Islamabad, Sep 27: Hamster Kombat Token Crashes 30% After Binance Launch
The newly launched play-to-earn (P2E) Hamster Kombat (HMSTR) token experienced a significant decline shortly after being listed on major cryptocurrency exchanges, including Binance and HashKey.
Despite the initial excitement, the token fell by 10% within the first hour of trading, according to CoinGecko data. Over the past 24 hours, its value has plummeted nearly 30%, dropping from $0.012 to $0.0087.
The Hamster Kombat team had announced the official start of HMSTR trading on various platforms, including OKX, Bybit, KuCoin, and MEXC, alongside Binance and HashKey.
This launch followed the HMSTR airdrop and the opening of balance withdrawal options for users just a day prior.
In response to the price drop, Binance introduced futures trading for HMSTR, allowing investors to leverage their positions up to 75 times.
Additionally, the exchange included HMSTR in its Super Earn program, enabling token holders to earn up to 300% annual returns within a seven-day locked period, with a minimum subscription of 100 HMSTR tokens.
According to CoinGecko, HMSTR has a maximum supply of 100 billion tokens, with 64.3 billion currently in circulation. The sharp decline in value is likely attributed to many airdrop recipients selling their tokens shortly after the launch.
