News
Notcoin Price Drops 52% as Hamster Kombat Breaks Two Records
Notcoin, the first Telegram-based tap-to-earn cryptocurrency project, is stuck in a bear market as competition in the tap-to-earn cryptocurrency project category intensifies.
Notcoin started the week trading at $0.014, down more than 52% from its highest level this year.
The drop in Notcoin performance is directed due to the growing competition in the Tap to earn cryptocurrency projects category with other projects such as Hamster Kombat, Tapswap, Blum and Dotcoin entering the market and attracting millions of users.
This is a concern for Notcoin investors as the project competes with other new entries in its category that are actually doing well on metrics.
On the other hand, Hamster Kombat, another tap-to-win project, is growing by crossing two important milestones and heating up the competition in the tap-to-win category.
News continues after this announcement
News continues after this announcement
Hamster Kombat has broken the record for being the first tap-to-earn cryptocurrency project to reach 200 million users worldwide.
This was followed by another astonishing record on YouTube, which saw Hamster Kombat’s channel grow to over 31 million subscribers. He posted 144 videos that have been watched over 569 million times.
These metrics make the Hamster Kombat YouTube channel the fastest growing channel since it was created on May 24th of this year.
In addition to YouTube, Hamster’s Telegram channel has over 48.7 million subscribers, while its X page has grown to over 11 million followers.
Hamster Kombat’s following dwarfs that of other major players in the cryptocurrency industry. Industry giants like Solana and Ethereum have fewer followers on X.
In the Tap to Earn category, other projects are also doing very well in terms of onboarding new users and social media. TapSwap has accumulated over 60 million users and 6.4 million X followers, surpassing Notcoin, which is still at 40 million users.
These new entries in the tap-to-earn category are doing very well, which explains why Notcoin, one of the earliest entrants in this category, has lost a lot of momentum.
Notcoin volume also drops
In addition to the drop in Notcoin’s price value, its trading volume has also dropped significantly, according to verified data. According to CoinGecko, Notcoin’s last 24-hour trading volume stood at over $312 million. A few weeks ago, Notcoin was at its peak, with its token’s volume averaging over $1.4 billion.
Coinglass data also shows a drop in interest in the crypto asset, as open interest that peaked at over $282 million on June 7 has now dropped to $159 million.
Notcoin’s underperformance has been acknowledged by its developers, who recently released a survey on X seeking feedback on new additions that will help boost the Notcoin ecosystem.
What to know
- Notcoin is quite popular in Nigeria after becoming the first major Web 3 Airdrop campaign to pay Nigerians. Many Nigerians who participated in its Airdrop campaign have benefited handsomely, some in the millions.
- Nairametric reported that Tapswap, another tap-to-earn cryptocurrency project, postponed its token launch date to Q3 2024 on July 1, citing the need to adopt the right launch strategy to match the project’s success.