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What’s Wrong With the Hamster Kombat Airdrop

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3 hours ago

September 29, 2024

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On September 26, 2024, Hamster Kombat, a popular tap-to-earn Telegram game, launched the trading of its HMSTR token on several major exchanges. While the event was highly anticipated, the airdrop ended up disappointing a large portion of the crypto community.

Many believe it was “one of the worst airdrops in the history of the crypto.” Here are five reasons why the Hamster Kombat airdrop failed to meet expectations.

What’s Wrong With the Hamster Kombat Airdrop

1. Unfair Reward Distribution

Ahead of the airdrop, many participants were unexpectedly disqualified. Those who focused on boosting their points per hour (PPH) to accumulate tokens were banned just before the event. The developers implemented a new “anti-cheat” system, which caught many off guard.

According to those affected, the move seemed to benefit influencers, with a significant amount of the tokens redirected to them instead of regular players. This last-minute rule change caused major outrage.

2. Frequent Postponements and Sudden Rule Changes

Initially, the Hamster Kombat team had planned the airdrop for July 2024, but due to technical unpreparedness, the event was delayed. This postponement angered many who had been eagerly awaiting their rewards.

In late August, the team announced that the airdrop would finally occur in September. While they met this new deadline, they lost the trust of many community members.

Worse, just before the airdrop, the developers announced that participants would only receive 88.75% of their tokens. The remaining 11.25% wouldn’t be distributed until July 2025. This unexpected rule change led to a growing boycott movement within the community.

3. Low Listing Price of the HMSTR Token

One of the main concerns going into the airdrop was the value of the HMSTR token at launch. Unfortunately, these fears were realized when the token debuted at $0.01.

Almost immediately, the price began to decline. This sharp drop disappointed both long-term and short-term investors who had expected more from the project’s token.

“Where are those YouTubers and influencers who gave the community false hope of $0.10 or $0.50? Hamster Kombat has turned out to be the worst airdrop in crypto history. It’s almost 50%-60% down now,” one X user wrote.

HMSTR price — HMSTR Price. Source: BeInCrypto

As of this writing, HMSTR is trading at $0.0019 — almost 40% lower than its initial value.

4. Problems with Selling HMSTR Tokens

Many project participants found themselves with only a few dollars’ worth of HMSTR tokens after months of interacting with the game. Players complained that despite the time spent on activities like tapping hamsters to earn rewards, the payouts were disappointingly low.

“Hamster Kombat has cheated the community. They have allocated a large portion of airdrops to YouTubers and influencers for referrals. They’ve implemented vesting without informing the community. They’ve made people work like labor, day and night to collect keys from their games and gave $5 or $10 tokens,” Crypto with Khan, a prominent crypto influencer commented.

Moreover, those with small token amounts faced additional challenges when trying to sell them. Some exchanges, like Binance, require a minimum transaction value of $5, making it impossible for users with smaller token balances to cash out their HMSTR.

5. Telegram Wallet Outages

The launch of HMSTR trading coincided with technical issues in the Telegram wallet, which is operated by TON blockchain. TON, built on the remnants of an abandoned Telegram crypto project, is responsible for running the crypto wallet within Telegram, where users hold HMSTR tokens.

Due to network overloads, many users found themselves unable to access or trade their tokens, further compounding frustrations around the airdrop.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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BlackRock ETHA Hits $1 Billion in Assets

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42 mins ago

September 29, 2024

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BlackRock asset management firm has hit a new milestone in its spot Ethereum ETF (exchange-traded fund) offering, breaching the $1 billion mark in total asset value in a record two months.

It comes after a favorable week of trading, during which Bitcoin (BTC) and Ethereum (ETH) ETFs recorded multi-week highs as crypto markets recovered.

BlackRock Hits Key Milestone With ETHA

According to Sosovalue data, BlackRock’s Ethereum ETF (ETHA) reached a significant milestone after Friday’s inflows, bringing its total net asset value to over $1 billion just two months after its launch.

This achievement makes ETHA the second Ethereum ETF to surpass $1 billion in value, following Grayscale’s Ethereum Mini Trust (ETH). Nate Geraci, President of the ETF Store, noted that this milestone places BlackRock’s ETHA among the top 20% of the 3,700 ETFs currently available in the US market.

Read more: How to Invest in Ethereum ETFs?

BlackRock’s Ethereum ETF, ETHA. Source. Nate Geraci

BlackRock’s watershed moment comes after crypto ETFs recorded a favorable week. As BeInCrypto reported, both Bitcoin and Ethereum ETFs hit multi-week highs in inflows, signaling growing optimism for a crypto market recovery. Bitcoin ETFs attracted $1.11 billion in inflows, while Ethereum ETFs recorded $84.6 million — the highest since August.

Notably, three out of five trading days last week saw positive net inflows for Ethereum ETFs, marking the second consecutive week of gains since their debut in late July.

The renewed optimism comes amid a paradigm shift in the US macroeconomic space, instigated by the Federal Reserve’s interest rate decision. With the stance inspiring increased liquidity, investors continue to bet on crypto market recovery, with Bitcoin holding well above $65,000.

BlackRock Bought More Bitcoin This Week Than Any ETF Sold

As BlackRock advances its Ethereum ETF, it is also ramping up efforts in its Bitcoin portfolio. As BeInCrypto reported, the firm’s BTC stash is steadily closing in on Binance.

Data from Arkham shows that BlackRock bought more Bitcoin this week than any ETF has sold in the past three weeks. Specifically, the firm acquired 5,894 BTC, valued at $387.68 million, over four days, signaling a strong accumulation trend.

This buying spree follows three years of skepticism, with BlackRock now holding approximately $23.86 billion worth of Bitcoin. Further purchases were reported by Lookonchain, including an additional 1,684 BTC worth $110.7 million on Saturday, September 28. These acquisitions have brought BlackRock’s total Bitcoin holdings to around 365,310 BTC, valued at over $24.039 billion.

Read more: Who Owns the Most Bitcoin in 2024?

Robbie Mitchnick, BlackRock’s head of digital assets, notes Bitcoin’s immunity to risks such as currency debasement and political turmoil. BlackRock suggests that Bitcoin’s scarce, non-sovereign, and decentralized nature makes it a potential flight-to-safety asset. The firm also believes that global instability could drive long-term adoption of Bitcoin as a store of value.

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BONK In Trouble As Sharp Decline Hints At An Impending Pullback

Published

2 hours ago

September 29, 2024

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BONK is currently facing turbulent waters as a sharp decline casts a shadow over its recent price performance. After a period of impressive gains, the recent downturn is raising concerns about an impending correction, with mounting selling pressure suggesting that the bullish momentum may be waning. As the market sentiment shifts, the crypto community is left wondering how low BONK could go and whether it can regain its footing.

With uncertainty in the air, this analysis aims to analyze the recent sharp decline of BONK and explore the implications for its future price action. By examining key technical indicators, market sentiment, and trading patterns, we aim to assess the likelihood of an impending correction. This piece will provide insights into potential support levels and resistance points, enabling traders and investors to make informed decisions in the face of uncertainty.

Recent Performance: Analyzing The Decline

Recently, BONK’s price has turned bearish on the 4-hour chart, retracing toward the 100-day Simple Moving Average (SMA) and moving above the $0.00001792 support level. The drop from the overbought zone may signal that traders are taking profits or that buying enthusiasm is diminishing resulting in the pullback.

An analysis of the 4-hour Relative Strength Index (RSI) reveals that the signal line has decreased to 66%, retreating from the overbought territory. This decline suggests a shift in market momentum, indicating that buying pressure is beginning to wane. A retreat from the overbought zone often signals that the market may be experiencing a correction, as traders who bought during the bullish run might start to take profits.

Furthermore, on the daily chart, BONK is exhibiting negative momentum, as evidenced by the formation of a bearish candlestick, even while trading above the 100-day SMA. This situation reveals a possible contradiction in market sentiment. Should selling pressure continue and BONK is unable to maintain its position above the 100-day SMA, it may lead to a more significant price correction.

Finally, on the 1-day chart, the RSI has climbed above 50% and currently sitting at 73%, reflecting strong optimistic sentiment and buying pressure. Although this points to more price gains, the closeness to the overbought zone increases the chance of a reversal if buying slows down.

Predictions For The Price Trajectory Of BONK

With technical indicators suggesting an impending pullback, BONK may face a decline in price toward the $0.00001792 level. If this support is breached, it could open the door to further losses, potentially pushing the price down to $0.00000942 and other lower ranges.

However, if the bulls manage to mount a comeback and push the price above $0.00002320, the meme coin could continue its upward momentum toward the next resistance level at $0.00002962. A successful breach of this level may trigger additional gains, allowing the price to challenge other resistance levels above.

BONK

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Worldcoin Expands to Guatemala and More

Published

6 hours ago

September 29, 2024

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Latin America (LATAM) continues to assert its growing importance in the global crypto ecosystem. In Colombia, Nexo has joined the Fintech Association, marking a significant step in its regional expansion. Meanwhile, Worldcoin is extending its World ID verification service to Guatemala, addressing digital identity issues in a world increasingly dominated by bots.

This article explores these developments and more, including crypto adoption surges in Bolivia and Brazil’s advancement in developing its central bank digital currency (CBDC).

Bolivia’s Crypto Transactions Surge Following Ban Lift

Bolivia has seen a rapid rise in cryptocurrency activity since its central bank lifted the long-standing ban on digital assets in June 2024. The Central Bank of Bolivia (BCB) reported 100% growth in crypto transactions over just three months. Between July and August, the average crypto trading volume in Bolivia soared to $15.6 million, doubling from the $7.6 million recorded in the first half of the year.

Stablecoins have emerged as the preferred choice for many Bolivians, offering an alternative for e-commerce and international transactions. BCB President Edwin Rojas highlighted the significance of this shift.

“The use of virtual assets is a favorable step towards modernization and economic integration with the world to strengthen international commercial and financial activities. Since the regulation came into force, the population has an alternative mechanism to process transfers to and from abroad and electronic commerce payments, among other activities,” Rojas stated.

Despite these gains, Deputy Mariela Baldivieso, a proponent of cryptocurrency, stresses that more work is needed. Bolivia still faces challenges, particularly in the areas of financial literacy and regulatory infrastructure. Baldivieso believes that with stronger education initiatives and clearer regulations, Bolivia could become a hub for crypto innovation in the future.

Worldcoin Expands Digital ID Services in Guatemala

Worldcoin continues its expansion in Latin America by launching its World ID verification service in Guatemala. As of September 25, Guatemalan users can use Worldcoin’s orb technology to verify their identity as humans, countering the growing concern over online bots. With a quick download of the World App and an appointment at one of the orb locations, users can ensure their online interactions are genuine.

In a recent survey, 83% of Guatemalans expressed concerns about distinguishing between human-generated and bot-generated content online. The launch of World ID is seen as a solution to this issue, providing increased security and transparency in digital interactions.

Worldcoin's Survey in Guatemala. — Worldcoin’s Survey in Guatemala. Source: Worldcoin

Worldcoin’s expansion into Guatemala follows its previous launches in Ecuador and Mexico, where the technology has already gained traction. However, as Worldcoin grows in Latin America, it has sparked privacy debates in countries like Argentina, where concerns over biometric data protection have prompted regulatory discussions.

Nexo Eyes Growth in Colombia with Fintech Association Membership

On September 26, crypto lending platform Nexo officially joined the Colombia Fintech Association. This partnership enables Nexo to integrate into Colombia’s financial environment and offer digital asset solutions. Joining the association also enables Nexo to further engage with the local fintech community and explore synergies within the sector.

In a statement shared with BeInCrypto, Elitsa Taskova, Nexo’s Chief Product Officer, stated that the partnership with the Colombia Fintech Association reflects Nexo’s commitment to providing advanced digital asset solutions.

“Colombia presents a unique opportunity: with an astounding 92.1% of the population already having access to crypto-related services, the country is making a notable leap towards digital finance. […] We’re not just entering a market; we’re empowering millions of Colombians with accessible digital asset tools and shaping the future of finance in Latin America,” Taskova said.

These solutions meet the country’s growing demand for stablecoins and secure cross-border transactions. Over the past year, Nexo has observed a 73% rise in local clients using its crypto-yield products. Colombia’s interest in cryptocurrencies, particularly stablecoins, has been driven by remittances and a growing need for digital financial services.

Paraguay Develops World’s First National Blockchain to Push Sovereignty

Paraguay is making waves with the development of Legaledger, the world’s first third-generation blockchain network with national sovereignty. The Paraguayan Blockchain Chamber drives this initiative, aiming to provide secure blockchain-based solutions for the public and private sectors. These solutions encompass financial, civil, and military transactions.

Ricardo Prieto, the director of the Blockchain Chamber, explained that Legaledger is built on Hyperledger technology. It is designed to offer legal certainty in blockchain transactions, addressing concerns over security and fraud.

“Our blockchain network model is fractal. […] It can be implemented in a company, conglomerate, state, and country, with the same schematic design, and all would remain interoperable for the purposes of what we call sequencing, publication of the procedure or transaction, including international operations,” Prieto explained.

Through its sovereign blockchain model, Legaledger aims to position Paraguay as a global leader in blockchain governance and innovation. The organization plans to expand its solutions internationally by 2026.

Brazil’s CBDC Initiative DREX Enters Second Phase of Development

The Central Bank of Brazil is making progress with its CBDC project—DREX. The institution recently entered the second phase of its DREX pilot program. This phase focuses on 13 strategic projects that will test the viability of smart contract-based financial services.

“We will also test the use of assets not regulated by the Central Bank. To this end, we are working together with the Securities and Exchange Commission (CVM). Other regulators have also shown interest in testing operations with assets under their jurisdiction in order to expand the usability of the platform,” Fabio Araújo, Coordinator of the Drex Initiative and Consultant of the Department of Banking Operations and Payment System of Brazil’s Central Bank, elaborated.

The projects cover various sectors, including international trade financing, real estate transactions, and credit collateralized in public securities. Major financial players such as Bradesco, Itaú, and Santander are part of the consortium leading the development of DREX, which focuses on privacy and regulatory compliance.

Brazil’s push toward a CBDC is part of its broader strategy to modernize its financial infrastructure. The country plans to roll out more advanced digital solutions by mid-2025.

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