The listing of the new HMSTR token, associated with the game Hamster Kombat, on cryptocurrency exchanges has attracted considerable attention of market participants, leading to a number of notable consequences.
Out of 300 mln players, 131 mln have received Hamster Kombat tokens. Distribution was carried out based on user activity in the game, which should have stimulated audience engagement. It should be noted that the developers took measures to prevent manipulations, excluding users who were caught trying to cheat the system among the recipients of tokens.
After listing on the Binance exchange, the HMSTR token demonstrated heightened volatility. The price action topped out at $0.014149 (up a whopping 1,294%), but soon a sharp decline pushed it down to $0.0060. The 57% price drop flags the new asset’s instability and potential risks facing investors.
Currently, there is a trend in the market towards selling HMSTR tokens, which leads to a further decline in price. This may indicate low interest on the part of investors in holding the asset over the long term and a potential lack of trust in its prospects.
A parallel can be drawn between HMSTR and previously issued tokens such as Doges and Notcoin, noting similar patterns of short-term interest and subsequent decline in activity. This could mean that HMSTR risks repeating the fate of its predecessors, becoming only a flash in the pan on the cryptocurrency market.
Issuance of the HMSTR token demonstrates the ongoing trend of creating new crypto assets related to gaming projects. However, high volatility and rapid decline in interest highlight the need for a cautious approach to investments in such assets.
Durov will say thanks for the project and attracting new users, and that's where all the perks of the project will end. We believe that the gaming token has no prospects or future for investors.