Hamster Kombat, the viral Telegram tap-to-earn community, is dealing with challenges as its consumer base declines and its token stays in a deep bear market.
Whereas the Hamster Kombat (HMSTR) has risen by 75% from its October low, it stays in a chronic bear market, having fallen 72% from its all-time excessive. Its market capitalization has dropped from practically $600 million to $254 million.
Hamster Kombat’s lively consumer rely has declined steeply, falling from over 300 million earlier than its airdrop to about 30 million right now. Many customers have shifted to different Telegram mini-apps like TapSwap and Blum forward of their respective airdrops.
In a assertion, a Hamster Kombat spokesperson mentioned the community is working to re-engage its customers forward of the Season 2 launch. The spokesperson additionally famous that the sharp drop in customers was anticipated.
Traditionally, gaming and different “to earn” cryptocurrencies expertise important preliminary hype, which frequently diminishes over time. As an illustration, Axie Infinity (AXS) as soon as had hundreds of every day customers and noticed its token attain a report excessive of $165. Nevertheless, right now, the token trades at $5.70, with a dramatically decreased consumer base.
Will Hamster Kombat value rebound?
HMSTR chart | Supply: crypto.information
There may be potential for the HMSTR token value to rebound, doubtlessly doubling in worth within the close to time period if the broader crypto bull run continues.
On the every day chart, HMSTR shaped a falling wedge sample between Sep. 28 and Nov. 4, resulting in a robust restoration to $0.0063, its highest stage on Nov. 10.
The token has now shaped a bullish pennant sample, characterised by a protracted flagpole and a symmetrical triangle. Traditionally, this sample typically results in a robust bullish breakout.
There’s a risk that Hamster Kombat’s value may rebound and attain $0.0118, representing a 200% acquire from its present stage. Nevertheless, this bullish outlook can be invalidated if the token falls under $0.0030.
