Hamster Kombat is up over 110% from its all-time low price of $0.002263 six days ago.

At last check Saturday, Hamster Kombat (HMSTR) was among the top-three trending coins on CoinGecko, up by almost 88%.

Its fully diluted valuation currently hovers at around $475.6 million. See below.

What is Hamster Kombat?

The creators of Hamster Kombat remain anonymous — a common choice in the crypto sector.

Based on a game launched via Telegram, Hamster Kombat meshes gaming with blockchain technology, allowing players to earn in-game HMSTR tokens.

Players can tap on digital hamsters to gain rewards. They can then be upgraded and use the coins to access special game features.

Hamster Kombat also uses non-fungible tokens, or NFTs, and is set to integrate TON blockchain wallets for storing and converting earned tokens.

The recent activity around the meme coin comes as crypto.news reported that Hamster Kombat’s recent chart pattern indicated that a comeback was imminent, despite the coin wallowing in a deep bear market.

Bongo Cat enjoys a brand-new beat

Bongo Cat (BONGO) is a meme coin inspired by an internet meme and video featuring a cat playing the bongos.

It has gained attention in the cryptocurrency community, combining meme culture with blockchain technology. As of now:

Bongo Cat is priced at approximately $0.02922 and is currently up 150% at last check on Saturday — the largest-gaining digital asset on CoinGecko.

This blend of meme and finance illustrates the ongoing trend of meme coins capturing both speculative interest and community-driven support in the crypto market.

LMEOW purrs in Thailand

Lmeow (LMEOW) jumped triple-digits on Saturday, coinciding with hype and promotion at Thailand Blockchain Week 2024.

The event, which aims to elevate Thailand into a new era of financial technology, is currently taking place Saturday and Sunday.

Lmeow has a fully diluted valuation of $34.8 million.

The cat-themed tokens can be traded on decentralized exchanges and centralized crypto exchanges, including Uniswap V2 (Ethereum), where the most active trading pair

LMEOW currently has a trading volume of more than $6 million in the last 24 hours.

Did Hamster Kombat’s viral rise lead to its own downfall? How did 260 million players vanish in months, leaving the game a shadow of its former self?

From boom to dust

Hamster Kombat (HMSTR), a once-celebrated tap-to-earn game on Telegram, seemed destined for blockchain gaming fame, amassing a jaw-dropping 300 million users within months of its launch in March 2024. 

But in a surprising twist, this viral sensation has seen an 86% nosedive in active users, dropping to just 41 million by November 2024 and facing one of the most dramatic declines in crypto gaming history. 

The game’s token, HMSTR, has also plummeted in value by over 76%, sliding from its September high of $0.01004 to just $0.0024 as of Nov. 5, casting doubts over the project’s stability. 

Behind this exodus lie a series of interconnected setbacks: delayed airdrops, poor user experience, government criticisms, and controversial player bans. 

Could the game’s ambitious goals have been the very seeds of its undoing? Let’s delve into the numbers, the strategies, and the backlash to find out what led to Hamster Kombat’s colossal fall from grace.

The rise and promise of Hamster Kombat

Hamster Kombat launched with an ambitious promise: to make blockchain gaming accessible to everyone. A big part of the game’s appeal lies in its simplicity. No need for gaming consoles, advanced computers, or complex controls — players simply tapped, and in return, they earned. 

Even Telegram’s CEO, Pavel Durov, hailed it as “the fastest-growing digital service in the world,” citing its potential to redefine how people interacted with blockchain technology. 

People from all over the world were suddenly part of this booming virtual ecosystem, where tapping became the new mining, and the tokens they collected had real value attached.

But the game itself couldn’t keep players engaged. The initial excitement over the tap-to-earn model quickly faded as players found the gameplay repetitive and shallow. 

With no fresh challenges, Hamster Kombat began to lose its appeal, leaving users with little reason to return, especially as the HMSTR token kept losing value. 

The AI-generated graphics, which initially seemed quirky, were also criticized for feeling cheap and uninspired, adding to the perception that Hamster Kombat was more of a cash grab than a well-crafted gaming experience.

The simplicity that first drew users in became a source of frustration, and the game’s high hopes for sustainability faced challenges that even a massive user base couldn’t fix.

The airdrop disappointment and the backlash of bans

One of Hamster Kombat’s most eagerly awaited events was its token airdrop in late September, intended as a reward for player loyalty and engagement. 

With nearly 129 million players eligible to claim HMSTR tokens, expectations ran high. But what was meant to be a celebratory event ended up driving players away in droves. 

The airdrop left many users frustrated, not just because of delays but due to the surprisingly low value of their rewards. 

Some players who had spent hours grinding the game found their earnings amounted to just $1 to $10 — a fraction of what they’d hoped for, leading some to label the airdrop as “dust.”

To make matters worse, the rollout of the airdrop was marred by delays and technical glitches. Originally promised as a straightforward distribution, the airdrop faced several postponements, testing players’ patience. 

By the time it finally happened, the discontent among the user base was palpable. Many players took to social media to vent their frustrations, some claiming they felt deceived by what they saw as broken promises. 

This backlash severely damaged the game’s reputation, transforming the airdrop from an incentive to a point of contention.

The controversy didn’t end there. Hamster Kombat introduced a new anti-cheat system alongside the airdrop, aiming to curb fraudulent activities. 

While intended to protect genuine players, this system ended up banning around 2.3 million accounts and confiscating approximately 6.8 billion HMSTR tokens. Many players felt blindsided by these sudden restrictions, as even legitimate users were caught in the dragnet. 

Some felt that the sweeping bans were too harsh, and the confiscations only added to the resentment, leaving a large chunk of the player base feeling alienated and mistreated.

The fallout was swift. The airdrop disappointment, combined with the massive bans, fueled a wave of user departures. By early November, Hamster Kombat’s once-formidable user base had dwindled to just 41 million monthly active players, a fraction of its 300 million peak.

Government scrutiny and the ripple effect of public doubt

Hamster Kombat’s rapid rise wasn’t just on players’ radar — it also attracted the attention of governments, and not always in a positive way. 

In some regions, officials expressed concern over the game’s influence, viewing it as more than just a harmless pastime. As its user base swelled, so did the scrutiny, with some authorities labeling the game as a “disruptive force” in their societies.

In Iran, the backlash was particularly strong. The game caught the attention of the country’s military officials, who were concerned that Hamster Kombat was drawing attention away from political matters. 

One Iranian military deputy chief went so far as to call it a “soft tool” being used by the West to distract citizens from national priorities and weaken the country’s religious governance, positioning it as a digital disruptor with intentions beyond simple entertainment.

The situation was similar in Russia, where the chairman of the State Duma Committee took an even harsher stance, branding Hamster Kombat as a “scam”, and called for an outright ban.

The developers of Hamster Kombat have also had to address their connection with Gotbit, a crypto market maker now under investigation for fraud in the U.S. 

As the authorities filed charges against Gotbit for market manipulation, Hamster Kombat publicly distanced itself from the company.

Despite these efforts, users have continued to question the stability of the HMSTR token, which has already experienced a stark drop in value.

What’s next for HMSTR?

The sharp downturn in Hamster Kombat’s player base and token price has left many in the crypto community asking: is this just a stumble, or has the game reached a point of no return?

One of the most pressing concerns is a breakdown in trust, with disappointed users feeling that Hamster Kombat has “betrayed the trust of its community.” 

The backlash stems from a perception that the game prioritized influencer partnerships and flashy marketing over a genuinely user-focused experience.

Many early adopters, who initially hoped for long-term rewards, are now disillusioned by broken promises, delayed airdrops, and the steady devaluation of the token. 

One disappointed player noted they left after the first season, saying they had “so much hope” for the game but ultimately felt let down by the experience.

Another major worry has been the ongoing decline in the value of the HMSTR token. As one observer put it, the token’s price chart is “in freefall,” with many users predicting that exchange delistings are “probably around the corner.” 

The global crypto market cap ended last week with a 7% drop, losing $160 billion as it closed at $2.15 trillion.

While Bitcoin (BTC) influenced the broader market, several altcoins charted their own paths, benefiting from unique developments within their ecosystems.

Here are some of these cryptocurrencies to keep an eye on this week, following their diverse price movements last week:

HMSTR collapses 18% 

Hamster Kombat (HMSTR) saw a bearish week, dropping 18% to $0.004714. Its worst day came on Oct. 1 when it fell 13.94% amid a broader market decline on the back of geopolitical tensions.

Last week’s bearishness built on a downtrend HMSTR has faced since its airdrop on Sept. 26. However, the four-hour chart shows some signs of recovery, with the RSI sloping upward, now at 42.82.

For the DMI, the +DI is steady at 17.46, signaling slight buyer momentum. However, the -DI at 23.07 slopes downward, indicating weakening selling pressure. The ADX is at 22.68 and trending downward, as the current trend loses strength.

These figures suggest a possible recovery if buying momentum continues, with bulls possibly targeting $0.0051. However, the downtrend may persist if buyers do not pick up pace this week.

SUI demonstrates resilience 

Sui (SUI) showed resilience despite broader market volatility, dropping only 0.3%. On Oct. 1, amid market turmoil, SUI dipped just 0.97%.

However, it saw a sharper 10.38% decline on Oct. 3, its largest intraday crash in three months.

SUI appears to be forming a bull pennant following its uptrend in September. Currently, the Bollinger Bands indicate the upper band at $1.97, which acts as resistance, and the 20-day MA at $1.62 provides immediate support. 

With SUI trading below the upper band, the price could stabilize above the $1.62 support.

Investors should monitor for a bounce between $1.62 and $1.97, with a breakout above the resistance likely signaling bullish momentum for the week.

FTT bucks the trend

FTX Token (FTT) defied market trends last week, gaining 22% while most assets declined.

On Oct. 1, FTT rose by 13.89%, followed by a 21.53% surge on Oct. 4 and another 9.86% the next day. 

Amid this uptrend, the Williams Percent Range stands at -32.59, signaling that FTT is near overbought territory but still has room for further gains. 

As it witnesses a 9% retracement this new week, bulls need to defend the Pivot support at $2.01 to prevent a slip into bearish territories. Below this, the next support rests at $1.33, marking lows last seen in two weeks.

Should FTT recover from the latest correction, market participants should watch for a break above the resistance level at $2.68, which continues the bullish momentum.