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
Due to its huge popularity, the Hamster Kombat token launch is one of the most anticipated events in the crypto industry, although the timeline for an airdrop is uncertain.
Data shows that the platform has accumulated over 300 million users globally and 50 million daily active users. Its YouTube channel has added over 35 million subscribers, while its other social media platforms have millions of users.
Hamster Kombat has surpassed other popular players in the blockchain industry, like Pi Network, which had over 50 million users at its peak. Many HMSTR holders look forward to the token listing, which will let them liquidate or HODL their tokens.
Notcoin, Avacoin, and Pixelverse have dropped
Current data shows that other popular tap-to-earn tokens are not doing well after listing.
Notcoin (NOT), 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, even after recent measures to grow its ecosystem.
Similarly, the Pixelverse (PIXFI) token has dropped to $0.030, down by 70% from its highest point this month, sending its market cap tumbling to $160 million.
Avacoin (AVCN), the latest tap-to-earn token to list, has also not performed well. According to Bitget, the token opened at $0.002 on Tuesday and traded at $0.00091 during the day.
Avacoin, Notcoin, and Pixelverse are similar projects to Hamster Kombat in letting users earn tokens by doing simple tasks. In addition to regular tapping, users can gain more tokens by completing tasks like watching YouTube videos and following social media accounts.
Therefore, the price action of these coins is a warning shot to Hamster Kombat, suggesting that their price could also drop after their airdrops. According to its new white paper, Hamster Kombat users will receive 60% of the airdrop tokens, with the rest going to market liquidity, partnerships, and grants.
The developers hope to learn from other play-to-earn platforms like Decentraland (MANA), Sandbox (SAND), and Axie Infinity (AXS). These games have had little activity in the past few years, and their tokens have dropped.
Hamster Kombat aims to solve 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, pushing the price lower.
