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Notcoin (NOT), a play-to-earn clicker gaming application on Telegram, has experienced a notable surge of over 10% following the announcement of a significant token burn and the introduction of substantial user incentives.
As of now, NOT is trading at $0.01572, with its daily trading volume increasing by 22% to $470 million. The token’s market cap has also risen by 10%, reaching $1.6 billion, positioning it as the 56th largest crypto asset.
Token Burn and Incentive Plan
Notcoin’s rise follows a June 25 announcement where the team disclosed the burning of NOT tokens worth $3 million. Additionally, a $4.2 million incentive plan was introduced to reward Gold and Platinum users of the Notcoin platform.
The token burn is a strategic move to enhance Notcoin’s tokenomics by reducing the overall supply, aiming to create scarcity and potentially increase the token’s value and appeal.
Significant Airdrop Announcement
Another factor contributing to the recent surge in Notcoin is the June 26 announcement of a $2.5 billion airdrop to the Notcoin community. This airdrop is set to be larger than those combined by ZkSync and LayerZero.
The total airdrop value at its peak was $2.5 billion for Notcoin, compared to $954 million for ZkSync and $323 million for LayerZero.
Tap2Earn Boom
Notcoin’s price increase parallels a rise in popularity of “Tap2Earn” and similar tokens. Some of the trending options in this category include Hamster Kombat and Yescoin.
Notcoin benefits from being the first mover in the Telegram ecosystem. With Telegram’s 900 million user base and growing support for cryptocurrency on the platform, both Notcoin and The Open Network (TON) have seen increased interest and growth.
Metrics such as TON’s daily active addresses have shown a significant increase over the last three months, suggesting a similar growth pattern for Notcoin as it looks to expand beyond Tap2Earn.
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