24/3/25, 20:06 CATI & HMSTR Token Analysis | TokenInsight

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Research  Analysts' Pick  CATI & HMSTR Token Analysis

CATI & HMSTR Token Analysis

Table of Contents
This article delves into the details of both CATI and HMSTR tokenomics and their token price
performance. Introduction

Catizen (CATI) Token

CATI Price Analysis

Introduction Hamster Kombat (HMSTR) Token

HMSTR Price Analysis

Catizen and Hamster Kombat are two of the most promising gaming projects in the TON Conclusion

ecosystem. Catizen is a virtual cat cafe where players can earn the CATI token through
engaging gameplay and activities, while Hamster Kombat is a fast-growing Telegram tap-to- 
earn game where players act as CEO of a virtual crypto exchange.

These projects have generated significant interest in the crypto community. Both projects have
just launched their tokens, where Catizen's CATI token launched on September 20, 2024, while
Hamster Kombat launched its HMSTR token on TON on September 26, 2024.

This article delves into the details of both CATI and HMSTR tokenomics and their token price
performance.

Related Readings:

What is Catizen? A Swipe-to-Earn Game on Telegram

What is Hamster Kombat?

Catizen (CATI) Token

The CATI token is the native utility and governance token of the Catizen ecosystem, a
Telegram-based play-to-earn platform.

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Token Utility: 

The CATI token serves several essential functions within the Catizen ecosystem:

In-game Currency: CATI is the universal currency in the Catizen ecosystem. It allows users
to purchase in-game items, upgrades, and services such as the Game Center, Launchpool,
and Open Task. By using CATI for these transactions, users can access premium content
and features.

Governance: CATI acts as a governance token, enabling holders to vote on important

Launchpool Participation: Users can stake CATI tokens in Catizen’s Launchpool to earn
rewards, including exclusive airdrops and bonuses

Staking and Earning: Users can stake their CATI tokens in Catizen's Launchpool to participate
in yield-generating activities. Additionally, holding CATI allows users to receive future airdrops
through the Open Task platform.

Staking offers multiple benefits:

Payment Discounts: Users enjoy a 30% discount on in-game purchases made in the Game
Center when paying with CATI

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Staking Rewards: Staking CATI in the Launchpool or Earn Pool allows users to earn tokens 

from other high-value projects

Airdrop Rewards: Users who participate in the Open Task platform earn points, which can
be exchanged for CATI every three months. The reward pool releases more than 1% of
CATI tokens quarterly, along with other project airdrops like Bombie and Vanilla

Fee Discounts: CATI can also be used to pay trading fees on platforms like the Vanilla TG
trading bot, where users enjoy a 30% discount

Token Allocation:

The total supply of CATI is fixed at 1 billion tokens, with the following allocation breakdown:

Airdrop and Ecosystem (34%):

15% TGE released 100%, for Season 1 Player Reward.

19% TGE released 0%, For the remaining portion of airdrop, it will be used for quarterly
season airdrop campaign, rewarding players in future seasons. 9,900,000 tokens (0.99%)
will be airdropped in the beginning of second quarter. This figure will increase by 10%
every quarter until the 7th quarter, after which the release is linear. The entire airdrop
process will be completed within 12 quarters following the TGE.

Launchpool (9%): 9% for the Launchpool, where users can stake tokens to earn additional
rewards.
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Team (20%): Allocated to the team, with no tokens released at TGE. This allocation is subject to 

a 12-month cliff followed by a 48-month linear vesting period

Treasury (15%): A strategic reserve, with 10% released at TGE. The remaining tokens are locked
with a similar 12-month cliff and 48-month linear release

Investors (10%): These tokens are vested over 48 months after a 12-month cliff

Advisors (7%): Similar vesting as investors, with no initial release and a 12-month cliff followed
by a linear vesting

Liquidity (5%): These tokens were fully unlocked at the time of TGE to ensure immediate
liquidity

CATI Price Analysis

The Catizen (CATI) token, launched on September 20, 2024, has experienced notable price
fluctuations since its debut. Initially, the token surged to an all-time high (ATH) of $1.11 on its
first day of trading, reflecting strong early demand. However, this rally was short-lived, and the
price quickly dropped, settling near its opening price of $0.75 within a few days. As of late
September, CATI is trading around $0.79, approximately 31% below its ATH.

CATI's circulating supply is around 30.5% currently, and will increase gradually to around 40%
by September 2025, thus around 10% of new CATI token will enter into the market in the
span of one year. This would bring moderate selling pressure, and Catizen is now working on
the new staking function to incentive holding and staking in order to mitigate the selling
pressure.

To better understand the positioning of the CATI token within the TON ecosystem, we can
compare its market capitalization with that of other leading projects. For instance, the leading
tap-to-earn project Notcoin currently boasts a market cap of $1 billion as at 28 Sep, while
CATI's market cap sits at $218 million—which is only about one-fifth of Notcoin's. However,
when looking at the fully diluted valuation (FDV), which accounts for the total supply of tokens
(including those not yet in circulation), CATI's FDV stands at $720 million, bringing it closer to
Notcoin's FDV of $1 billion.

Potential and Risk

Catizen is a more involved and complex game compared to some of the more basic tap-to-
earn games on Telegram. While other games simply require users to tap or click on the screen
to earn in-game currency, Catizen has a gameplay mechanic where players need to swipe and
combine cats of the same level to earn rewards. This added layer of gameplay makes Catizen
more engaging than just mindlessly tapping. As of September 2024, Catizen has reached over
34 million users, with 800,000 paying users contributing to its $33 average revenue per user
(ARPU), according to a report on Cointelegraph. This strong fundamental justifies its current
valuation as a top gaming project on TON.

It’s important to note that Notcoin, the leading tap-to-earn project on TON, is a fully
distributed token, meaning it does not experience the continuous selling pressure typically
caused by token unlocks. Despite this advantage, Notcoin’s price has been on a downward
trend since reaching its peak in June and has not shown any significant recovery, even during
the recent broader market rebound. Notcoin has underperformed relative to both ETH and
TON, despite its smaller market cap, which would typically result in a larger rebound. This
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underperformance may signal a declining investor interest in tap-to-earn tokens compared to 

earlier in the year, indicating potential challenges for similar projects in the space.

Given this backdrop, CATI's current valuation may face challenges, particularly with the
upcoming launch of similar gaming projects on the TON chain. These new tokens could
potentially divert liquidity away from CATI, as investors may choose to allocate their capital
across multiple gaming projects within the ecosystem, increasing competition for market share
and attention.

To justify a higher valuation for CATI, it's crucial to closely monitor the product development of
Catizen. Only if Catizen can deliver a significantly better gaming experience within the TON
ecosystem will a higher valuation be warranted. Strong product performance, particularly in a
competitive and evolving ecosystem, is key to maintaining investor confidence and capturing
market share, especially with new game projects launching on the TON chain.

Hamster Kombat (HMSTR) Token

HMSTR is the utility token of the Hanster Kombat ecosystem, serving primary roles as
facilitating in-game rewards, customization, and participation within the Hamster Kombat
ecosystem.

Token Utility

The $HMSTR token serves multiple purposes within the Hamster Kombat ecosystem.
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In-Game Currency: The HMSTR token functions as the primary currency for various in- 

game transactions, enabling players to buy, sell, and trade items, characters, and upgrades
within the Hamster Kombat game

Access to Exclusive Content: Players can use HMSTR tokens to unlock special in-game
content that is not available through regular gameplay, including rare items and unique
characters

Participation in Events: The token allows entry into limited-time events and tournaments
that offer unique rewards, fostering a competitive yet engaging environment

Unlocking Premium Features: Players can use HMSTR tokens to access advanced
customization options and faster progression mechanics, providing a competitive edge in
gameplay

Token Allocation

The Hamster Kombat (HMSTR) token has a total supply of 100 billion tokens, with a significant
portion allocated to player rewards and ecosystem growth. Here's a breakdown of the token
distribution:

Initial Allocation: 64.38% of the total supply (64.375 billion HMSTR) will be available during the
Token Generation Event (TGE).

Player Rewards

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60% for Player Rewards Season 1: Players can only claim 88.75% of their HMSTR token 

allocation on day one, with the remaining 11.25% vested for 10 months. This means that
about 53.24 billion tokens were airdropped to users at the token launch, while 6.75 billion
tokens will be released 10 months after listing.

15% for Player Rewards Season 2: These tokens are reserved for Season 2 airdrop, which
hasn't started yet.

Other Allocations

By allocating a significant portion of tokens to player rewards, Hamster Kombat aims to

The HMSTR token has no allocation to investors. According to the whitepaper, there is no
involvement of investment firms or venture capitalists (VCs) in the project. This is explicitly
stated to minimize sell pressure and ensure that the token remains community-driven.

The project emphasizes that the value of the token will be determined by the community,
demand, and ecosystem engagement, rather than by external investors looking for liquidity.
This approach helps avoid the typical exit strategies employed by investors, which can create
selling pressure and negatively impact token prices.

HMSTR Price Analysis

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Upon its launch, HMSTR began trading at approximately $0.009758 and quickly reached a peak 

of around $0.01004, achieving a market capitalization of $646 million shortly after trading
commenced. However, this momentum was short-lived, as the token experienced a sharp
decline, dropping to $0.007 within hours.

HMSTR has a high circulating supply of around 64% at the token launch. The team's token
allocation will be locked until Sep 2025, and the only vesting token for the next year is the
allocation for Partnership & Grants, total unlocking will only be 1.5% in the span of one year.
The project has reserved 15% of the total supply for Season 2 airdrop. However, the exact plan
for Season 2 has not yet been finalized.

As of now, HMSTR has a market cap of approximately $437 million, which is roughly half that
of Notcoin, the leading tap-to-earn project in the TON ecosystem. When comparing fully
diluted valuations (FDV), HMSTR's FDV is $680 million, similar to CATI’s $710 million. Both
HMSTR and CATI are trading at an FDV lower than Notcoin's $1 billion.

However, HMSTR’s higher circulating supply of over 64% (compared to CATI’s 30.5%) suggests
that it could face higher immediate selling pressure after the token launch as airdrop farmers
rush to dump the tokens. Despite this, its price may stabilize more quickly since it will
experience less continuous selling pressure from future token unlocks. This could explain
HMSTR's currently slightly lower FDV than CATI.

HMSTR faces similar challenge as CATI, as the leading tap-to-earn token, Notcoin, has not
shown any significant recovery since peaking in June. This suggests that the tap-to-earn sector

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may be losing traction among investors. Additionally, both HMSTR and CATI are likely to 

encounter increased competition from similar projects launching within the TON ecosystem.

Conclusion

CATI and HMSTR are two newly launched tap-to-earn game tokens within the TON ecosystem,
both currently trading at a fully diluted valuation (FDV) of approximately $700 million. This is
lower than the FDV of Notcoin, the leading tap-to-earn token, which stands at around $1
billion.

CATI has a more aggressive token unlocking schedule, which could lead to greater selling
pressure over time as more tokens enter circulation. In contrast, HMSTR launched with a larger
initial circulating supply, resulting in higher short-term selling pressure, particularly from
airdrop farmers looking to offload their tokens. However, this means HMSTR may face less
selling pressure in the long run, after the initial post-launch activity subsides.

Both tokens face similar challenges, including a shifting market narrative away from tap-to-
earn toward other sectors, as well as increasing competition from newer gaming projects
launching on the TON blockchain. These factors could impact investor interest and liquidity,
making it crucial for both CATI and HMSTR to differentiate themselves and sustain user
engagement in a rapidly evolving market.

Game

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