The price of Notcoin experienced a significant decline on Thursday, accompanied by a decrease in daily trading volume. Investors have shifted their attention towards other tap-to-earn applications on Telegram, such as Hamster Kombat, TapSwap, and Yescoin.
On Thursday, NOT was traded at $0.015, representing a nearly 50% drop from its highest point this month. As a result, its market capitalization has fallen from over $2.7 billion to $1.5 billion.
Data compiled by CoinGecko reveals that the trading volume of Notcoin across all exchanges decreased from $945 million on Wednesday to $630 million. This decline in volume is the lowest level observed since June 14 and may indicate a slowdown in the hype surrounding the cryptocurrency.
Notcoin’s price decline can be attributed to the growing popularity of upcoming airdrops on leading tap-to-earn platforms on Telegram. For instance, Hamster Combat has attracted over 150 million users, significantly surpassing Notcoin’s 40 million user base. Similarly, TapSwap has experienced a surge in users, with over 54 million participants, while YesCoin boasts more than 11 million users. Other notable tap-to-earn platforms on Telegram include Blum (20 million), Dotcoin (15 million), MemeFi (13.9 million), and BBQCoin (9 million).
Notcoin, along with other tap-to-earn platforms, allows users to mine cryptocurrencies simply by tapping a button on their applications. Eventually, these users convert their tokens into fiat currencies once they are listed. The growth of these tap-to-earn networks can be attributed to their user-friendly interfaces and the large number of Telegram users. Recent data indicates that Telegram has accumulated over 900 million users worldwide.
Users can easily sign up for tap-to-earn platforms and begin earning rewards by tapping a button on the mini app. They can also earn additional tokens by completing simple tasks such as inviting friends, liking social media pages, and participating in leagues.
Tap-to-earn has emerged as the latest trend in blockchain gaming, following the boom and subsequent decline of the industry during the pandemic. Platforms like Decentraland, Sandbox, and Axie Infinity experienced significant success and achieved multi-billion-dollar valuations. However, they eventually faced a downfall and have yet to recover. Therefore, it remains to be seen whether Notcoin, Hamster Kombat, Dotcoin, and Blum will have long-term sustainability in this evolving market.