Notcoin (NOT) Plunges 55% as Airdrop Farmers Sell After Launch

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Notcoin (NOT) Plunges 55%

Notcoin (NOT) has plunged 55% post-launch as airdrop farmers sell off their holdings. The token, launched on May 16, 2024, is a part of The Open Network (TON) ecosystem and aims to onboard users into Web3 through a gaming application on Telegram. Despite its initial hype, NOT’s price has seen a significant decline, reflecting broader challenges in the gaming token market this year.

The mining phase for Notcoin ended on April 1, with the initial launch planned for April 20. This was delayed to ensure a smooth rollout. Major exchanges like Binance, OKX, KuCoin, and Bybit listed NOT, leading to high expectations. The token began trading at a fully diluted valuation (FDV) of over $1 billion within hours of its debut.

The token’s launch saw over 80 billion NOT tokens airdropped to its player base, contributing to its high trading volume. Despite the sell-off, the token’s debut on major exchanges and the large player base indicate ongoing interest in its long-term potential.

Notcoin (NOT) Plunge and Market Reaction

As of May 17, 2024, Notcoin’s price stands at approximately $0.00686, a 52.54% drop from its initial trading price. The token’s market cap is around $704 million, with a trading volume of $1.23 billion over the past 24 hours. This places NOTCOIN as the 107th largest cryptocurrency by market cap.

*NOT/USD price chart. Source: CoinGenko*

Certainly, despite Notcoin’s plunge, the token’s debut generated substantial interest among traders. The NOT token quickly became the 11th most-traded coin by 24-hour volume, with over $1 billion in trading activity. Many expected NOT to cause a resurgence in the gaming token category after its launch, but it is currently underperforming expectations.

Notably, Gaming tokens have underperformed in 2024, especially compared to other trending categories like AI and memes. Above all, Notcoin’s plunge and recent performance reflect broader market trends, where gaming tokens have struggled to maintain momentum.

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