Why TON Ecosystem Tokens Like DOGS, CATI, and HMSTR Are Falling After Listing

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The rise of Telegram-based mini-games on The Open Network (TON) has captured global attention in 2025, especially after the explosive success of Notcoin. Building on this momentum, several similar projects — including DOGS, Catizen (CATI), and Hamster Kombat (HMSTR) — launched their tokens and listed on major exchanges like Binance and OKX.

While investors hoped these tokens would replicate Notcoin’s meteoric price surge, reality took a different turn. After brief initial spikes, most of these assets quickly entered a downtrend. DOGS saw only a short-lived rally, while CATI and HMSTR have been in steady decline since listing.

This article dives into the post-listing performance of key TON ecosystem tokens, explores why they’re struggling to maintain value, and analyzes broader implications for blockchain gaming and meme coin trends in 2025.

The Rise and Fall of Notcoin: Setting the Stage

Before examining DOGS, CATI, and HMSTR, it's essential to understand the phenomenon that started it all: Notcoin.

Launched in early January 2025 as a click-to-earn game within Telegram, Notcoin rapidly gained traction due to its seamless integration with millions of Telegram users. By May 2025, it was listed on dozens of major exchanges, including Binance, OKX, and Bybit. Its momentum peaked in June when daily trading volume surpassed that of established cryptocurrencies like Solana (SOL) and Binance Coin (BNB), briefly reaching a market cap of $2.5 billion.

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This "fair launch" model — where ordinary users earned tokens through gameplay rather than purchasing them — created a powerful narrative of decentralized wealth distribution. It also set an incredibly high bar for subsequent TON-based projects.

DOGS: A Meme Coin with Telegram Roots

DOGS is a meme token inspired by Spotty, the official mascot designed by Telegram founder Pavel Durov for the TON community. Built on the TON blockchain, DOGS leverages Telegram’s massive user base and viral potential.

According to Binance data, DOGS officially listed on August 26, 2025, opening at $0.0005454**. Within one hour, the price surged to an all-time high of **$0.0018, marking a roughly 230% increase. However, this rally was short-lived.

After a minor rebound on August 28, the price began a consistent downward trend. At the time of writing, DOGS trades at $0.000666, representing a 41.5% drop over the past month.

Despite its strong branding and connection to Telegram’s culture, DOGS has failed to sustain investor interest post-listing — a pattern increasingly common among TON-based tokens.

Catizen (CATI): From $1.2 High to Steady Decline

Catizen, another Telegram-integrated game, launched its token CATI on September 20, 2025. Market sentiment was optimistic, given its polished gameplay and large pre-launch community.

On Binance, CATI opened at $0.08** and skyrocketed to a peak of **$1.20 within the first hour — a staggering 1,400% gain. Yet, unlike Notcoin, it never achieved sustained momentum.

Since then, CATI has followed a near-linear downward path. As of this report, it trades at $0.468, down 36.5% from its listing surge — and significantly below its intraday high.

The lack of ongoing utility or clear roadmap updates post-launch has raised concerns about long-term viability.

Hamster Kombat (HMSTR): Flashy Start, Sharp Drop

Known in Chinese as “倉鼠快打” (Cāngshǔ Kuài Dǎ), Hamster Kombat entered the spotlight as one of the most anticipated TON-based games in 2025. Its token, HMSTR, listed on Binance and OKX on September 26.

The launch began strongly: HMSTR opened at $0.001** and jumped to an intraday high of **$0.014149 — a 1,315% increase in under an hour. But the euphoria faded fast.

Currently trading at $0.004913, HMSTR has dropped 96.5% from its peak. Although still above its opening price, the prolonged bearish trend suggests weak market confidence and limited buying pressure.

Why Are TON Ecosystem Tokens Underperforming?

Several interconnected factors explain the disappointing performance of DOGS, CATI, and HMSTR after listing:

1. Lack of Innovation Beyond Notcoin’s Model

Most new TON games follow the same formula: play-to-earn via simple tap mechanics, token distribution through airdrops, and eventual exchange listing. While effective for early growth, this model lacks differentiation. Investors are now recognizing these as derivative projects without unique value propositions.

2. Saturated Market for Clicker Games

With dozens of similar games launching weekly on Telegram, user attention is fragmented. Without continuous engagement features or evolving gameplay, players quickly move on — leading to declining active user bases post-launch.

3. Weak Post-Launch Token Utility

Many of these tokens lack clear use cases beyond speculation. There’s little incentive to hold DOGS, CATI, or HMSTR once trading begins, especially without staking rewards, governance rights, or in-game advantages tied to ownership.

4. Regulatory Pressure on Telegram and TON

In mid-2025, Telegram CEO Pavel Durov faced legal challenges in France over allegations related to illegal content moderation and money laundering. Though unrelated directly to TON, the negative headlines impacted investor sentiment toward the entire ecosystem, contributing to downward price pressure.

5. Shift in Market Sentiment Toward Meme Coins

While meme coins continue to attract retail traders, the era of automatic “pump-and-dump” gains is fading. Sophisticated investors now demand transparency, tokenomics clarity, and real-world utility — areas where many TON-based projects fall short.

Frequently Asked Questions (FAQ)

Q: Can DOGS or CATI recover like Notcoin did?
A: While possible, recovery depends heavily on introducing new utilities, partnerships, or viral adoption cycles. Without innovation or ecosystem expansion, sustained rallies are unlikely.

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Q: Is Hamster Kombat still worth playing if the token price is falling?
A: For casual users, the game remains free and entertaining. However, if your goal is financial return, consider that token rewards may lose value over time unless backed by real utility.

Q: Are all TON-based tokens doomed to fail?
A: No. The TON ecosystem shows strong infrastructure potential. Projects focusing on real use cases — such as decentralized identity, social layers, or cross-chain interoperability — may outperform speculative games in the long run.

Q: What should I look for before investing in a Telegram mini-game token?
A: Evaluate the team’s track record, token distribution fairness, roadmap clarity, and whether there’s ongoing development activity. Avoid tokens driven purely by hype with no post-launch plan.

Q: How does exchange listing impact these tokens?
A: Listings provide liquidity and visibility but often mark the start of profit-taking by early participants. Many see listings as exit opportunities rather than entry points.

The Road Ahead for TON Gaming Tokens

The underperformance of DOGS, CATI, and HMSTR doesn’t spell the end for TON-based gaming — but it does signal a maturation phase. Investors are becoming more discerning, favoring projects with sustainable models over viral gimmicks.

For future success, new entrants must focus on:

The era of effortless gains from copycat games appears to be ending. In its place emerges a need for genuine innovation — not just within TON, but across the broader blockchain gaming landscape.

👉 Stay ahead with real-time insights into emerging blockchain trends and token launches.

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