TLDR:
- The airdrop of Hamster Kombat's HMSTR tokens didn't live up to player expectations, leaving many disillusioned.
- Once the HMSTR token hit the trading floor, its value sunk rapidly.
- So many users found their token haul amounted to less than 10 bucks, feeling shortchanged.
- The frustration with HMSTR has birthed the trending hashtag #HMSTRSCAM.
- Concerns about inequitable distribution and software glitches have marred the project's reputation.
The much-anticipated token debut Hamster Kombat , part of the infamous tap-to-earn game in the Telegram universe, has been met with hurdles and user discontent.
On September 26, 2024, the long-awaited HMSTR token airdrop took place, only to turn sour as many users found their rewards underwhelming and saw the token’s price tumble.
Since its March inception, Hamster Kombat drew in over 300 million users, yet in the end, tokens were doled out to just 131 million eligible players, with many voicing dissatisfaction, likening their HMSTR rewards to ‘dust’ – the trivial leftover of cryptocurrency.
Frustration grew as users received token rewards barely hitting the $10 mark, despite their months-long engagement and effort in the project.
Dissatisfaction escalated as the token wasn’t able to hold ground on the exchange front, plunging about 50% shortly after trading started.
According to CoinGecko's data, the HMSTR token's price dipped drastically from $0.012 to $0.0087 within 24 hours, leaving players feeling deceived, especially those who had relentlessly engaged with the game.
Technical difficulties added fuel to the fire, with users unable to access their tokens due to overloaded network traffic. Assurances from the project citing 'overwhelming demand' as the cause only heightened community frustration.
The tales of this botched launch spread rapidly, fueling the social media trend #HMSTRSCAM.
Allegations arose of an unjust disqualification process for many would-be recipients, with claims that influencers and prominent YouTubers received preferential treatment. Such accusations intensified doubts about the project's fairness.
Amidst the uproar, there's been a call in the community to shun Hamster Kombat on social media and dismiss its bot. This backlash overshadows the game's earlier accomplishments and casts doubt on its continued success.
Interestingly, while chaos ensues, some exchanges have nonetheless warmed to HMSTR. For instance, Binance, an industry giant in cryptocurrency exchanges, saw fit to list the token for spot trading and even introduced futures options with up to 75x leverage.
Binance further included HMSTR in its Super Earn program, giving holders the chance to enjoy up to a 300% annual percentage rate for a short-term locked period.
The Open Network (TON) , the blockchain underpinning HMSTR, has had its own set of woes. Just last month, the network experienced a double outage week triggered by another meme coin stunt.
These incidents underscore the broader technical obstacles that blockchain projects face as they look to expand and handle an influx of user activity.
Reports indicate more than 108,000 wallets contain HMSTR tokens, with a hefty slice of the supply parked in a Binance hot wallet. This seems to suggest that a multitude of players were quick to offload their tokens on the exchange, exacerbating the price decline.
The Hamster Kombat team has made clear that 15 billion HMSTR tokens are set aside for the second season of the game, hinting at ongoing development efforts and acknowledging user feedback.
Despite reassurances, the project's fate is uncertain as it deals with the aftermath of its turbulent token launch.
