Notcoin price continued to sell-off on Thursday as its daily volume slumped. Investor focus appear to have shifted to other Telegram tap-to-earn applications like Hamster Kombat, TapSwap, and Yescoin.
NOT traded at $0.015 on Thursday, down by almost 50% from its highest point this month. This plunge has resulted in its market cap tumbling from over $2.7 billion to $1.5 billion.
Data compiled by CoinGecko shows that the volume of Notcoin traded in all exchanges dropped from $945 million on Wednesday to $630 million. This volume represents the lowest level seen since June 14 and could be viewed a sign that its hype is slowing.
Hamster Combat users dwarf Notcoin
Notcoin price has retreated as the market focused on the upcoming airdrops of leading tap-to-earn platforms on Telegram. Data shows that Hamster Combat’s users have jumped to over 150 million, much higher than Notcoin’s 40 million.
Similarly, TapSwap’s users have soared to over 54 million while YesCoin has more than 11 million users. Some of the other popular tap-to-earn platforms on Telegram are Blum (20 million), Dotcoin (15 million), MemeFi (13.9 million), and BBQCoin (9 million).
Notcoin and other tap-to-earn platforms let users mine cryptocurrencies by just tapping a button on their apps. Eventually, as we saw with Notcoin, these users convert their tokens into fiat currencies when the token listing happens.
The growth of these tap-to-earn networks can be attributed to the ease of use and the number of Telegram users. The most recent data showed that Telegram had accumulated over 900 million users from around the world.
These users can sign up easily and then start earning by tapping a button on the mini app. They can also earn more tokens by doing some simple activities like inviting friends, liking a social media page, and participating in leagues.
Tap-to-earn has become the next iteration of blockchain gaming, an industry that boomed during the pandemic and then faded. At the time, gaming platforms like Decentraland, Sandbox, and Axie Infinity were some of the hottest players in blockchain.
As a result, their tokens surged and attained multi-billion-dollar valuations. They then crumbled and have never bounced back. Therefore, it will be interesting to watch whether Notcoin, Hamster Kombat, Dotcoin, and Blum will have staying power.