Hamster Kombat (HMSTR) Price Plummets 45% After Massive Airdrop

The price of Hamster Kombat (HMSTR) took a sharp dive on September 26th following the launch of what was billed as the largest token airdrop on the TON blockchain. HMSTR’s value has plunged 45.4% in just 24 hours, currently trading at $0.006803.

The dramatic price drop came as many airdrop recipients rushed to cash out their newly acquired tokens. Despite being listed on major cryptocurrency exchanges, HMSTR continues to face significant selling pressure as more claimants look to secure profits from the airdrop.

While the HMSTR price action has entered a consolidation phase, the overall trend remains bearish. Several factors are contributing to the continued downward pressure:

1. Post-Listing Sell-Off: A large portion of airdrop recipients immediately sold their tokens after exchange listings went live.

2. Distribution Controversies: Reports emerged that some influencers received outsized allocations based on referrals, contrary to earlier statements from the project team. This damaged confidence in the project’s transparency.

3. Supply Shock: Initial price predictions were based on an assumed total supply of 10 billion tokens. The revelation of a much larger actual supply led to disappointment and further selling.

4. Unexpected Lock-Up Period: An 11% token lock-up period that was not previously communicated added to uncertainty around the project.

Technical analysis shows the Chaikin Money Flow (CMF) indicator in negative territory, suggesting increasing sell-side momentum. The HMSTR price is consolidating in a downward channel between support at $0.0064 and resistance at $0.007. A breakdown below this range could lead to further losses.

Data from Coinglass indicates that derivatives traders are taking short positions on HMSTR, betting on continued price declines in the near term.

Hamster Kombat’s market capitalization currently sits at $435 million, well below pre-listing speculative valuations. Unless market sentiment shifts dramatically, HMSTR may continue to face downward pressure as airdrop recipients look to exit their positions.