Lưu trữ cho từ khóa: Play to Earn

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Here’s why RabBitcoin, Catizen, and Dogs tokens have plunged

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Most highly hyped Telegram tokens have suffered a harsh reversal, a few weeks after their airdrops and exchange listings.

RabBitcoin (RBTC), the token for the Rocky Rabbit ecosystem, has plunged to $0.0000037, down from its September high of $0.000007. Its market cap has retreated from over $63 million to $47 million. Catizen (CATI), a popular cat-themed game, has crashed from $1.1974 to $0.4, bringing its valuation to $84 million.

Meanwhile, Dogs (DOGS), another popular Telegram cryptocurrency, has dropped from $0.0011 in September to $0.00065.

Other tokens like Hamster Kombat and Notcoin have also struggled, with their sell-offs costing holders billions of dollars. Toncoin (TON), which powers the TON Blockchain, has also entered a deep bear market, falling by over 43% from its highest level this year. 

Telegram gaming hype has faded

Telegram’s tap-to-earn and gaming tokens have disappointed many users who had accumulated millions of coins before the airdrop. Dogs has over 50 million users, while Catizen and Rocky Rabbit have 42 million and 30 million, respectively.

As was reported earlier on Hamster Kombat, CATI, DOGS, and RBTC have dropped due to increased selling by people who accumulated tokens before the airdrop. In most cases, holders of “to-earn” tokens sell after the airdrop to avoid the initial drop.

This is common with most airdrops. For example, the Wormhole token has dropped by over 84% from its listing price, despite its strong utility. ZkSync has also fallen by double digits.

This sell-off is also driven by the broader sentiment in the crypto market. The crypto fear and greed index has moved to the fear zone of 37, as most coins have entered a bear market. Bitcoin has dropped to $60,600, while the total market cap of all cryptocurrencies slipped to $2.1 trillion.

Additionally, these Telegram tokens face the challenge of keeping users engaged as their reward tokens continue to decline.

This is a major reason why most play-to-earn networks that gained popularity in 2021 have lost traction. Data from DappRadar shows that Notcoin had 137 unique active wallets in the last 30 days.

Catizen UAW by dAppRadar

While Catizen had 1.42 million unique active wallets in the last 30 days, the number has significantly decreased in recent days. The same trend has occurred across other games like Catizen and Hamster Kombat.

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Hamster Kombat meltdown continues, token hits record low

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Hamster Kombat, the popular Telegram tap-to-earn game, is struggling as its token continues crashing to new lows.

Hamster Kombat (HMSTR) token plunged to a record low of $0.0039, 70% lower than its all-time high of $0.0132. Its circulating market cap has dropped to $253 million, while its fully diluted valuation has slipped to $394 million.

The token’s sell-off occurred even after it received listings from some of the biggest centralized exchanges in the industry, including top-tier exchanges like Binance, OKX, Bybit, and Bitget.

The decline has coincided with the plunge of other tap-to-earn tokens. Notcoin (NOT), the largest tap-to-earn token, initially rose to $0.029 in June but then slumped by 74% to $0.0074.

Catizen (CATI), the biggest Telegram gaming token, has also slumped by 63% from its post-listing high. Other similar tokens like Pixelverse and DOGS (DOGS) have all plunged by over 60%. 

The fall of ‘to-earn’ tokens

Historically, most “to-earn” tokens tend to crash over time. For example, play-to-earn cryptocurrencies like Decentraland, The Sandbox, and Axie Infinity have retreated by double digits from their all-time highs.

Move-to-earn platforms showed a lot of promise when they were launched. At its peak, Sweatcoin was one of the most downloaded apps in the Google and Apple app stores. It had over 50 million users who accumulated tokens by simply walking or running. However, Sweat Economy, its token, has dropped by over 93% from its all-time high. StepN’s GMT has also tanked.

The challenge for Hamster Kombat is how to keep the community engaged as its token implodes. According to the developers, HMSTR holders who decide to keep their tokens in the game instead of withdrawing will receive a token boost when the second season starts.

Hamster Kombat’s issue is that many tokens are still locked, meaning current holders will likely see substantial dilution in the long term. With 63.3 billion tokens in circulation, 37 billion are still locked.

Token unlocks, especially when there is no burning mechanism, lead to dilution as more tokens are added to circulation.

The sell-off has also been fueled by weak sentiment in the crypto industry. Bitcoin has remained between $60,000 and $62,000, while most altcoins have retreated.

Hamster Kombat price chart | Source: TradingView

Therefore, the Hamster Kombat token may bounce back if Bitcoin and most altcoins stage a comeback. Additionally, it has formed a falling wedge on the four-hour chart, a highly popular bullish sign.

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Theo Crypto News

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Hamster Kombat futures in tight range ahead of highly-anticipated airdrop

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Hamster Kombat’s pre-market futures traded within a narrow band as anticipation grew for its upcoming airdrop and exchange listings.

The Hamster Kombat (HMSTR) token was trading at $0.011 on Sunday, Sep. 22 as the countdown to the airdrop continues. It has dropped by over 96% from its highest point this year.

Hamster Kombat airdrop is coming up

This price action is happening as the Hamster Kombat’s team prepares for the airdrop, which is expected to occur on Sep. 26. 

Analysts believe that this will be one of the biggest airdrops this year due to Hamster Kombat’s popularity.

Over the past few months, the tap-to-earn platform has attracted over 300 million global users. It boasts a popular YouTube channel, amassing over 37.6 million subscribers since it was launched in May.

Its videos have been watched over 1.1 billion times.

Hamster Kombat’s X and Telegram accounts also have millions of actively engaged users. That number is growing with users receiving HMSTR tokens when they follow and engage with its platform.

Hamster’s airdrop will let fans accumulate the HMSTR tokens, and convert them into fiat currencies. 

Hamster Kombat futures | Chart by TradingView

HMSTR token faces substantial risks

Historically, most tap-to-earn tokens often rise and then retreat after their airdrop. Notcoin (NOT), a popular platform with over 40 million users, initially jumped to a high of $0.02925 and then retreated by over 80% to the current $0.0078. 

Similarly, Pixelverse soared to $0.1745 shortly after its airdrop and has crashed by over 90% to a record low of $0.0070. 

Most recently, Catizen (CATI) surged to a record high of $1.20 and has pulled back by over 26% to the current $0.87. 

The key challenge for tap-to-earn and play-to-earn platforms is how to keep their users engaged in the ecosystem, especially when the tokens are not doing well.

Some of the most popular play-to-earn tokens like Decentraland, Sandbox, Gala, and Axie Infinity have dropped sharply from their all-time highs as the number of users in their ecosystems fell. 

Decentraland’s market cap has dropped from about $7 billion in 2021 to $576 million while Axie Infinity has moved from over $10 billion to $749 million.

Move-to-earn platforms like Sweatcoin and StepN, which were highly popular before their airdrops have all dropped sharply. Their market caps have dropped to $58 million and $348 million as activity in their networks has dropped. 

The challenge is letting people become more engaged in the network when the token is not doing well. Therefore, there is a risk that Hamster Kombat’s token will rise initially and then retreat as the hype fades.

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Theo Crypto News

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Catizen soars to record as STON.fi launches CATI farming

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Catizen’s token rose to a record high on Friday, Sept. 20, as the crypto rally intensified and after STON.fi launched its farming.

Catizen (CATI) jumped to a high of $1.1265, 260% above its lowest point this month. This rally has pushed its market cap to over $216 million.

Most of Catizen’s volume is happening in Binance, followed by Bybit, Bitget, and OKX, which had a 24-hour volume of $267 million, $50 million, and $49 million, respectively.

The main catalyst for Catizen’s surge on Friday was the launch of CATI farming by STON.fi, a leading decentralized exchange in TON’s Blockchain. As part of the launch, the company offered 20,000 STON rewards worth $86,000 to participants. 

These rewards will be divided equally between the CATI/TON and CATI/USD pairs. The farming period will run until Oct. 4. In most periods, cryptocurrencies rally after the start of farming and after being listed by a major exchange.

Catizen was also launched in Bitget’s PoolX, where users who lock their tokens in the exchange will stand a chance to win 53,000 TON valued at about $300,000. 

CATI also rose after being listed by Crypto.com, one of the leading crypto exchanges in the industry. It is now listed in other exchanges like OKX, Gate.io, and WhiteBIT.

For starters, Catizen is one of the biggest gaming mini-applications in Telegram, with over 30 million users who earn tokens by collecting ‘cats’ and doing simple tasks like following its social media accounts.

Its performance has been better than other Telegram tokens like Notcoin (NOT) and Pixelverse which have dropped sharply after their airdrop.

The next key Telegram tap-to-earn airdrop to watch will be Hamster Kombat, which has accumulated over 300 million users. According to OKX, its pre-market futures have dropped by over 95% in the past 30 days. 

Catizen’s biggest task will be how to maintain the ecosystem’s vibrance now that the token has started trading. Historically, play-to-earn networks like Decentraland and Axie Infinity have struggled to maintain the initial boom.

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Theo Crypto News

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Catizen listing date nears as exchanges prepare for launch

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Catizen price is performing well in pre-market futures ahead of the official airdrop scheduled for Sept. 20.

Catizen (CATI) token was trading at $0.51 on Monday on OKX, up by 45% from its lowest level on Sep. 5.

This rebound happened in a difficult time for the crypto market as Bitcoin (BTC) and most altcoins dropped. Bitcoin dropped to $52,558 last week while Ethereum (ETH) fell to a monthly low of $2,150.

Catizen’s token rose as developers confirmed that it will be listed on several high-profile exchanges like Gate.io, Binance, and Bitget. These exchanges have already started running promotions for the airdrop.

Bitget Wallet is offering users a chance to win $20,000 for those who enter the Catizen earn page by Sep. 20. Binance, which has invested in Catizen, has pledged to distribute $300,000 in Fish Coins and MNT to users.

Catizen has become one of the more popular play-to-earn platforms on Telegram, where it has accumulated over 35 million users worldwide. These users earn tokens by playing simple cat-themed games.

In addition, users can make more tokens by participating in simple tasks like joining its Telegram news channel, following it on X, where it has over 2.7 million followers, and making daily purchases in the ecosystem. CATI holders will then be able to redeem them for cash when the airdrop happens later this month. 

Catizen’s challenge, however, is how to maintain momentum after its airdrop, as many Telegram tokens have retreated after beginning to trade. Notcoin (NOT), a popular Telegram tap-to-earn token, has dropped by over 72% from its all-time high. 

Similarly, Pixelverse (PIXFI) has fallen by 93%, while Avacoin has crashed by more than 90% from its record high. Most recently, the DOGS token initially surged to $0.002 after listing but has since crashed by 50% to $0.001.

Catizen’s other challenge will be to avoid the mistakes made by other play-to-earn platforms like Axie Infinity (AXS), Decentraland (MANA), and Gala Games (GALA). Their tokens have dropped by over 80% from their all-time high, while the number of users has dwindled. Decentraland had just 750 unique active wallets, in the last 30 days while The Sandbox had 2,000 users.

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Theo Crypto News

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Investing in MENA’s crypto future: Opportunities and challenges | Opinion

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With a tech-savvy population, progressive regulatory frameworks, and ambitious government-led initiatives, significant strides are being made across the Middle East when it comes to nurturing blockchain and crypto innovation. This year, I had the pleasure of attending the Satoshi Roundtable and the Token 2049 summit in Dubai, two flagship gatherings on the global web3 events circuit. In addition to showcasing the latest milestones and breakthroughs across the web3 landscape, the events served as a celebration of the region’s rapid ascension as a thriving hub of web3 activity, and the energy in the air was palpable.

In recent years, MENA has earned a stellar reputation for hosting high-quality events, attracting the best and brightest across web3. Since the launch of Lemniscap seven years ago, we have been actively identifying and backing pre-trend narratives and up-and-coming web3 solutions, both from an infrastructure and consumer layer perspective. 

The MENA region has presented exceptional investment avenues within emerging verticals, and as blockchain technology continues to evolve, the Middle East’s appetite for web3 growth will undoubtedly create a breeding ground for the most innovative and disruptive projects to thrive.

Phygital: The intersection of blockchain and physical assets

In my mind, one of the most intriguing investment plays in the Middle East is the ‘Phygital’ space, representing the confluence of blockchain technology with physical assets. This convergence has the potential to revolutionize industries such as real estate, art, and luxury goods—three sectors that are already booming across MENA. Blockchain’s immutable ledger and smart contract functionality provide a powerful framework for creating transparent and secure systems for managing and trading physical assets. For instance, tokenizing real estate on blockchain platforms allows for fractional ownership, making it easier for investors to buy and sell shares in high-value properties.

In a region where real estate investment is a major driver of wealth, particularly in countries like the UAE and Saudi Arabia, this is opening up a world of opportunities for smaller investors who may not have had access to such high-value assets previously. We’ve seen how the UAE’s real estate sector is benefiting from deployments of blockchain technology, with properties being bought and sold using Bitcoin (BTC), which provides international investors with a more seamless and transparent way to invest in MENA property markets. Additionally, by tokenizing art and collectibles, owners can secure proof of authenticity, trace provenance, and even trade portions of high-value pieces—not only democratizing access to valuable assets but also reducing fraud, a key concern in these markets.

While there is substantial upside to the Phygital space, the infrastructure for seamless integration between digital and physical assets is still evolving. Secure and verifiable connections between blockchain-based digital tokens and their corresponding physical assets are challenging to establish, requiring reliable tracking systems, such as IoT devices or RFID technology. Ambiguity around legal frameworks and regulatory standards for tokenized physical assets may also restrict growth in the short term, but once these issues are ironed out, the Phygital growth trajectory will be expansive.

Web3 gaming

Governments in countries across the MENA region are actively fostering innovation within the gaming sector, recognizing the ‘first mover’ opportunity to accommodate web3 gaming platforms, which are ascending in popularity. These platforms empower players with real ownership of in-game assets by utilizing NFTs and play-to-earn models. 

Dubai, in particular, has established its credentials as a leading hub for web3 gaming development, boosted by the recent launch of The Dubai Program for Gaming 2033—with a mandate to create 30,000 new jobs in the burgeoning sector. Gaming is one of the high-potential verticals in terms of crypto adoption among consumers, but it’s one of the most difficult ones to get right. Complex blockchain integrations, including slow transaction times, high gas fees, and difficult onboarding processes for non-crypto users, still hinder the overall web3 gaming experience. These barriers make it challenging for mainstream gamers to engage with web3 games, limiting adoption fully.

For example, high Ethereum transaction fees often deter in-game purchases or NFT trades, while complex wallet setups discourage casual users. However, with advancements such as Layer-2 scaling solutions and gasless transaction models, these issues can be resolved. Simplified onboarding through user-friendly wallets and seamless integration with blockchain infrastructure can significantly improve user experiences. Once these obstacles are overcome, web3 gaming can attract millions of players, unlocking massive opportunities for growth and player-owned economies. Looking ahead, we are excited to pursue exemplary investment opportunities that expand the realm of onchain gaming.

DePINs

Decentralized physical infrastructure networks represent another promising frontier for VCs surveying the web3 space across the Middle East, which is renowned for its vast energy resources, presenting unique opportunities for DePIN deployments—using blockchain technology to enable decentralized networks that support physical infrastructure. 

With many Middle Eastern countries, such as Saudi Arabia and the UAE, investing heavily in renewable energy to diversify away from oil, VCs have a timely opening to back projects that could redefine how energy is managed and distributed in the region. Last year, a branch of Abu Dhabi’s Advanced Technology Research Council introduced a new blockchain-powered carbon tracking and trading platform, enabling companies to offset their carbon footprints more effectively and transparently, so there is clear buy-in at the highest level for blockchain-centric sustainability measures to take hold.

While DePIN is demonstrating exceptional promise, the success of DePIN projects in MENA will depend on the region’s ability to build and maintain robust physical networks that can support decentralized applications, which requires significant investment in physical assets and technology. The cost of infrastructure development will be high, and projects may take years to mature fully, but the roadmap for success is there.

From a VC perspective, the Middle East offers a conveyor belt of highly attractive opportunities for targeted investments within the blockchain space. The replication of initiatives like the UAE’s Digital Government Strategy 2025 across the MENA region will go a long way towards promoting digital and blockchain integrations across core government departments, which, in turn, will have a ripple effect across the rest of the tech and investor ecosystem.

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Theo Crypto News

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Red alert: Hamster Kombat futures price crash accelerates

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Hamster Kombat’s sell-off accelerated in the futures market as demand among investors waned.

Hamster Kombat (HMSTR) futures dropped to a record low of $0.1586 on Aug. 16, down by over 50% from its highest level this month. On the positive side, the performance of these pre-market futures may not fully represent what to expect when the airdrop launches.

For one, the futures are only offered by OKX, and their volume is significantly low. Data the platform showed that open interest was just 295,720 HMSTR tokens, while the 24-hour volume was 389,000 tokens.

Hamster Kombat futures price | chart by TradingView

However, there is a risk that the token could drop further if the airdrop happens in this current market environment, where most altcoins are experiencing a bear market.

Additionally, all tap-to-earn tokens that have listed recently have dropped by double digits. Notably, Notcoin (NOT) token has crashed by over 68% from its highest level in June. It’s performance is a sign of what might happen when its airdrop happens.

Hamster Kombat’s futures trading is happening at a time when there are signs that activity on the network is slowing. For instance, the platform’s YouTube channel’s growth has stalled. After hitting over 30 million subscribers in a month, the total subscriber count stood at 35 million on Aug. 16. 

Hamster Kombat, which claims to have over 300 million users, faces significant challenges ahead. The biggest one will be maintaining user engagement when the airdrop finally launches, allowing users to sell their HMSTR tokens.

In the past, many blockchain companies have faced similar situations where initial enthusiasm fades. For example, Shiba Inu (SHIB), one of the most popular meme coins, rose to $0.000088 in 2021 and has since retreated by 85% to $0.000015.

Similarly, Decentraland (MANA), which once had thousands of daily active users in 2021, now has less than 1,000 monthly users.

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Theo Crypto News

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Pi Network mainnet launch progresses, yet risks persist

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The much-awaited Pi Network mainnet launch progresses while Bitcoin forms a rare death cross pattern.

Pi Network developers have been working diligently this year to ensure the blockchain moves from the enclosed mainnet to the public mainnet phase. In a recent post, they noted that they were progressing well with the Know Your Customer verification for customers. Over 13 million pioneers have passed the KYC process and 6 million have already migrated to the mainnet. 

Additionally, the developers have initiated a six-month grace period for pioneers to complete the verification process. KYC is a crucial step in Pi Network’s journey to mainnet as it aims to eliminate potential bots.

It is also one of the three key milestones that must be achieved before the Pi Network’s mainnet launch, which will enable users to sell their Pi coins.

The other two milestones are the development of its ecosystem and a conducive market environment. Regarding the ecosystem, Pi Network creators aim to have at least 100 decentralized applications (dApps) to create utility for the token.

It is unclear the number of Pi Network dApps available so far. A repository shows that there are about 27 dApps in areas like commerce, games, NFTs, and utilities in the ecosystem, meaning that it has a long way to go to hit 100.

Bitcoin has formed a death cross

Bitcoin price | Source: TradingView

The developers also hope that the token listing will occur in a favorable market environment. While Bitcoin (BTC) and most cryptocurrencies reached record highs earlier this year, many have since reversed.

Bitcoin has recently formed a death cross pattern as the 50-day and 200-day Simple Moving Averages made a bearish crossover. Historically, this pattern is often followed by a significant decline. In 2022, Bitcoin dropped by over 60% after the pattern formed.

Listing a cryptocurrency in a bear market is often risky. For example, most newly launched tokens like Notcoin (NOT), Pixelverse (PIXFI), Wormhole (W), and zkSync have retreated by double-digits from their all-time highs.

As we have written before, Pi coin’s price action could also mirror that of other tap-to-earn coins since they have a similar business model. 

Publicly traded tap-to-earn tokens like Notcoin and PIXFI have already retreated, while Hamster Kombat’s futures have hit record lows. Therefore, there is a possibility that Pi coin will slump after its listing as pioneers liquidate their tokens, especially since many have held onto them for years.

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Theo Crypto News

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Hamster Kombat token futures fall 45%, hitting record low

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Hamster Kombat futures price dropped to a record low in the futures market as concerns about the tap-to-earn market rose.

The Hamster Kombat (HMSTR) futures fell to a low of $0.1645 on Sunday, down by over 45% from its highest point this month. The retreat occurred as the platform’s token holders continued to wait for the official airdrop, which is expected to happen later this year.

In a recent white paper, the developers noted that players will receive just 60% of their tokens when the airdrop takes place. They also anticipate that it will be the biggest airdrop in the crypto industry.

Based on Notcoin’s (NOT) valuation of over $1.2 billion, Hamster Kombat could achieve a valuation of nearly $8 billion due to its larger brand presence. Hamster has over 300 million active users and a more vibrant social media community, with over 35 million YouTube channel subscribers and 12.6 million X followers. 

Hamster Kombat’s price action mirrors that of other top tap-to-earn tokens that have crashed in recent weeks. Notcoin, a platform with over 50 million users, has dropped by over 60% from its highest point level this year, shedding over $1.7 billion in market capitalization.

Pixelverse (PIXFI) token has also dropped by over 82% from its all-time high, while Avacoin (AVACN) has retreated by almost 90%.

Therefore, there are fears that the Hamster Kombat spot price will also drop sharply after the airdrop as many holders may dump the token.

Historically, other play-to-earn and move-to-earn tokens have thrived and then retreated as demand waned. Axie Infinity (AXS) token has retreated from a record high of $171.45 to below $5. 

Hamster’s challenge will be keeping users engaged after the token listing. Earlier this month, Notcoin revealed plans to venture into Web3 gaming to maintain user engagement.

It is too early to predict whether users will participate in this game. Besides, there are many more Telegram games in the industry, like Catizen, Notai, Gamee, and Twin Token, that have added over 7.5 million users.

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Theo Crypto News