Airdrop farmers sell off after exchange launch, causing decrease of 55%

Exciting news from the world of gaming! Notcoin (NOT), a popular play-to-earn clicker game on Telegram, has had a wild ride with its price dropping by 55% after getting listed on major crypto exchanges.

As of now, NOT is trading at $0.006414, with a trading volume of $1.35 billion over the past 24 hours. The market cap of the token has taken a dip to $661 million, as per CoinMarketCap.

Check out the 24-hour price chart for NOT | Source: CoinMarketCap

Notcoin is an exciting web3 gaming project that started its journey on Jan. 1 within The Open Network (TON) ecosystem. With a unique setup as a mini-app on Telegram, players can earn coins with just a tap on their screens. And if you’re up for more fun, there are various activities to boost your earnings!

The mining phase of the game wrapped up on April 1. While the NOT token launch was initially planned for April 20 to align with the Bitcoin halving, a couple of delays ensured a smooth rollout.

NOT grabbed the spotlight recently as exchanges like Binance, OKX, KuCoin, and Bybit announced their plans to include the token on their platforms.

After spreading the launch across multiple exchanges, Notcoin started trading at a valuation surpassing $1 billion shortly after the airdrop debut on May 16.

The token raked in a staggering $294 million in volume within the first hour of trading. However, despite drawing in 35 million users, the gaming token began a steep decline as airdrop farmers cashed out, resulting in a 55% crash.

The story of NOT’s drop isn’t uncommon in the world of crypto airdrops, which often witness significant sell-offs post-launch. Just like Aptos’s APT coin and friend.tech’s FRIEND token, NOT also faced a similar trend.

While many anticipated NOT to revolutionize the gaming token sector, it seems to be falling short of expectations. Gaming tokens have faced challenges in 2024, lagging behind trending categories like AI and meme tokens.

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