CATI and HMSTR Tokens Nosedive as Iran-Israel Conflict Sparks Sell-Offs in the Market

There is not a more degenerate way to start this article than saying that the conflict between Iran-Israel has caused the drops in tokens like Hamster Kombat's HMSTR and Catizen AI's CATI. But here we are.

Several tokens, including Hamster Kombat’s HMSTR and Catizen AI’s CATI, have seen their prices drop drastically amid the recent conflict between Iran and Israel.

According to data from CoinMarketCap, both tokens have experienced significant declines in their token values. CATI, which was launched on September 20, has seen a steep decline of 45.05% in the monthly chart. The coin is currently trading at US$0.45 (AU$0.65). Its market cap has also regressed by 18.35%, bringing it down to US$139M (AU$202M).

Meanwhile, HMSTR has seen an even sharper decline of 51.99% in the last seven days. The coin is currently trading at US$0.0046 (AU$0.0068).

For some context, Hamster Kombat, which gained massive traction with 300 million players on its Telegram mini-app, introduced its HMSTR token last week. The launch was met with mixed reactions, as 129 million players who were eligible to claim the token reported smaller-than-expected allocations.

It’s also worth noting that these declines aren’t limited to Telegram-based tokens. Notcoin (NOT), another major tap-to-earn token, is down 13.2% on the daily chart. The coin is currently trading at US$0.0075 (AU$0.011), which marks a 74% drop from its peak in June. However, for NOT holders, this might be just another day in the office, as the coin has already experienced several abrupt price drops of over 60% throughout 2024.

In related news, the broader crypto market has also seen declines amid the conflict. The total crypto market cap has decreased by 5.1% in the last 24 hours. Bitcoin (BTC) is currently trading at US$61.2K (AU$88.8K), which shows a 3.5% decrease from yesterday.

This downturn is also being felt in the mainstream financial markets. In the US, most indexes in the stock market have closed the day in the red. The Dow Jones Industrial Average fell 0.41% today.

Well, I guess that’s a wrap for Uptober, which now seems to have turned into Octobear. On a brighter note, oil is up 3%, so we could take that as a consolation prize.

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