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.
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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