical for the tap-to-earn market. 

Hamster Kombat, Notcoin Lead Telegram Token Decline

Notcoin (NOT) is the most significant token in this space. It rose to $0.029 in June and then slumped to $0.0074, down by 74%. The same fate has befallen other Telegram gaming tokens, such as Catizen, which has a 63% draw down from its highs immediately after listing tokens, Pixelverse, and DOGS, all of which have dropped over 60%.

Interestingly, with “to-earn” tokens, they often take multiple years to turn bearish or down, especially after a bullish run. Some of these established projects, such as Decentraland, The Sandbox, and Axie Infinity, have all pulled back from their ATH. The same is true for the move-to-earn industry; for example, the Sweat Economy token fell below 93% from its high, although Sweatcoin was initially one of the most installed applications.

As Hamster Kombat experiences this period of volatility, the developers are also trying to keep the community involved by rewarding those who keep their HMSTR tokens circulating in the game instead of cashing out. However, there are some problems, as 37 of the 63.3 billion tokens remain locked, which means there are possible dilution consequences for the current token holders when they are unlocked.

This has been due to weak market emotion on the sell side of the growing cryptocurrency industry; Bitcoin is bouncing between $60,000 and $62,000, while most altcoins have been in a downtrend. 

Some factors that would lead to an increase in the price of its token are Katz said that the Hamster Kombat token might bounce back if other cryptos, including Bitcoin, bounce back. Furthermore, it is composing a falling wedge on the 4-hour chart, which can signal a reversal.

The Hamster Kombat community can only wait and see what will happen to the token since the current environment is unsuitable for tap-to-earn earnings.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.