Hamster Kombat’s sell-off accelerated in the futures market as demand among investors waned.
Hamster Kombat (HMSTR) futures dropped to a record low of $0.1586 on Aug. 16, down by over 50% from its highest level this month. On the positive side, the performance of these pre-market futures may not fully represent what to expect when the airdrop launches.
For one, the futures are only offered by OKX, and their volume is significantly low. Data the platform showed that open interest was just 295,720 HMSTR tokens, while the 24-hour volume was 389,000 tokens.
However, there is a risk that the token could drop further if the airdrop happens in this current market environment, where most altcoins are experiencing a bear market.
Additionally, all tap-to-earn tokens that have listed recently have dropped by double digits. Notably, Notcoin (NOT) token has crashed by over 68% from its highest level in June. It’s performance is a sign of what might happen when its airdrop happens.
Hamster Kombat’s futures trading is happening at a time when there are signs that activity on the network is slowing. For instance, the platform’s YouTube channel’s growth has stalled. After hitting over 30 million subscribers in a month, the total subscriber count stood at 35 million on Aug. 16.
Hamster Kombat, which claims to have over 300 million users, faces significant challenges ahead. The biggest one will be maintaining user engagement when the airdrop finally launches, allowing users to sell their HMSTR tokens.
In the past, many blockchain companies have faced similar situations where initial enthusiasm fades. For example, Shiba Inu (SHIB), one of the most popular meme coins, rose to $0.000088 in 2021 and has since retreated by 85% to $0.000015.
Similarly, Decentraland (MANA), which once had thousands of daily active users in 2021, now has less than 1,000 monthly users.
