According to U.Today, Notcoin, a major player in this year's crypto market, has announced the burning of a significant number of its native tokens, NOT. The company has reportedly burned NOT tokens valued at $3 million, significantly reducing the token's supply. This announcement was accompanied by news of a $4.2 million incentive plan designed to reward its Gold and Platinum users on the Notcoin Explore platform.
The circulating supply of NOT tokens currently stands at 102.49 billion, with each token valued at $0.01432. This places Notcoin’s market capitalization at approximately $1.47 billion, making it the 59th largest cryptocurrency, as per CoinMarketCap. The token burn is part of Notcoin's broader strategy to improve its tokenomics and increase value for its users. By reducing the total supply, the popular tap-to-earn project aims to create scarcity, potentially boosting the token's value and appeal. This move aligns with ongoing efforts to ensure that the primary beneficiaries of Notcoin are its community members.
Notcoin is a Web3 tap-to-earn game that was launched on Jan. 1, within the TON ecosystem. Technically, Notcoin is a mini app inside the Telegram messenger. The project gained user attention due to the announced NOT coin giveaway. The developers offered application users the opportunity to mine tokens by simply tapping on their smartphone screen. The game's audience exceeded 35 million people within a few months.