Hamster Kombat price declined on Sept. 26 after the team launched the largest airdrop on the Ton blockchain. Airdrop claimants ended up cashing out ‘dust.’ HMSTR’s price has dropped 45.4% in the last 24 hours and is trading at $0.006803. The asset is still facing a lot of selling pressure as more airdrop claimants rush to secure their airdrop. The HMSTR price action has entered consolidation, but where will it go from here?
Why Is Hamster Kombat Price Falling After Exchange Listing?
The Hamster Kombat team launched a massive airdrop on September 26, distributing over 60 billion tokens to 131 million users. Despite being listed on major exchanges, the price has been falling due to several factors:
- 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?
From a more technical perspective, the Hamster Kombat price could experience a further drop as the Chaikin Money Flow (CMF) indicator is negative, suggesting that selling pressure is increasing on the asset.
The price of HMSTR is consolidating downward. The price action moves sideways between support and resistance, indicating a potential breakdown, as shown by the arrows on the chart. Also, the increasing selling pressure may contribute to the Hamster Kombat price trending 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.
According to Coinglass, derivative traders are entering HMSTR shorts, which may negatively affect the token price as they believe it may drop lower.
Hamster Kombat’s current market cap is $435 million, which is far below the amount that market speculation valued it at before listing.
Hamster Kombat price is looking bleak following their TGE event on Sept. 26. Selling pressure is increasing as 131 million airdrop claimants rush to cut losses on their rewards. HMSTR may continue to drop unless market conditions change.
Frequently Asked Questions (FAQs)
The Hamster Kombat price declined sharply due to several factors following the massive airdrop on September 26. The immediate sell-off by airdrop claimants, distribution issues, and market speculation regarding the token’s supply led to a significant drop in price.
The airdrop was one of the largest on the Ton blockchain, distributing over 60 billion tokens to 131 million users. However, the distribution created a massive sell-off as many recipients cashed out their tokens, contributing to the price decline.
The trend could change if market conditions improve, such as increased buying interest, positive news about the project, or a reduction in selling pressure. However, as of now, the outlook remains bearish due to the factors mentioned above.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/hamster-kombat-price-prediction-hmstr-plunges-45-on-debut-whats-next/
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