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Hamster Kombat, the viral Telegram-based tap-to-earn game faces uncertainty as crypto investors react to the massive fall in the price of HMSTR, the game’s native token.
According to the data from CoinMarketCap, HMSTR has fallen over 39% in the past seven days. At the time of writing, it is trading at $0.006104, down 39.58% from its all-time high of $0.01004, which it hit four days ago.
The Hamster Kombat token generation event took place just days ago, and the altcoin has struggled since then. The airdrop for the viral game was one of the most anticipated events of 2024 for the crypto space, following the Notcoin (NOT), ZkSync (ZK), LayerZero (ZRO), and other airdrops.
In the past 24 hours, HMSTR trading volume rose 49.64% to $249 million, and the cryptocurrency has reached a market capitalization of $382.4 million, ranked 149th in the crypto market. Most of the trading volume for the cryptocurrency occurs on Binance for the HMSTR/USDT trading pair.
Read also: TON Blockchain’s Biggest Test Yet: Hamster Kombat Airdrop
Upon listing on Binance, the world’s largest crypto exchange by trading volume, HMSTR token surged 581%, achieving a billion dollars in trading volume on the very first day, surpassing the majority of altcoins in the crypto space.
HMSTR Accumulation Dips
The accumulation/distribution graph shows whether an asset is currently being accumulated by investors or if distribution is prevailing, which is a bearish indication for prices.
The chart provided by TradingView above confirms a significant decline in the accumulation of HMSTR, which suggests that investors are selling off their tokens to capitalize on the gains made during the listing.
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