Hamster Kombat Price Declines Following Major Airdrop on Ton Blockchain
The price of Hamster Kombat (HMSTR) has taken a significant hit, dropping 45.4% in the last 24 hours to $0.006803, following the team’s largest airdrop event on September 26. Despite being listed on major exchanges, HMSTR faces continued selling pressure as airdrop recipients rush to cash out. As the token’s price consolidates, investors are left wondering where it will head next.
Why Is Hamster Kombat’s Price Falling After Its Exchange Listing?
Several key factors have contributed to the sharp decline in HMSTR’s value after its listing:
- Post-Listing Sell-Offs: A large portion of airdrop recipients immediately sold their tokens upon listing, causing a significant drop in price.
- Airdrop Distribution Issues: A misstep in the airdrop distribution saw influencers receiving disproportionate allocations based on referrals. This move contradicted previous team communications, leading to a loss of confidence and further sell-offs.
- Market Speculation: Early price predictions were based on an expected supply of 10 billion tokens, but the actual supply turned out to be much higher, which disappointed investors and increased selling pressure.
- Lock-Up Period: An unexpected lock-up period for 11% of the tokens was not communicated in advance, causing further uncertainty and discouraging participants from holding onto their tokens.
Hamster Kombat Price Prediction: What’s Next for HMSTR?
Technically speaking, the price of HMSTR could face additional declines. The Chaikin Money Flow (CMF) indicator is currently negative, suggesting increasing selling pressure.
HMSTR is currently in a consolidation phase, trading within a tight range between support and resistance. The sideways price action indicates the potential for a breakdown, with further downside likely if selling pressure continues to mount.
Key Support and Resistance Levels:
- $0.0064: Immediate support is at 0.006400 USDT, a level that has been tested multiple times and marks the lower boundary of the range.
- $0.007: Immediate resistance stands at 0.007000 USDT, the upper boundary of the current range.
According to Coinglass, an increasing number of derivative traders are shorting HMSTR, signaling a bearish sentiment as they bet on further price drops.
Currently, Hamster Kombat’s market cap sits at $435 million, which is significantly lower than pre-listing market speculation.
With the aftermath of the token generation event (TGE) on September 26 still playing out, the outlook for HMSTR remains uncertain. Unless broader market conditions improve, the price may continue to face downward pressure as airdrop claimants rush to offload their tokens.
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