As a seasoned crypto investor with battle-scarred fingers and a heart full of stories, I can confidently say that Hamster Kombat’s recent price drop post their TGE event is a familiar sight in this wild west of digital assets. The massive airdrop, while initially exciting, has unfortunately resulted in a flood of sell orders, sending the price plummeting.
On September 26th, Hamster Kombat’s price dipped following the team’s launch of the biggest airdrop on the Ton blockchain. Those who claimed the airdrop ended up selling off small amounts of the asset, often referred to as ‘dust.’ Over the past 24 hours, HMSTR’s price has dropped by 45.4%, currently trading at $0.006803. The market is still experiencing significant selling pressure due to a surge in airdrop claimants. As for where the price of HMSTR may head next, it appears to be consolidating, but its future direction remains uncertain.
Why Is Hamster Kombat Price Falling After Exchange Listing?
On September 26, the Hamster Kombat team carried out an extensive token giveaway, dispersing more than 60 billion tokens to approximately 131 million participants. Although it’s now available on significant trading platforms, its value has been decreasing for various reasons, causing a drop in its price.
- Post-Listing Sell-Offs: Many recipients of the airdrop sold their tokens immediately after listing, causing a significant drop in price.
- Airdrop Distribution Issues: Influencers received large allocations based on referrals, contrary to the team’s earlier communication. This led to decreased confidence in the team’s transparency and further sell-offs.
- Market Speculation: Initial price predictions were based on an assumed supply of 10 billion tokens. When the actual supply was revealed to be much higher, it led to disappointment and selling pressure.
- Lock-Up Period: A mandatory lock-up period for 11% of the tokens, which was not communicated earlier, further fueled uncertainty and affected participants’ willingness to hold the token.
Hamster Kombat Price Prediction: Where Is HMSTR Headed?
Looking at things from a technical standpoint, it’s possible that the Hamster Kombat price might decrease even more because the Chaikin Money Flow (CMF) signal indicates that there’s growing selling activity for this asset.
The cost of HMSTR appears to be stabilizing at lower levels. The chart shows that it’s moving horizontally within a range defined by support and resistance, suggesting a possible decline might occur, as indicated by the arrows. Moreover, there seems to be growing selling pressure that could potentially drive the Hamster Kombat price lower.
Key Support and Resistance Levels:
- $0.0064: Immediate support is at 0.006400 USDT, which has been tested several times and is the lower boundary of the range.
- $0.007: Immediate resistance is at 0.007000 USDT, marking the upper boundary of the current range.
Based on data from Coinglass, it appears that derivative traders are taking short positions on HMSTR. This could potentially drive down the token’s price since these traders anticipate a further decrease in its value.
Currently, Hamster Kombat’s market capitalization stands at $435 million, significantly less than the valuation anticipated by market speculation prior to its initial listing.
After the Token Generation Event (TGE) held on September 26, the price of Hamster Kombat seems to be heading downward. With 131 million airdrop participants eager to offset their losses, selling pressure is escalating significantly. Unless market circumstances improve, it’s possible that the value of HMSTR could continue to decline.
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2024-09-27 11:34