🚨😳 Almost Half of Notcoin's Value Lost Since Airdrop Launch
Hours after its airdrop introduction, NOT, a gaming coin on the TON network, has continued to decline, now down almost 50%.
As with many cryptocurrency airdrops that see significant sell-offs post-launch, NOT is following a similar trajectory.
Initial Drop in Value
Shortly after its anticipated Thursday launch, NOT lost nearly half its value within the first few hours. This pattern of intense selling pressure post-airdrop is common among cryptocurrencies, particularly gaming tokens.
NOT, designed to integrate players into Web3, has been on a steady decline since its airdrop began, falling about 50% according to CoinMarketCap data.
Exchange Listings and Trading Volume
NOT gained attention recently with announcements from major cryptocurrency exchanges like Binance, OKEx, and Bybit, which planned to feature the coin on their launchpads. Just hours after the airdrop, Notcoin began trading on several exchanges with a fully diluted value (FDV) of $1 billion.
In the first hour of trading, the token’s volume reached $294 million. Despite reports of 35 million users joining the gaming token's ecosystem, its value quickly plummeted. The price of NOT dropped by half as airdrop recipients sold off their tokens.
Broader Context
The sharp decline of NOT mirrors the steep sell-offs seen in other cryptocurrency airdrops soon after their release.
Initially, there were high hopes that NOT would ignite a renewed interest in gaming tokens. However, it has so far failed to meet those expectations.
Market Performance
In 2024, gaming-related tokens have underperformed compared to other popular categories, such as meme coins and artificial intelligence tokens.
Additional Note
Ton Foundation's partnership with Hashkey aims to help Telegram wallet users enable crypto on-ramping, highlighting ongoing developments in the TON ecosystem.
Overall, the introduction and subsequent decline of NOT underscore the volatility and challenges faced by gaming tokens in the current cryptocurrency market.
❤️ Like | 💬 Comment | ↪️ Share 🚀
🔥 Please follow @Coinaute on Binance Square! 🚀🔥
- Website: coinaute.com
- Twitter: Coinaute EN
- Binance Square #coinaute
