Notcoin price remains entrenched in a bear market, driven by mounting concerns over increasing competition in the tap-to-earn sector. As of Monday, the NOT token was trading at $0.014, reflecting a decline of over 52% from its peak earlier this year.

Rising Competition in the Tap-to-Earn Market

Investor apprehension is largely fueled by the surge in competition within the tap-to-earn industry. Key competitors include platforms like Dotcoin, TapSwap, and Hamster Kombat.

Hamster Kombat, originating from Russia, has set a record by becoming the first tap-to-earn network to amass 200 million users globally. The platform has also achieved significant milestones on social media.

YouTube data shows that Hamster Kombat’s channel has grown to over 31 million subscribers with 144 videos, garnering over 569 million views.

This rapid growth has made it the fastest-growing YouTube channel since its inception on May 24th. Additionally, Hamster’s Telegram channel boasts over 48.7 million subscribers, while its X page has accumulated over 11 million followers. This surpasses the social media presence of major crypto entities like Solana and Ethereum Foundation.

In contrast, Notcoin has about 40 million users and 1.8 million X followers, indicating a slowdown in growth. Other competitors, such as TapSwap, have also shown significant traction, with over 60 million users and 6.4 million X followers. This intensifying competition has contributed to the reduced momentum of the NOT token among traders and users.

Declining Notcoin Volume

Third-party data indicates that demand for Notcoin is waning. According to recent statistics, Notcoin’s 24-hour trading volume stands at over $312 million, a stark decline from its peak of over $1.4 billion a few weeks ago.

A similar trend is evident in the futures market, where open interest has decreased. Data reveals that open interest peaked at over $282 million on June 7th but has since dropped to $159 million, primarily from exchanges like Binance, OKX, and Bitget.

Strategies for Ecosystem Growth

In response to these challenges, Notcoin developers are exploring ways to invigorate ecosystem growth. A recent post on X sought community input on potential projects to integrate into the network, offering options like Telegram games, memes, Web3 tools, and education and community initiatives.

Notcoin Explore is about to become a public platform for web3 projects worldwide. What projects do you want to see there more?

It remains uncertain whether Notcoin’s diversification efforts will succeed, given that most users initially engaged with the platform for its tap-to-earn features.

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