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Why Did Hamster Kombat Crash After the Airdrop?

Why Did Hamster Kombat Crash After the Airdrop?

Cryptodnes2024/09/27 20:18
By:Cryptodnes

The eagerly awaited airdrop for Hamster Kombat (HMSTR) occurred on September 26, distributing 60 million tokens.

Despite the anticipation, many participants were disappointed with the airdrop, leading a significant portion to sell their tokens immediately after the launch.

The HMSTR token debuted on various exchanges at 3:00 p.m. EDT, starting at a price of $0.014. However, within minutes, the price plummeted by 20% due to heavy selling, contrasting sharply with a generally bullish market. At the time of writing, Hamster Kombat’s price stood at $0.0068, marking a 30% decline in just 24 hours.

While the price fell, trading volume exceeded $1 billion. Although high trading volume typically signals interest in a cryptocurrency, the simultaneous drop in price points to bearish sentiment that could lead to further declines.

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Data from Coinglass shows a significant uptick in derivatives volume for HMSTR, indicating speculative activity. Yet, similar to the spot volume, this rise in derivatives alongside declining prices is also seen as a negative signal.

Frustration among players was evident regarding the airdrop, which yielded an average reward of around $8. This outcome was anticipated after Hamster Kombat disqualified 2.3 million players from participating in the event, diluting the rewards for the remaining eligible participants.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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