Hamster Kombat is not doing well as its token price stalls, users fall, and transactions in its layer-2 network plunge. The HMSTR token was trading at $0.0020, slightly above the year-to-date low of $0.0014.
Hamster Kombat’s daily trading volume continues to fall, standing at about $25 million on Wednesday. At its peak, HMSTR experienced over $100 million in daily volume. Most of the current volume comes from exchanges like Binance, Bybit, and OKX.
Hamster Kombat Woes Are Rising
More data shows that the number of Hamster Kombat users has plunged in the past few months. It has moved from over 300 million during its peak to less than 1 million today, and this trend may continue as its token, HMSTR, struggles.
A good example of how low Hamster Kombat has fallen is its YouTube channel, which has broken a record in terms of subscribers. Hamster Kombat’s channel added over 10 million subscribers within a week, surpassing the previous record set by Cristiano Ronaldo. The channel’s videos used to get tens of millions of views within days. Today, the channel is struggling to hit 200k views.
Like some other struggling crypto projects, Hamster Kombat recently ventured into the layer-2 industry. The goal was to create a popular layer-2 network on TON that would attract developers, especially in the gaming industry.
The latest data from the Hamster Scan shows that the number of transactions has crashed. On Tuesday, it handled just 152 transactions, down from 10,000 at its peak in February this year. It is also unclear whether the L2 network has attracted any developers. Besides, these developers have options, including popular platforms like Base and Arbitrum.
Hamster Kombat Price Analysis
The daily chart shows that the HMSTR price has come under pressure in the past few months. Most recently, it has formed a descending triangle pattern whose lower side is at $0.001523 and whose diagonal line connects the highest swings since September last year.
A falling triangle is one of the most bearish patterns in the market. As the two lines converge, a strong bearish breakout is likely in the near term. That price action will see it drop to the key support at $0.001.
READ MORE: Hamster Kombat is Still Crashing: Will HMSTR Recover?
