- In July, Hamster Kombat boasted over 300 million players
- The $HMSTR token has also lost over 72% of its value since it was listed and started trading on September 26, 2024
- Hamster Kombat had great promise. Crypto enthusiasts and insiders saw it as a massive project that would be hugely successful, and players saw it as a viable route to crypto wealth.
Hamster Kombat, one of the tap-to-earn games that took the crypto world by storm just a few months ago, has reportedly lost some 260 million players in just 3 months.
In July, Hamster Kombat boasted over 300 million players, but checks show that its users have now crashed to 40.9 million, losing a whopping 259 million users.
Source: Protos
The $HMSTR token has also lost over 72% of its value since it was listed and started trading on September 26, 2024. At the time of writing, the $HMSTR token was trading at $0.002392 with a market cap of $153.98 million and a 24-hour trading volume of $21.96 million.
Why Hamster Kombat $HMSTR token failed
Hamster Kombat had great promise. Crypto enthusiasts and insiders saw it as a massive project that would be hugely successful, and players saw it as a viable route to crypto wealth.
The hype was widespread, so much so that Pavel Durov, the Chief Executive Officer (CEO) of Telegram, the platform on which it was hosted, described it as “the fastest-growing digital service in the world.”
$HMSTR market cap movement since listing. Source: Coinmarketcap
In a post on his Telegram channel, Durov said, “Hamster Kombat has become the latest Internet phenomenon everyone's talking about. 239 million people have signed up for this Telegram mini app in just 3 months. It took Hamster only 73 days to reach 100 million monthly users. Each day, 4-5 million new users join Hamster Kombat, making it the fastest-growing digital service in the world.”
Despite the hype and promises it held, just days after the $HMSTR token started trading on crypto exchanges, the project crumbled far more quickly than it climbed: the price crashed, holders of the coin sold off, and players left in disappointment.
The disappointment started when the $HMSTR token allocation began: many players in Nigeria decried being left out, and others complained of not getting enough allocation given the amount of time and resources they expended in playing.
$HMSTR price movement since listing. Source: Coinmarketcap
Additionally, many players were disqualified without proper explanation, apart from the insipid allegation of dishonesty. Hamster Kombat developers said they banned 2.3 million players and confiscated 6.8 billion HMSTR tokens.
The disappointment peaked when the HMSTR token was listed. Many users expected the listing price to be somewhere between $1 and $1.5. But its listing price was an incredibly disappointing $0.009993, and holders sold off the little they had.
Report: How MrBeast made $23 million from promoting crypto scam schemes
Meanwhile, TheRadar earlier reported that a new report by researchers has revealed how one of the world’s biggest celebrities and the star with the most subscribed Youtube account, MrBest, earned $23 million in crypto.
The report, published by a relatively unknown crypto researcher Loock.io, said MrBest made the money “from a multitude of scams, shady deals, and his network.”
