X Empire Price Dropped 45% in 24 hours: Will It Follow HMSTR Pattern?

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As a seasoned researcher with years of experience observing the crypto market, I’ve seen my fair share of hype and disappointment. The recent launch of the Elon Musk-inspired Tap-to-earn game, X Empire, has been no exception. After witnessing its meteoric rise and subsequent 45% plunge within a day, I can’t help but draw parallels with the HMSTR debacle.

The interactive Tap-to-earn game inspired by Elon Musk has made its debut in the crypto market, but unfortunately, it’s already fallen short of expectations with the X Empire price plummeting nearly 45% over the past 24 hours. This unexpected drop occurred even after a strong initial surge in the token’s price, yet a subsequent downtrend overshadowed any early success. The distribution of tokens (Airdrop) and listing on multiple exchanges led to increased selling pressure, causing concern among investors due to its resemblance to the HMSTR pattern – a larger letdown.

At one point, the token known as HMSTR, which originated in the Hamster Kombat mini-game on Telegram, gained popularity among a user base of 300 million followers. However, despite this large following, it unfortunately experienced a prolonged decline for a month. As of the reporting time, the price of Hamster Kombat is struggling to maintain stability, and there’s a possibility that its competitor X Empire might face similar challenges.

X Empire Price Surged 400% Before 45% Decline

The mobile game on Telegram, known as “X Empire,” has been officially added to numerous well-known cryptocurrency platforms such as KuCoin, Gate.io, Bitget, and several others, reflecting its significant market popularity. The excitement surrounding this game can be seen in the price charts, where within an hour of being listed, X Empire’s value skyrocketed over 400%, reaching a record high of $0.0001301. However, after that peak, the price has dropped by more than 51%, currently standing at $0.00005982, which raises concerns.

X Empire Price Dropped 45% in 24 hours: Will It Follow HMSTR Pattern?

It’s not surprising that the sharp increase in 34.5 billion X tokens distributed has led to significant price fluctuations. Immediately following the peak in X Empire’s price within the initial hour, sellers became active, triggering a downward trend. Nevertheless, it maintains a market capitalization and trading volume of $30.70 million and $320.57 million, which are still substantial.

It’s intriguing that the excitement surrounding this project stems from the numerous appealing advantages the team has highlighted. For instance, they have pledged to prioritize the community, with a significant portion of the tokens earmarked for it. Moreover, there are no lock-up or vesting periods. The question now is whether this hype will spark an upward trend or if the current downtrend will continue.

Can X Empire Price Follow The HMSTR Pattern?

Originally scheduled for last month, the X airdrop and TGE event encountered some unexpected setbacks. This unforeseen delay, however, turned out to be advantageous for the token’s market value, as it generated more hype among investors. However, a contentious decision was made by the airdrop team, barring 44 million tokens from distribution and allowing only 6 million instead. This move mirrors the controversial choice made by the HMSTR team, which received heavy criticism and ultimately led to their decline, and a similar fate may befall this token as well.

One issue that’s been disheartening is that many analysts predicted the offering price would be around $0.0002, but it turned out to be lower at $0.00009599. This dampened expectations for X reaching the $1 mark in the near future.

A troubling aspect to note is the significant drop in value within 24 hours after its release, an occurrence also seen with Hamster Kombat. Yet, since the team has opted for a gradual distribution strategy, prolonged volatility should not significantly affect its performance. On the bright side, this volatility may generate increased enthusiasm among remaining participants. At present, it’s unclear how X Empire’s price will evolve, but if it fails to outperform the sellers, there’s a chance its value could continue to drop similar to HMSTR.

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2024-10-25 14:51