Daily Crypto Nov. 8: Hamster Combat Facing Users Decline to XRP Price Soars This Week

Welcome to OLE777 – Asia 1st Multiplatform Crypto Gaming in the Daily Crypto section. Today, the writer will highlight the most popular news in the crypto industry: Hamster Kombat has seen a sharp 88% decline in activity; Elon Musk’s daily $1 million giveaways faced legal scrutiny after accusations of operating as an unregistered lottery, and XRP saw a 2.5% price rise.

Let’s read into the details!

Hamster Kombat Users Decline

Once become a popular crypto token, Hamster Kombat has faced a sharp decline in users and activity due to political issues, bans, and new competitors. In August, it had 300 million users, but by Nov. 6, only 34.01 million remained, marking an 88% drop.

Meanwhile, the Paws Mini App, also on Telegram, gained traction quickly, attracting 20.5 million users within eight days. On Sept. 27, Hamster Kombat’s active addresses peaked at about 772,330, but since then, engagement and token interest have significantly dropped, with a 70% fall in its HMSTR token price.

Despite a recent surge to 3.5 million HMSTR holders, active user rates remain low. Hamster Kombat has faced political scrutiny, with rumored bans in Uzbekistan and criticism from Iran. In contrast, Paws saw impressive growth, adding 11 million users in just two days.

Elon Musk Declines the Accusations of Unregistered Lottery

Elon Musk and America PAC’s legal representative, Chris Gober, informed a Pennsylvania judge on Nov. 4 that daily $1 million giveaways were awarded based on recipients’ personal stories, not by random selection. 

This counters claims that these funds were lottery-style incentives for voters. Musk’s program, announced in October, promised $1 million daily to a registered voter in select states until the election. However, Gober clarified that winners were carefully chosen, not randomly picked.

The case arose from Musk’s initial statements suggesting the money would be awarded “randomly,” which led to accusations of an unregistered lottery by Pennsylvania’s DA, Larry Krasner. Though the federal court dismissed the case on Nov. 1, potential misdemeanor charges under Pennsylvania law remain possible. 

Gober argued that recipients were selected as spokespersons and had contractual obligations, dismissing the notion of a lottery. Musk’s connection to Donald Trump may also offer protection if Trump wins the presidency.

XRP Price Soar This Week

The price of XRP increased by 2.5% over the past day, reaching $0.54 on November 6, along with an increase in trading activity. Trading volumes crossed $1.6 billion, up by 64.78%, which also helped grow XRP’s market value to $30.65 billion, solidifying its position as the seventh-largest cryptocurrency.

A key factor in this rise was Ripple’s Q3 report, which highlighted strong interest from institutional investors and a favorable court ruling confirming that XRP is not a security. This clarity led exchanges to relist XRP, boosting investor confidence.

Ripple also reported increased network activity in Q3, with higher transaction counts and new wallets, showing stronger demand. Additionally, the total value locked in automated market makers doubled, reflecting growing interest in XRP and adding to buying pressure.