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Notcoin Loses 11% After the NOT Airdrop Claim Ends

source-logo  decrypt.co 17 June 2024 09:49, UTC

Notcoin has dropped 11% since its airdrop claim ended Sunday evening.

The NOT token now has 11.5 million holders, according to the Notcoin team. At least 2.5 million of them are on-chain holders, according to the team.

"Most of the drop was distributed already," the team wrote on Twitter early this morning, adding that "unclaimed tokens will be put into the future development, part will be burned."

At the time of writing, the NOT price is sitting at $0.01812, which is 11% lower than it was yesterday and the lowest it's seen since early Friday morning, according to CoinGecko data. It's a sharp 1-day drop, but only 4.6% lower than the same time last week. It's also worth mentioning that NOT is trading 166% higher than it was right after it launched a month ago.

NOT is still the 57th largest cryptocurrency on CoinGecko with a market capitalization of $1.8 billion, making it larger than the likes of DeFi lending protocol Aave (AAVE), Solana decentralized exchange Jupiter (JUP), and the much-hyped Ethereum L2 zkSync (ZK).

NOT has gotten a huge boost from the success of crypto-fueled games on messaging app Telegram. But much of it has been driven by activity to boost the recently closed airdrop claim, which gave players the option to send their tokens to an exchange, withdraw to a self-custody wallet, or stake them within the Notcoin ecosystem to early extra rewards.

To that end, the Notcoin team wrote in its Twitter message that it would share details later this week about how gold and platinum level stakers can earn extra rewards.

The claim is over 👏

A month ago Notcoin was listed and became a real community token, owned by you and people like you.

So far, Notcoin have got 11.5M holders: they've claimed tokens, staked, sent to exchanges or withdrawn onchain.

Most of the drop was distributed already,… pic.twitter.com/MyNp4h6FWB

— Notcoin Ø (@thenotcoin) June 17, 2024

Since it launched, Notcoin has grown to include 35 million players. Other Telegram-based games have followed suit with similar plans, like Hamster Kombat. The mobile clicker game casts the player as a crypto exchange CEO and the team has said it has plans for a TON token launch next month.

It's not alone. Fellow Telegram mini app games Yescoin and TapSwap said last week they are planning to launch tokens on The Open Network.