Hamster Kombat [HMSTR], a well-known click-to-earn game on Ton Blockchain, recently drew significant interest within the digital currency community.
Since its introduction half a year ago, it has attracted over 300 million users.
HMSTR Presence on Major Exchanges
On September 26, 2024, HMSTR encountered a shift in market dynamics following its listing on various crypto exchanges.
The token was added to notable platforms like Binance, OKX, and Kucoin. Particularly on Binance, the listing led the exchange to outperform its counterparts.
With Binance alone seeing pre-deposits surpassing 6.2 billion tokens and reaching a post-listing balance of 18 billion, a notable 18% increase was recorded.
Other exchanges like Bybit witnessed 3 billion tokens in pre-deposits, accounting for 4.6%, while OKX had 4.1%.
HMSTR Plunge Post-Listing
Despite high anticipation surrounding the listing, the market responded negatively to HMSTR’s debut.
The token experienced a rapid decline shortly after its introduction. While the pre-market futures reached a peak of $0.3865, the actual opening prices fell below expectations.
Initial trading began at $0.014 and plummeted by 32.6% to $0.011. Shortly after, HMSTR dropped further to $0.0088.
Consequently, the token has been on a continuous downward trend since listing, trading at $0.006791 at the time of this writing.
This represented a 30.42% slump in the past day, with the market cap also dwindling by 30% to $437 million, as per Coinmarketcap.
On a positive note, despite price declines, HMSTR witnessed a surge in monthly active addresses.
According to Cryptoquant, Hamster Kombat surpassed 100 million monthly active users and introduced its HMSTR token on The Open Network (TON).
Initially, the first block saw 4.3% of transactions engaging with the Hamster Kombat contract address.
Price Chart Impact?
According to CryptoCrypto’s analysis, HMSTR failed to meet market expectations.
Since its inception, the token has faced an increase in negative market sentiment, potentially setting it up for further decline.
Over the last 24 hours, total liquidations skyrocketed. Coinglass reported a total liquidation figure of $5.1 million.
During this period, short positions accounted for $2.5 million of liquidations, while long positions contributed $2.6 million. This indicated a bearish market sentiment, with long position holders lacking faith in the token’s direction.
Moreover, HMSTR’s Relative Strength Index (RSI) stood at 26, with an RSI-based Moving Average (MA) of 36.17.
This signaled an oversold condition for the token, where selling pressure eclipsed buying pressure, indicating sellers dominating the market.
In essence, HMSTR was in a robust downward trend. Should current market conditions persist, the price is projected to drop further to $0.005.
However, a correction could potentially drive it above $0.010.