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The Notcoin price plunged 48% to trade at $0.007244 as of 10:29 a.m. EST on volume of almost $1 billion after launching on multiple exchanges.

A viral gaming token within Telegram with more than 35 million users, NOT hit a market capitalization of more than $1 billion before falling back to $816 million after being issued on The Open Network (TON) blockchain and listing on exchanges including Binance, Bybit and OKX.

It was mostly distributed by airdrop to players who had earned NOT by playing the Web3 clicker game this year. About 80 billion NOT tokens were airdropped, with the lion’s share for players.

With a maximum token supply of 102 billion, 3% was allocated to Binance Launchpool users and a 1.5% for OKX Jumpstart users.

The project has launched a staking feature to encourage airdrop participants to hold onto their tokens. Staking will be necessary for “earning extra rewards” and accessing more profitable staking pools, the developer said.

“It’s been an amazing few months,” said Sasha Plotvinov, founder of Notcoin developer Open Builders. “We’re extremely proud that Notcoin’s viral growth has introduced millions to crypto and TON’s ecosystem