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The performance of popular Telegram tap-to-earn tokens like Avacoin, Pixelverse, and Notcoin is sending a warning to Hamster Kombat.
Hamster Kombat Hits 300 Million Users
Hamster Kombat has gained significant popularity, making its token launch highly anticipated within the crypto industry. Though the timeline for an airdrop remains uncertain, the platform boasts impressive statistics. It has accumulated over 300 million users globally, with 50 million daily active users. Its YouTube channel has amassed over 35 million subscribers, and its other social media platforms have millions of followers.
Hamster Kombat has surpassed other notable players in the blockchain industry, such as Pi Network, which had over 50 million users at its peak. Many HMSTR holders are eagerly awaiting the token listing, enabling them to either liquidate or HODL their tokens.
Challenges Facing Tap-to-Earn Tokens
Recent data indicates that other popular tap-to-earn tokens have not performed well after listing. Notcoin, which was listed in May, has dropped by 55.8% to $0.012. Its market cap has decreased from over $2.5 billion to $1.32 billion, despite efforts to grow its ecosystem. Similarly, the Pixelverse (PIXFI) token has plummeted to $0.030, down by 70% from its highest point this month, reducing its market cap to $160 million.
Avacoin (AVCN), the latest tap-to-earn token to list, has also underperformed. According to recent data, the token opened at $0.002 on Tuesday and traded at $0.00091 during the day.
Avacoin, Notcoin, and Pixelverse are similar to Hamster Kombat in that they allow users to earn tokens by completing simple tasks. Besides regular tapping, users can earn more tokens by watching YouTube videos and following social media accounts.
The price action of these coins serves as a cautionary tale for Hamster Kombat, suggesting that their price could also drop post-airdrop.
Hamster Kombat’s Strategy
According to its new white paper, Hamster Kombat users will receive 60% of the airdrop tokens, with the rest allocated to market liquidity, partnerships, and grants. The developers aim to learn from other play-to-earn platforms like Decentraland, Sandbox (SAND), and Axie Infinity. These platforms have seen limited activity in recent years, and their tokens have depreciated.
Hamster Kombat plans to address this challenge by launching regular seasons where users can earn tokens. However, the risk remains that current HMSTR holders might dump tokens after the airdrop, potentially pushing the price lower.
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