Notcoin (NOT), a play-to-earn clicker gaming application on Telegram, has seen its price drop by 55% after being listed on major crypto exchanges.

At the time of writing, NOT was trading at $0.006414, with a 24-hour trading volume of $1.35 billion. The token’s market cap now stands at $661 million.

About Notcoin

Notcoin is a web3 gaming project that launched on January 1 within The Open Network (TON) ecosystem. It operates as a mini-application within Telegram, allowing users to earn coins with a simple tap on their phone screens. Earnings can be increased through additional activities.

The game’s mining phase ended on April 1. Initially, the Notcoin team planned to launch the NOT token on April 20 to coincide with the Bitcoin halving, but the launch was delayed twice to ensure a smooth rollout.

Exchange Listings and Initial Trading

NOT has received significant attention recently following announcements by major crypto exchanges like Binance, OKX, KuCoin, and Bybit that they would add the token to their launchpads. After distribution across several exchanges, Notcoin began trading at a fully diluted valuation (FDV) of over $1 billion just a few hours after its debut on May 16.

The token generated $294 million in volume during its first hour of trading.

Despite reportedly onboarding 35 million users into its ecosystem, the gaming token began to decline sharply. As airdrop participants continued to sell off their tokens, NOT experienced a 55% crash.

Market Trends and Comparisons

NOT’s decline mirrors the pattern of many cryptocurrency airdrops, which often experience significant sell-offs post-launch. For example, on October 20, Layer-1 blockchain Aptos saw its native coin, APT, rapidly fall after a 20 million coin airdrop. Similarly, the SocialFi project friend.tech saw a 98% price plunge for its FRIEND token shortly after its May 3 debut.

Many had expected NOT to invigorate the gaming token category, but it is currently underperforming expectations. Gaming tokens have generally underperformed in 2024, especially compared to other trending categories like AI and meme tokens.

For more updates and in-depth analysis on Notcoin and other cryptocurrencies, stay tuned to Global Crypto News.

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