As an analyst with a background in cryptocurrency and market trends, I’ve closely observed the recent price decline of Notcoin (NOT) and its impact on the gaming token category. Having followed the project since its inception within The Open Network (TON) ecosystem in January, I’ve seen the hype and anticipation surrounding NOT’s launch on major crypto exchanges.
The value of Notcoin (NOT), a gaming app for earning rewards through clicks on Telegram, has dropped by 55% following its addition to prominent cryptocurrency trading platforms.
As I pen down these words, NOT was priced at $0.006414 during my research, with a robust trading volume of $1.35 billion over the past 24 hours. However, its market capitalization had taken a hit and now stood at a reduced value of $661 million, as per the latest data from CoinMarketCap.
Starting January 1, Notcoin is a gaming project based in The Open Network (TON) web3 environment. It functions as a mini-app within Telegram, enabling users to effortlessly earn coins just by tapping their phone screens. Users can boost their earnings through various supplementary actions.
The mining stage for the game came to a close on April 1st. Originally, the Notcoin team planned to debut the NOT token on April 20th, aligning it with the Bitcoin halving event. However, due to the need for a flawless implementation, the launch date was pushed back twice.
In the past few weeks, NOT has garnered significant interest due to cryptocurrency exchanges like Binance, OKX, KuCoin, and Bybit disclosing their plans to list the token on their respective launchpads.
After being listed on multiple cryptocurrency platforms, Notcoin commenced trading with an market capitalization surpassing one billion dollars, based on fully diluted valuation, shortly following its airdrop launch on May 16th.
During its initial hour of trading, the given token managed to generate an impressive $294 million in volume. Yet, despite the reported addition of 35 million new users to its ecosystem, this gaming token unexpectedly plummeted by 55%. As airdrop participants hurried to offload their tokens, NOT underwent a significant price decrease.
The drop in NOT’s value follows a common trend among cryptocurrency airdrops, where significant sell-offs occur following the distribution of new coins. For instance, on October 20, Aptos, a Layer-1 blockchain, experienced a sharp decline in the value of its native coin, APT, after distributing 20 million coins. Likewise, friend.tech’s SocialFi project witnessed a dramatic 98% price drop for its FRIEND token shortly after its launch on May 3.
Contrary to popular belief, the gaming token sector has fallen short of reviving interest this year, instead lagging behind other burgeoning areas such as AI and meme tokens in terms of performance.
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2024-05-17 11:30