NOTCOIN HALF PRICE, WHY? 😵
Immediately after the introduction of the airdrop, NOT, a game currency on the TON network, has continuously decreased and is currently down nearly 50%.
Similar to other cryptocurrency airdrops, NOT also faced a strong sell-off after its introduction.
When compared to other cryptocurrencies, game tokens have performed poorly.
Nearly half its value was lost in just a few hours after its introduction on Thursday. This is just the latest example of the vicious cycle that airdrops of cryptocurrencies, such as game tokens, go through shortly after launch: intense selling pressure.
The NOT game token, which aims to bring players to Web3, has been steadily decreasing since the introduction of the airdrop and is now down around 50%, according to data from CoinMarketCap.
NOT has been in the spotlight recently thanks to statements by multiple cryptocurrency exchanges, including Binance, OKEx, and Bybit, about including the coin on their launchpads. Just hours after launching the airdrop on Thursday, Notcoin began trading on multiple exchanges with a fully diluted value (FDV) of $1 billion.
After just one hour of trading, the token's trading volume reached $294 million. Although it is reported that 35 million users have participated in this game token ecosystem, its value has begun to plummet. The price of NOT halved as airdrop recipients sold off their tokens.
NOT's decline is reminiscent of the sharp sell-offs that many cryptocurrency airdrops have experienced shortly after launch.
See more: Ton Foundation partners with Hashkey to help Telegram wallet users activate cryptocurrency deposits.
After its launch, many predicted that NOT would spark a new wave of interest in game tokens, but so far, it has failed to live up to those predictions.
In 2024, gaming-related tokens have not performed as well as other popular categories, such as memecoins and AI.
