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NOT drops 55% as airdrop farmers sell post-swap release
Notcoin (NOT), a play-to-earn clicker gaming app on Telegram, saw its price plummet 55% after securing listings on major crypto exchanges.
At the time of writing, NOT is trading at $0.006414 with a 24-hour trading volume of $1.35 billion. The token’s market cap has fallen to $661 million, according to CoinMarketCap.
NOT 24-hour price chart | Source: CoinMrketCap
Notcoin is a web3 gaming project that started on January 1st in The Open Network (TON) ecosystem. It works as an applet within Telegram, allowing users to earn coins with a simple tap on their phone screen. Earnings can be increased through various additional activities.
The game’s mining phase ended on April 1st. Initially the Notcoin team intended launch the NOT token on April 20 to coincide with the Bitcoin halving, but the launch was postponed twice to ensure a smooth implementation.
NOT has received considerable attention in recent weeks following announcements from cryptocurrency exchanges such as Binance, OKX, KuCoin, and Bybit that they would be adding the token to their launch pads.
After distribution on various exchangesNotcoin began trading at a fully diluted valuation (FDV) of over $1 billion in just a few hours after the airdrop debut on May 16th.
The token generated $294 million in volume during its first hour of trading. However, despite having reportedly onboarded 35 million users into its ecosystem, the gaming token began to decline drastically. As airdrop farmers continued to sell their tokens, NOT suffered a 55% drop.
NOT’s decline reflects the pattern of many cryptocurrency airdrops, which often experience massive post-launch sales. On Oct. 20, layer-1 blockchain Aptos saw its native coin, APT, quickly fall after a Airdrop of 20 million coins. Similarly, the SocialFi project friend.tech saw a 98% price drop for its FRIEND token shortly after its debut on May 3.
Many expected it would NOT spark a resurgence in the gaming token category, but it is currently performing below expectations. Gaming tokens have generally underperformed in 2024, especially compared to other trending categories such as AI and meme tokens.