Almost Half of Notcoin's Value Has Been Lost Since its Airdrop Began
Hours after its airdrop introduction, NOT, a TON network gaming coin, has persisted in its slump and is now down almost 50%.
Similar to how cryptocurrency airdrops undergo huge sell-offs after their introduction, NOT's slide is following a similar trend.
When compared to other types of cryptocurrency, gaming tokens have done quite poorly.
Almost half of its value was lost in the first few hours after Thursday's expected introduction of NOT. This is only the latest example of the vicious cycle that airdrops of cryptocurrencies, such as gaming tokens, experience shortly after their launch: intense selling pressure.
The NOT gaming coin, which aims to get players onto Web3, has been steadily descending since its airdrop introduction and has now fallen by about 50%, according to statistics from CoinMarketCap.
NOT has been in the spotlight recently due to statements made by many cryptocurrency exchanges, including as Binance, OKEx, and Bybit, to include the coin in their launchpads. Just a few hours after Thursday's airdrop debut, Notcoin started trading on several exchanges with a fully diluted value (FDV) of $1 billion.
After just one hour of trading, the token's volume reached $294 million. Despite claims that 35 million users had joined the gaming token's ecosystem, its value started to fall sharply. The price of NOT fell by half when airdrop farmers dumped their tokens.
The fall of NOT is reminiscent of the steep sell-offs that several cryptocurrency airdrops saw shortly after their release.
Have a look at this: Ton Foundation teams up with Hashkey to help Telegram wallet users enable crypto on-ramping.
After its introduction, many predicted it would NOT spark a new wave of interest in gaming tokens, but it has so far failed to live up to those predictions.
In 2024, tokens related to gaming have not done as well as other popular categories, like as memes and artificial intelligence.
