近期在主要加密货币交易所上市的 TON 生态系统代币大幅下跌

TON 生态系统中市值最大的代币在过去几天出现了大幅下跌。相对历史高点（ATH），跌幅已达30-50%。

Major crypto exchanges recently listed several TON ecosystem tokens, and their market prices have since seen a sharp decline.

近期各大加密货币交易所上线了多款TON生态代币，其市场价格此后大幅下跌。

The largest tokens by market capitalization in the TON ecosystem have seen a significant drop in the past few days, with some losing up to 50% of their value relative to their all-time highs (ATHs). Notably, many of these tokens were recently listed on major crypto exchanges, such as Dogs (DOGS), Hamster Kombat (HMSTR), and Catizen (CATI). The Toncoin (TON) token has also seen a substantial drop, losing more than 8% of its value in the past week.

TON 生态系统中市值最大的代币在过去几天大幅下跌，其中一些代币相对于历史最高点 (ATH) 的价值损失高达 50%。值得注意的是，其中许多代币最近在主要加密货币交易所上市，例如 Dogs (DOGS)、Hamster Kombat (HMSTR) 和 Catizen (CATI)。 Toncoin (TON) 代币也出现大幅下跌，过去一周价值损失超过 8%。

The total market capitalization of the TON ecosystem tokens continues to decline, with trading volumes falling by more than 27% to reach $675 million. The ratio of buy and sell orders on the Binance crypto exchange suggests that traders are rushing to get rid of once-coveted tokens.

TON生态系统代币的总市值持续下降，交易量下降超过27%，达到6.75亿美元。币安加密货币交易所的买卖订单比例表明，交易者正急于抛售曾经令人垂涎的代币。

DOGS plummeted by 58%, but developers have a plan B

DOGS暴跌58%，但开发商有B计划

Since its listing on Aug. 26, the DOGS token, 81.5% of which was supplied by the community, has plummeted by more than 58% to reach $0.0006599. It is noteworthy that there is no vesting period for the token, which allowed users to trade their DOGS immediately after the airdrop and, as a result, sell them right after the listing.

自8月26日上市以来，其中81.5%由社区供应的DOGS代币已暴跌超过58%，至0.0006599美元。值得注意的是，该代币没有归属期，这使得用户可以在空投后立即交易他们的 DOGS，从而在上市后立即出售它们。

Amid the late token price collapse at the end of September, the DOGS team announced an upcoming token burn to reduce the total supply of DOGS. Typically, token burning aims to increase its value — the number of unclaimed coins that need to be removed from circulation will be voted on by the asset holders.

在 9 月底代币价格暴跌之际，DOGS 团队宣布即将进行代币销毁，以减少 DOGS 的总供应量。通常，代币销毁的目的是增加其价值——需要从流通中移除的无人认领的代币数量将由资产持有者投票决定。

Hamster Kombat did not live up to expectations after the airdrop

空投后《仓鼠快打》没有达到预期

The excitement of the Hamster Kombat community turned bearish shortly after the token distribution. Despite the initial interest in the project, the active selling of HMSTR tokens led to their significant depreciation last week.

在代币分发后不久，Hamster Kombat 社区的兴奋情绪就变得悲观起来。尽管最初对该项目感兴趣，但 HMSTR 代币的活跃销售导致其上周大幅贬值。

At the moment of listing, the coin price on some exchanges reached $0.014, but massive sell-offs quickly reduced the token’s value. Since its launch on Sep. 26, the token has lost 50% in value.

上市时，一些交易所的代币价格达到了 0.014 美元，但大规模抛售迅速降低了代币的价值。自 9 月 26 日推出以来，该代币的价值已下跌 50%。

The catalyst for the fall was apparently the unsuccessful airdrop and listing. Users repeatedly complained about the unfair distribution of rewards, the postponement of dates and changes in rules, the low starting price of the HMSTR token trades, and the problem with selling HMSTR: the reward for many project participants for tapping the hamster was only a couple of dollars.

下跌的催化剂显然是空投和上市的不成功。用户多次抱怨奖励分配不公平、日期推迟和规则变化、HMSTR代币交易起始价格低以及出售HMSTR的问题：许多项目参与者点击仓鼠的奖励只有几块钱美元。

Such users needed help selling tokens since many exchanges restrict opening orders.

由于许多交易所限制开仓订单，此类用户需要帮助出售代币。

However, despite the rapid fall in the rate, open interest in HMSTR Futures remains stable. According to Coinglass, this figure has been at $60 million since the beginning of October.

然而，尽管利率迅速下降，HMSTR 期货的未平仓合约仍保持稳定。据 Coinglass 称，自 10 月初以来，这一数字已达到 6000 万美元。

In many ways, Hamster Kombat repeated the story of Catizen — another Telegram-based project that disappointed users after the airdrop.

Hamster Kombat 在很多方面重复了 Catizen 的故事——另一个基于 Telegram 的项目，在空投后令用户感到失望。

An unexpected change in the rules of the game or why they started to dump CATI

游戏规则的意外变化或他们开始抛弃 CATI 的原因

CATI also announced the rating of the leaders of the fall of tokens in the TON ecosystem: like other similar projects, the coin’s price has fallen by 50% since Sep. 20.

CATI还公布了TON生态系统代币跌幅领先者的评级：与其他类似项目一样，该币的价格自9月20日以来已下跌50%。

The rise and fall of Catizen are reminiscent of the path of Hamster Kombat. Shortly before the start of the distribution, the team unexpectedly changed the rules of the game.

Catizen 的兴衰让人想起《Hamster Kombat》的发展之路。在分发开始前不久，团队出人意料地改变了游戏规则。

Initially, 43% of the total supply of CATI tokens was intended for players. However, the developers unexpectedly changed the conditions, so the community got only 30%.

最初，CATI 代币总供应量的 43% 是供玩家使用的。但开发商出人意料地改变了条件，社区只得到了30%。

The community’s discontent was not limited to this. Soon after the airdrop, it turned out that user spending in the game influenced the criteria for distributing tokens. Those who invested money in the game, not time, received a significant advantage.

社会的不满还不仅限于此。空投后不久，事实证明，用户在游戏中的支出影响了分配代币的标准。那些在游戏中投入金钱而不是时间的人获得了显着的优势。

After this, many players shared stories about how they took leading places but received very few rewards. As a result, a wave of discontent with the hashtag #catizenscam swept through social networks.

此后，不少玩家纷纷分享了自己如何取得领先，但获得的奖励却寥寥无几的故事。结果，对 #catizenscam 标签的不满浪潮席卷了社交网络。

#CatizenScam #Scamtizen Top 5 lies Catizen team gave its community1 Airdrop is on June/July2 Most impt criteria is vKitty/s or cat level3 Claimed tokens will be received before Sep 28 10AM UTC.4 Airdrop is 43%5 If you can't hold you won't be rich (then token dumps)

#CatizenScam #Scamtizen 前 5 个谎言 Catizen 团队向其社区提供的 1 空投是在 6 月/7 月 2 最重要的标准是 vKitty/s 或 cat level3 认领的代币将在 UTC 时间 9 月 28 日上午 10 点之前收到。4 空投是 43%5 如果你不能坚持你不会富有（然后代币转储）

Why Telegram project tokens continue to fall

为什么Telegram项目代币持续下跌

Airdrops are considered one of the most popular strategies for attracting users. Many projects launched on the Telegram platform used them.

空投被认为是吸引用户的最流行的策略之一。 Telegram 平台上启动的许多项目都使用了它们。

For example, Dogs, Hamster Kombat, Catizen, and similar projects actively awarded users coins for simple actions. As a result, tokens distributed through airdrops cannot maintain long-term interest or preserve their value.

例如，Dogs、Hamster Kombat、Catizen 和类似项目会主动为用户的简单操作奖励硬币。因此，通过空投分发的代币无法维持长期利益或保值。

Airdrops, used to increase project engagement and distribute tokens more widely among users

空投，用于提高项目参与度并在用户中更广泛地分发代币