Notcoin price is in a bear market while Hamster Kombat breaks 2 records

by

As a long-term crypto investor with some experience in the market, I’m concerned about the current state of Notcoin (NOT). The bear market we’re seeing is partly due to the increasing competition in the tap-to-earn space, and Notcoin seems to be struggling to keep up.

As an analyst, I’d rephrase it as follows: The bear market has kept Notcoin prices low, with investors expressing worry over intensifying competition in the tap-to-earn sector. On Monday, NOT tokens were sold at $0.014 – a stark contrast to their peak value this year, which represented a decline of more than 52%.

Among investors in the “tap-to-earn” industry, there is growing apprehension about intensifying competition. A significant portion of this competition originates from emerging platforms such as Dotcoin, TapSwap, and Hamster Kombat.

A hamster platform with Russian origins has achieved a milestone by becoming the initial tap-to-earn network to amass over 200 million global users.

The platform has set new benchmarks on social media. For instance, Hamster Kombat’s YouTube channel boasts an impressive following of over 31 million subscribers. To date, this channel has uploaded a total of 144 videos that have garnered more than half a billion views, amounting to over 569 million.

Since its inception on May 24th, this YouTube channel has experienced extraordinarily rapid growth, currently boasting over 48.7 million subscribers. Meanwhile, its Telegram and X social media platforms have seen significant expansion, with followings exceeding 11 million each.

The number of followers for Hamster has grown significantly more than many notable figures in the cryptocurrency sector. For instance, Solana boasts 2.7 million followers, whereas Ethereum Foundation boasts a following of 3.4 million.

As a crypto investor, I’ve noticed an exciting development: the network I’m invested in has surpassed Notcoin, boasting more than 40 million users and 1.8 million X followers. However, I’ve also observed that Notcoin’s growth is starting to decelerate.

“Hamster Kombat isn’t the sole Notcoin competitor experiencing growth. TapSwap boasts over 60 million users and 6.4 million X followers, which may contribute to the NOT token waning in popularity among traders and gamers.”

Notcoin volume has dropped

As a researcher examining the cryptocurrency market trends, I’ve noticed a significant decrease in Notcoin’s demand based on third-party data from CoinGecko. The platform reports that Notcoin’s 24-hour trading volume has dropped substantially, with a current figure of approximately $312 million. In contrast, just a few weeks prior, the token’s average daily trading volume surpassed $1.4 billion.

As a crypto investor, I’ve noticed an intriguing development in the futures market. Based on data from CoinGlass, the open interest peaked at approximately $282 million on June 7th, but it has since dropped to around $159 million as of now. A significant portion of this open interest comes from prominent players such as Binance, OKX, and Bitget.

Notcoin price is in a bear market while Hamster Kombat breaks 2 records

Notcoin open interest

The developers are considering strategies to spur expansion in the token’s ecosystem, as it has recently receded. Last week on their X platform, they solicited feedback from the community regarding potential new initiatives. Among the proposed possibilities were integrating Telegram games and memes, developing Web3 tools, and focusing on education and communities.

In the near future, Notcoin Explore will transform into a publicly accessible hub for web3 projects from around the world. So, which projects would you be most interested in seeing featured there?

— Notcoin Ø (@thenotcoin) June 28, 2024

The success of Notcoin’s attempts to diversify is uncertain, as the majority of its user base currently utilizes the cryptocurrency primarily for its tap-to-earn functions.

Read More

2024-07-01 18:36