Telegram CEO Pavel Durov seemed to endorse the viral web3 clicker game Notcoin after its token launch on the TON blockchain.
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Notcoin has rapidly achieved a market capitalization of nearly $700 million, which Durov highlighted as an “amazing success story” in his Telegram channel.
Notcoin’s Success on TON Blockchain
Telegram CEO Pavel Durov appeared to endorse Notcoin, a web3 game that launched its NOT token on The Open Network (TON) blockchain recently. In a Telegram channel post to over 2.5 million subscribers, Durov praised Notcoin’s rapid growth, noting its achievement of reaching 35 million active users within months.
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Following its cryptocurrency minting on TON blockchain, Notcoin distributed over 80 billion NOT tokens through airdrops to participants and commenced trading on multiple crypto exchanges. Players of the game earned in-game currency by tapping a Notcoin icon on their phones, which converted into NOT tokens at a ratio of 1000:1.
Before the token generation event, Notcoin facilitated pre-market trading via an NFT trading system in March, resulting in nearly 800,000 NFT vouchers that are also convertible into NOT tokens at the same ratio using the Notcoin app.
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Durov highlighted the unexpected opportunity for Notcoin users to convert their in-game currency into real money, emphasizing the app’s success in blending entertainment with financial gain.
Currently, Notcoin has distributed 72,265,851,714 tokens to miners and allocated 7,953,370,000 tokens for redemption by NFT voucher holders. The total supply of NOT tokens stands at 102.7 billion, with 78% designated for miners and NFT holders, and 22% reserved for new users, traders, and future development, according to the Notcoin team.
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Notcoin’s Remarkable Rise on TON Blockchain
The distribution of 80,219,221,714 NOT tokens yesterday propelled Notcoin to a market capitalization of $545 million, with a fully diluted valuation reaching approximately $711 million, as reported by CoinGecko. Currently trading at $0.0068 per token, Notcoin has emerged as one of the top ten cryptocurrencies globally by daily trading volume, exceeding $1 billion.
According to Tonviewer, around 678,000 on-chain wallets now hold NOT tokens, highlighting the widespread adoption and investor interest in Notcoin.
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Telegram CEO Pavel Durov expressed enthusiasm about Notcoin’s rapid ascent, noting its achievement of nearly $700 million in market capitalization. Durov emphasized the significant value created for Telegram users through this Mini App, which attracted millions of dollars within a short span.
Notcoin monetized its Mini App by integrating web3 organizations’ advertisements, incentivizing players to participate in activities that boost engagement with these projects.
Looking ahead, Notcoin plans to continue incentivizing users with NOT tokens to explore the crypto ecosystem further. The team also intends to introduce a trading bot that will enable users to trade other TON-based tokens seamlessly.
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Telegram initially explored blockchain technology in 2018 with the development of the Telegram Open Network (TON). Despite raising $1.7 billion through a private sale of Toncoin tokens, regulatory challenges led Telegram to abandon the project. In 2022, open-source developers revived and rebranded TON as The Open Network, which now operates with a functional mainnet.
In a recent interview, Durov disclosed his ownership of Toncoin tokens, highlighting his long-term commitment to cryptocurrencies and blockchain technologies.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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