Notcoin (NOT), a clicker gaming app on Telegram that allows users to earn rewards, has experienced a significant surge in value after its team announced the burning of a substantial number of tokens and offered millions of dollars in incentives to its users.
As of the time of writing, NOT is being traded at $0.01572, with its daily trading volume increasing by 22% to $470 million. The token’s market capitalization has also risen by 10% to reach $1.6 billion, making it the 56th largest cryptocurrency according to data from CoinMarketCap.
This surge in Notcoin’s value follows an announcement made by the team on June 25, where they revealed that the company had burned NOT tokens worth $3 million. The update also included details of a $4.2 million incentive plan to reward Gold and Platinum users of the Notcoin Explore platform.
The token burn is part of Notcoin’s multifaceted strategy to enhance tokenomics and create value for its users. By reducing the overall supply, the popular tap-to-earn project aims to create scarcity, potentially increasing the token’s value and desirability.
Another reason for the recent surge in Notcoin’s value could be attributed to their announcement on June 26, stating that $2.5 billion worth of NOT tokens will be distributed to the Notcoin community. This ongoing airdrop is said to be larger than the combined airdrops of ZkSync and LayerZero.
The team also highlighted that the total value of the airdrop at its peak was $2.5 billion for Notcoin, compared to $954 million for ZkSync and $323 million for LayerZero.
Notcoin’s recent price increase is concurrent with the rise in popularity of “Tap2Earn” and similar tokens in the industry. Currently, the top trending options in this category are Hamster Kombat and Yescoin.
For Notcoin, its most significant advantage is being the first mover in the Telegram ecosystem. With Telegram’s user base of 900 million and increased support for cryptocurrencies on the platform, both the Open Network (TON) and Notcoin have experienced growth and increased interest.
Metrics such as TON’s daily active addresses have seen a significant increase over the past three months. This upward trajectory is likely to inspire similar patterns for Notcoin, as it looks to expand beyond Tap2Earn.
In addition to these developments, Notcoin has also seen a 16% surge in value with its new listing on the Binance trading pair.
Overall, Notcoin’s recent achievements and strategic moves have positioned it as a prominent player in the clicker gaming and cryptocurrency industry, with its potential for further growth and success.