The price of Notcoin (NOT) has dropped by an amazing 55% since it first appeared on major cryptocurrency markets. This is because people who received airdrops are quickly selling their holdings.
Based on recent trading data, the value of the digital currency linked to a play-to-earn clicker game app stored on Telegram dropped to $0.006414 per token. CoinMarketCap shows that its 24-hour trade volume rose to $1.35 billion, but its market capitalization dropped to $661 million.
Notcoin began on January 1 as a web3 gaming project in The Open Network (TON) environment. It now works as a mini-application inside the popular messaging platform. To earn coins, users do easy tapping activities. There are ways to earn more coins by doing different things inside the app.
Notcoin, Launch Delay, Market Plunge
Even though the game’s mining phase ended on April 1, the actual launch of the NOT token was pushed back twice to make sure everything went smoothly. It finally happened after Binance, OKX, KuCoin, and Bybit all made announcements.
Notcoin’s first day on the market on May 16 got a lot of attention, and within hours, its fully diluted value (FDV) reached over $1 billion. Even though the token generated an impressive $294 million in trading volume in its first hour, its worth quickly dropped by 55% due to a lot of people selling it.
THE loss of value in NOT is similar to what happens with many cryptocurrency airdrops: big sell-offs after the start. Some examples are how quickly the value of Layer-1 blockchain Aptos’ native coin, APT, dropped after an airdrop of 20 million coins on October 20, and how quickly the value of friend.tech’s FRIEND token dropped 98% after it was released on May 3.
Even though people thought the gaming token market would get better, NOT’s success has not lived up to expectations. An overall lackluster performance by gaming tokens in 2024, especially when compared to the success of AI and meme tokens.
