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Home»Altcoins»HMSTR plummets after listing on Binance
Altcoins

HMSTR plummets after listing on Binance

2024-09-27No Comments3 Mins Read
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  • Hamster Kombat was listed on major stock exchanges with 100 million users.
  • HMSTR prices have fallen 30.42% in the past day.

Hamster fight [HMSTR]a popular tap-to-ear game on Ton Blockchain, recently attracted attention within the crypto community.

Since its launch six months ago, it has amassed more than 300 million users.

HMSTR listed on major stock exchanges

On September 26, 2024, HMSTR saw a shift in market dynamics after several crypto exchanges listed it.

The altcoin was listed on major platforms including Binance, OKX and Kucoin. After listing on Binance, the exchange surpassed others in capturing market flow.

As such, Binance’s upfront fees exceeded 6.2 billion tokens and its post-listing balance reached a record 18 billion, which is 18%.

On other exchanges such as Bybit, pre-deposits amounted to 3 billion tokens, which was 4.6%, while OKX had 4.1%.

HMSTR plummets after listing

Although the listing was highly anticipated, the market immediately reacted negatively.

HMSTR experienced a sharp decline shortly after listing. While the pre-market futures high was $0.3865, opening prices did not match expectations.

The initial trading price was $0.014, but fell 32.6% to $0.011. Shortly afterwards, HMSTR plummeted further to $0.0088.

Therefore, the altcoin has experienced a sustained decline since its listing. In fact, at the time of writing, HMSTR was trading at $0.006791.

This represented a drop of 30.42% over the past day. During the same period, the market capitalization fell by 30% to $437 million Coin market capitalization.

Source: CryptoQuant

On the plus side, even though HMSTR prices were down, monthly active addresses soared.

See also  XRP Short Traders Face Massive Losses While Ripple Scores Gain From SEC

According to CryptoquantHamster Kombat surpassed 100 million monthly active users and launched its HMSTR token on The Open Network (TON).

As such, 4.3% of transactions in the first block interacted with the Hamster Kombat contract address.

Impact on price charts?

According to AMBCrypto’s analysis, HMSTR did not meet market expectations.

Since its launch, the altcoin has seen a surge in negative market sentiment. Therefore, current market conditions could cause HMSTR to decline further.

Source: Coinglass

For example, total liquidations have increased dramatically in the past 24 hours. According to Coinglass, the total liquidation amounted to $5.1 million.

During this period, liquidation for short positions was $2.5 million and $2.6 million. This shows that the market was bearish, with long position holders not having confidence in the direction of the altcoin.

Source: TradingView

Additionally, HMSTR’s Relative Strength Index (RSI) stood at 26 with an RSI-based moving average (MA) of 36.17.

This suggested that the alt was oversold. So the selling pressure was higher than the buying pressure, with the sellers dominating the market.

Simply put, HMSTR experienced a strong downtrend. If current market conditions continue, the price will fall further to $0.005.

However, a correction will cause the price to rise above $0.010.

Next: ‘Are Any Bitcoin HODLers Concerned?’ quizzes Peter Schiff – This is why

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Binance HMSTR listing Plummets
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