Most extremely hyped Telegram tokens have suffered a harsh reversal, a number of weeks after their airdrops and alternate listings.
RabBitcoin (RBTC), the token for the Rocky Rabbit ecosystem, has plunged to $0.0000037, down from its September excessive of $0.000007. Its market cap has retreated from over $63 million to $47 million. Catizen (CATI), a preferred cat-themed sport, has crashed from $1.1974 to $0.4, bringing its valuation to $84 million.
In the meantime, Canines (DOGS), one other common Telegram cryptocurrency, has dropped from $0.0011 in September to $0.00065.
Different tokens like Hamster Kombat and Notcoin have additionally struggled, with their sell-offs costing holders billions of {dollars}. Toncoin (TON), which powers the TON Blockchain, has additionally entered a deep bear market, falling by over 43% from its highest degree this yr.
Telegram gaming hype has pale
Telegram’s tap-to-earn and gaming tokens have dissatisfied many customers who had gathered thousands and thousands of cash earlier than the airdrop. Canines has over 50 million customers, whereas Catizen and Rocky Rabbit have 42 million and 30 million, respectively.
As was reported earlier on Hamster Kombat, CATI, DOGS, and RBTC have dropped attributable to elevated promoting by individuals who gathered tokens earlier than the airdrop. Most often, holders of “to-earn” tokens promote after the airdrop to keep away from the preliminary drop.
That is frequent with most airdrops. For instance, the Wormhole token has dropped by over 84% from its itemizing worth, regardless of its sturdy utility. ZkSync has additionally fallen by double digits.
This sell-off can also be pushed by the broader sentiment within the crypto market. The crypto worry and greed index has moved to the worry zone of 37, as most cash have entered a bear market. Bitcoin has dropped to $60,600, whereas the entire market cap of all cryptocurrencies slipped to $2.1 trillion.
Moreover, these Telegram tokens face the problem of preserving customers engaged as their reward tokens proceed to say no.
This can be a main motive why most play-to-earn networks that gained recognition in 2021 have misplaced traction. Knowledge from DappRadar reveals that Notcoin had 137 distinctive energetic wallets within the final 30 days.
Whereas Catizen had 1.42 million distinctive energetic wallets within the final 30 days, the quantity has considerably decreased in latest days. The identical development has occurred throughout different video games like Catizen and Hamster Kombat.