decrypt.co
The cryptocurrency market is broadly in the green Tuesday, much to the relief of traders who saw major assets plunge by 20% or more from late Sunday into Monday as liquidations piled up. But amid the rebound, it’s not Bitcoin or Ethereum that’s leading the charge—it’s a crypto gaming token.
Specifically, it’s Notcoin ($NOT), the token of the Telegram-based game that launched on The Open Network ($TON) in May, yielding the year’s biggest gaming token to date.
$NOT is up 30% over the last 24 hours at a current price just above $0.012, per data from CoinGecko, making it the largest gainer in the top 100 coins by market cap during that span. Even so, the price of $NOT hasn’t broken even over the past week, currently down 0.4% due to heavy losses prior to the past day.
Notcoin’s surge comes following the recent launch of a new game within the Telegram mini app, called Lost Dogs: The Way. This simple narrative game lets Notcoin players choose from three outcomes to a particular story event, and then earn in-game currency depending on the outcome. There are also bonuses for players who invite friends and complete other tasks.
Interestingly, Notcoin’s latest spike isn’t representative of a broader gaming token resurgence. It’s the only gaming token in the top 100 cryptocurrencies to mark a double-digit percentage jump over the past day, with Gala Games (GALA) up about 9% and Immutable (IMX) up 8%.
Notcoin’s jump also outpaces major assets like Bitcoin and Ethereum, which are up just over 3% and 2%, respectively, during the same span. But gaming tokens tend to be highly volatile and can swing wildly up or down, akin to meme coins—and Notcoin has been positioned as a meme coin of sorts for the $TON ecosystem, as well.
Edited by Ryan Ozawa.