Hamster Kombat was listed across major exchanges after the number of active users per month surpassed 100 million. HMSTR plunged by 30.42 per cent following it was listed.
- Hamster Kombat is listed on major exchanges and has more than 100 million registered users.
- HMSTR prices dropped by 30.42 per cent in the past day.
Hamster Kombat (HMSTR Hamster Kombat [HMSTR is a well-loved game that rewards you with a tap on Ton Blockchain, recently captured interest within the crypto community.
Since its debut about six months ago, it has attracted over 300 million active users.
HMSTR is listed on the major exchanges
On September 26, 2024, HMSTR witnessed a change in the market’s dynamics following a number of cryptocurrency exchanges listing it.
The altcoin was featured on major platforms like Binance, OKX, and Kucoin. After the listing on Binance, the exchange surpassed other exchanges in capturing the market’s flow.
Accordingly, Binance pre-deposits exceeded 6.2 billion tokens, and the total balance as of the date of listing was 18 billion, which equals 18 per cent.
Other exchanges, like Bybit, had pre-deposits for deposits of 3 billion tokens, which was 4.6 per cent. Meanwhile, OKX was 4.1 per cent.
HMSTR falls after announcing
While the announcement was widely sought-after, it experienced an instant negative reaction.
HMSTR saw a dramatic drop immediately after the listing. The high of its pre-market forwards was $0.3865. However, the prices at the time of listing were not in line with expectations.
The price at the beginning of trading was $0.014, which fell by 32.6 per cent to $0.011. In the following days, HMSTR further plummeted to $0.0088.
The altcoin has seen a steady decline since its listing. Actually, at the moment of writing, HMSTR traded at $0.006791.
It was a 30.42 per cent drop over the past 24 hours. During the same time frame, the market cap of the company fell by 30%, to $437 million to Coinmarketcap.
While HMSTR prices were down, the number of active addresses rose monthly.
As per Cryptoquant, Hamster Kombat surpassed 100 million active users per month and announced its HMSTR token to The Open Network (TON).
In this way, the first block had 4.3 percent of transactions that interacted directly with the Hamster Kombat contract address.
Effect on Price Charts?
According to AMBCrypto’s research, HMSTR was unable to match the expectations of investors.
Since its launch of the altcoin, it has witnessed a rise in negative market sentiment. Thus, the current economic conditions could set HMSTR on a further fall.
For instance, the total liquidation has risen dramatically in the last 24 hours. According to Coinglass, the total liquidation amount was $5.1 million.
At this time, liquidation for short positions took between $2.5 million and $2.6 million. This indicates how the price was in bearish mode, and those who held long positions did not have confidence in the direction of altcoins.
In addition, The HMSTR’s Relative Strength Index (RSI) was 26, with an index based on RSI of 36.17. Average(MA) that was 36.17.
This indicated that the market was, in fact, overpriced. This means that there was a selling demand more than buying pressure, with sellers dominating the market.
Simply simply put, HMSTR was experiencing a stark downward trend. If current market conditions continue, the price will continue to decrease to $0.005.
A correction, however, will make it rise to $0.010.
