The much anticipated Hamster Kombat airdrop finally occurred yesterday, September 26. 60 million tokens were distributed in total to the players. However, the airdrop failed to live up to the expectations, which resulted in many of them selling the token soon after its launch.
Price Continues To Fall
The HMSTR token launched on several exchanges at 12:00 UTC. It eventually started trading at $0.014. Despite being listed on major exchanges, the price has been falling due to several factors like Post-Listing Sell-Offs, Airdrop Distribution Issues, and a mandatory Lock-Up Period for 11% of the tokens, which was not communicated earlier, fueling uncertainty among the participants.
Contrarily, the broader market saw notable price increases. Currently, the Hamster Kombat price is trading around $0.006773, representing over a 20% decrease in the last 24 hours.
Volume Hits $1B As Price Plunges
As the price plunged, the volume on the other side surpassed $1 billion. Volume is an indicator of interest in a cryptocurrency. When it increases, there is a lot of buying and selling. The rising volume paired with its decreasing price is a bearish sign, which reveals strength to the downward pressure on the token. The price might continue to go down if this continues.
Notably, the token also underwent a surge in derivatives volume, which indicates significant speculative activity around HMSTR. Regardless, the rising derivatives interest alongside the falling price is also a bearish signal for the token.
Will HMSTR Rebound?
Many players voiced their dissatisfaction with the HMSTR airdrop, which offered an average of $8. However, this outcome wasn’t surprising either. Despite Hamster Kombat banning 2.3 million players from eligibility before the airdrop, the sheer number of participants remained large, which diluted the rewards significantly.
HMSTR’s price might see a rebound if the selling pressure eases. Should buying pressure appear during this period, the value could jump toward $0.0080. Also, Hamster Kombat has not yet responded to the users’ discontent as of this writing.
Hamster Kombat’s current market cap is $435 million, which is far below the amount that market speculation valued it at before listing. HMSTR may continue to drop unless market conditions change. There are questions regarding its future price movements and market stability.
