Just days after the much-anticipated token launches on The Open Network (TON), two major Telegram-based games have seen their token prices nosedive. What started as excitement around Hamster Kombat and Catizen has quickly soured, with both tokens tumbling more than 50% from their peak prices. This sharp fall leaves many players scratching their heads and wondering what’s next.
Hamster Kombat, a game that had amassed a whopping 300 million players on its Telegram mini-app, launched its HMSTR token last Thursday. But things didn’t go as smoothly as expected. Around 129 million players were eligible to claim the token, yet many found their allocations underwhelming. Some even labeled their tokens as “dust,” a crypto term used when the amount is so small it’s nearly worthless.
Hamster Kombat Token Plummets 53%
Fast forward five days, and the price of HMSTR has sunk by 53%, according to CoinMarketCap. Currently, it sits at $0.047, after peaking at around $0.10 on launch day. Just today, the token is down 18%, likely driven by broader market downturns, triggered in part by geopolitical tensions between Israel and Iran. It’s worth noting there’s some debate over the token’s all-time high. CoinGecko lists a peak of $0.072, though platforms like Binance and Crypto.com back CoinMarketCap’s figures.
Catizen’s CATI Token Fares Even Worse
But Hamster Kombat isn’t alone in its price struggle. Catizen, another popular Telegram game, launched its CATI token on September 20. The token has tanked even more, falling 58% to its current value of $0.47. Like HMSTR, it’s down 18% today and has seen its price slide from an initial peak of $1.11.
Players are unhappy, too, with many voicing frustration over their airdrop amounts, which were much smaller than expected. Discontent has spread, leaving some questioning whether these tokens can recover in the long run.
Crypto Gaming Tokens on a Rough Ride
The collapse of HMSTR and CATI isn’t isolated. The entire gaming token space is taking a beating. Notcoin (NOT), a non-Telegram gaming token, is down nearly 74% since its peak in June. Gaming tokens have always been volatile, but these drops seem unusually sharp, raising questions about the future of the crypto gaming ecosystem. Could it be the nascent nature of the space, or simply investor doubts about the longevity of these games?
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