The price of Notcoin continued to decline on Thursday as its daily volume decreased significantly. Investors seem to have shifted their focus to other Telegram tap-to-earn applications like Hamster Kombat, TapSwap, and Yescoin. NOT traded at $0.015 on Thursday, marking a nearly 50% drop from its highest point this month. This decline has caused its market cap to fall from over $2.7 billion to $1.5 billion.

According to data, the volume of Notcoin traded across all exchanges dropped from $945 million on Wednesday to $630 million. This volume represents the lowest level seen since June 14 and could be a sign that its hype is slowing.

Hamster Kombat Users Outnumber Notcoin

Notcoin’s price has decreased as the market’s attention has turned to the upcoming airdrops of leading tap-to-earn platforms on Telegram. Data indicates that Hamster Kombat’s user base has grown to over 150 million, significantly higher than Notcoin’s 40 million.

Similarly, TapSwap’s users have increased to over 54 million, while Yescoin boasts more than 11 million users. Other popular tap-to-earn platforms on Telegram include Blum with 20 million users, Dotcoin with 15 million, MemeFi with 13.9 million, and BBQCoin with 9 million.

The Tap-to-Earn Model

Notcoin and other tap-to-earn platforms enable users to mine cryptocurrencies by simply tapping a button on their apps. Eventually, these users convert their tokens into fiat currencies when the token listing occurs.

The growth of these tap-to-earn networks can be attributed to their ease of use and the large number of Telegram users. Recent data showed that Telegram has accumulated over 900 million users worldwide.

Users can sign up easily and start earning by tapping a button on the mini app. They can also earn more tokens by performing simple activities like inviting friends, liking a social media page, and participating in leagues.

The Evolution of Blockchain Gaming

Tap-to-earn has become the next iteration of blockchain gaming, an industry that flourished during the pandemic and then waned. At the time, gaming platforms like Decentraland, Sandbox, and Axie Infinity were among the most popular players in blockchain.

As a result, their tokens surged and achieved multi-billion-dollar valuations. However, they later declined and have not recovered. Therefore, it will be interesting to see whether Notcoin, Hamster Kombat, Dotcoin, and Blum will maintain their momentum.

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