Historically, many tap-to-earn tokens experience an initial surge followed by a steep decline after their airdrop. For instance, Notcoin (NOT), a popular platform with over 40 million users, spiked to $0.02925 before plummeting by over 80% to its current value of $0.0078.

Similarly, Pixelverse rose to $0.1745 post-airdrop but has since crashed over 90%, hitting a low of $0.0070. More recently, Catizen reached a record high of $1.20 but has pulled back by more than 26% to $0.87.

The key challenge for tap-to-earn and play-to-earn platforms lies in maintaining user engagement, particularly when token prices fall. Popular tokens like Decentraland, Sandbox, Gala, and Axie Infinity have seen sharp declines from their all-time highs as user activity within their ecosystems dwindled.

For example, Decentraland’s market cap fell from around $7 billion in 2021 to $576 million, while Axie Infinity dropped from over $10 billion to $749 million. Similarly, move-to-earn platforms like Sweatcoin and StepN saw their market caps shrink to $58 million and $348 million, respectively, as network activity declined.

The real challenge is keeping users engaged when token performance wanes. As such, there’s a risk that Hamster Kombat’s HMSTR token may follow a similar pattern—rising initially before retreating as the hype fades.