Hamster Kombat (HMSTR) price is suffering and user numbers for the mini app are heading down to a new low of 48M users. Any future trajectory for the meme coin is something that gives rise to concerns for this drop, particularly with the coin already slouching 2.1% in the last 24 hours, trading for $0.0027.
It’s all been good news, though, in that Bitcoin prices recently spiked, helping to carry the rest of the crypto market with it, but HMSTR has been stuck in neutral, declining by 62 percent from its all-time high reached just 34 days earlier.
Hamster Airdrop Causes Disappointment
Most of the users fell away after a disappointing airdrop not too long ago as the community was unhappy with the airdrop and project caused poor sentiment overall. Since the airdrop, we’ve seen the user base steadily decrease, receding from around 55 million monthly users a week ago to around 48.5 million daily users — that’s approximately 1.5 million fewer users.
Meanwhile, rivals X Empire, who has since launched a new and more flexible Bitcoin, volume and price aggregator, are struggling to keep up with demand for their offering, and price fell 18.1 per cent during the same period. At the time of writing, Season 2 of Hamster Kombat senses negative user feedback and continues to grapple.
IntoTheBlock data shows that large net holder NetFlow has fallen in the past week, which suggests that big time whale investors are cashing out of this project. The Coinglass Liquidation Map additionally paints a bearish picture for derivative traders, who have Shorts worth $5 million versus Longs at just $1 million over the past 30 days.
The price movement of HMSTR is within a falling channel, offering support at around $0.0027. And a break below this would signal a further dump of 10% to $0.0023. Open Interest has increased 0.8% while trading volume has dropped 16%, a decrease in buying or selling pressure, and a sign of futures traders entering into Shorts, who typically precede price declines.
If there is bullish action Hamster Kombat could reach $0.00305 (Resistance 1) which has been acting as a barrier in recent trading. A break from this level could signal market strength, pushing the current bearish sentiment, bringing $0.004 (a 46 percent increase from current levels).
