TapSwap, one of the top Telegram ecosystem players, hopes to launch the much-anticipated airdrop in January next year. So, will the TAPS token crash as other popular Telegram cryptocurrencies like Hamster Kombat (HMSTR), Dogs (DOGS), and Catizen (CATI)?
TapSwap airdrop to happen in ‘January’
TapSwap, a leading tap-to-earn game on Telegram, has disappointed many players as the developers have delayed its airdrop or the token generation event. It was initially set to start trading in July last year, and then the developers promised to have it listed in the third quarter.
Well, the fourth quarter is ending, with the developers promising that it will happen in January. As such, based on the previous failed promises, there are reasons to doubt whether the token generation event will happen in January.
The developers have justified the delayed listing event to the need to have a good ecosystem that will provide the TAPS token with good utility. In a recent post, the developers noted that they were working on a gaming platform that will give it more use in the long term. They aim to ensure that the token will be used to pay for tournaments and prize pools.
The developers have also justified the token listing delay to the need to have strong partnerships with other big players in the crypto industry. This includes exchanges like Binance, Coinbase, and OKX.
Will TAPS be the next HMSTR, CATI, and DOGS?
A key concern among Tapswap’s developers is that most tap-to-earn tokens crash after their airdrop. As shown below, tokens like Notcoin, Hamster Kombat, Catizen, and JetTon Games have plunged by double digits in the last 30 days.
Most of these tokens are down by over 70% from their all-time highs, with only a handful of holders being in profit. Only 15% of Notcoin holders and 0.92% of Hamster Kombat are profitable. Also, just 0.16% of Dogs and 0.65% of CATI holders are profitable.
Therefore, it makes sense for Tapswap developers to maintain their patience and build the ecosystem before the airdrop.
However, the reality is that many Tapswap players do so because they want to convert their coins into cash. Most are not interested in the ecosystem growth and the upcoming gaming platform.
This explains why the CATI, HMSTR, and DOGS tokens crashed after the airdrop. Most of the holders used the listing opportunity to sell their tokens. For example, Hamster Kombat has over 300 million users and now has 3.8 million HMSTR token holders. Catizen now has just 1.4 million tokens.
The same trend happens among other “to earn” platforms in the crypto industry, such as move-to-earn networks like Sweatcoin and StepN. Therefore, there is a likelihood that the TAPS taken will crash after the airdrop.
