As a seasoned researcher with extensive experience in the crypto market, I’ve witnessed numerous rollercoaster rides like the one HMSTR is currently on. The price volatility of this token, especially after its massive popularity, is quite intriguing.
Following a build-up of excitement, the HMSTR token for the widely acclaimed Telegram tap-to-earn game, Hamster Kombat, was released in September. However, since then, the price of Hamster Kombat has been on a downward spiral. Over a span of two weeks, the value of this token plummeted by over 53% for its owners. This steep decline can be attributed to the massive popularity of the game, which amassed approximately 300 million users within a matter of months. Despite the immense popularity, the price of HMSTR remains below $0.1, yet it has managed to rise by 5.5% in the past day.
Why Is Hamster Kombat Price Up Today?
The decline in Hamster Kombat persisted during the high market turbulence post the HMSTR airdrop. Notably, the mixed reactions from users due to last-minute restrictions and alterations in the airdrop significantly impacted the situation. Nevertheless, this two-week slide is troubling, given the rising competition for this gaming token, particularly the Hamster Kombat versus X Empire debate, as the X Empire also plans an airdrop and token generation event (TGE).
Despite varying user opinions about the Hamster Kombat gaming token, its price has recently made an effort to rebound. Over the past 24 hours, it has increased by 5.5%, now standing at $0.004057. Its market capitalization and trading volume currently amount to $261.84M and $58.63M, respectively.
Following OKX’s introduction of the HMSTR/USDC trading pair, there was a sudden increase in demand for this asset in the market. Moreover, the announcement of Hamster Kombat airdrop Season 2 has drawn players back towards this token as the developers have introduced fresh features, such as enabling players to hold their tokens within the game.
Dear CEOs,
We have added an option of keeping your tokens in the game (check the Airdrop section).
Should you opt to hold onto your tokens rather than cashing them out, you’re in for a delightful surprise!
Season 2 will bring a boost to the token holders!
Stay tuned! We’ve…
— Hamster Kombat (@hamster_kombat) October 8, 2024
To round things off, it appears that the positive shift we’re seeing in this behavior stems from a general bullish trend in the cryptocurrency market today. Notably, Bitcoin has seen an increase of 1.72% and similar upward movement is being observed among other digital currencies as well.
Will HMSTR Price Rally Sustan?
Although there was a 2% increase, the trading activity for this Telegram game has decreased by 30%, which isn’t a positive development. This suggests that traders are gradually losing enthusiasm for this token due to its persistent decline. Furthermore, today’s rise in Hamster Kombat price is minor, with only a slight uptick visible on the charts. This sudden spike occurred after the token entered a period of consolidation following successive drops.
Previously, the cryptocurrency analyst known as Bit_Guru pointed out that the HMSTR token had broken its upward trendline, suggesting that bears currently hold more control. He also highlighted two important levels to keep an eye on: resistance at approximately $0.004330 and support around $0.003850. The formation of the next candle could significantly influence the future direction of Hamster Kombat’s price.
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2024-10-11 17:52