Notcoin (NOT), the play-to-earn token within the Open Network (TON) ecosystem, has gained considerable traction in the market, emerging as the top performer on Thursday. Experiencing a surge of more than 30% in the last 24 hours, Notcoin now ranks 82nd among the top 100 cryptocurrencies, with a market capitalization of $1.25 billion.
Millions Drawn By Tap-To-Earn Gameplay, Notcoin
Notcoin, which was introduced in 2023 by Open Builders, a group dedicated to creating social games, quickly became well-known. Millions of users were drawn to the game by its clever use of Telegram's large user base in conjunction with its gameplay.
By pressing on virtual coins in a Telegram-based Tap-to-Earn game, users can earn Notcoins. By completing tasks, joining leaderboards, and using boosters, players may increase their earning potential and make Notcoin an approachable starting place for those new to blockchain gaming.
A noteworthy GameFi initiative is Notcoin, which has attracted over 35 million users thanks to its entertaining gameplay and rapid viral expansion. Through squad formation, buddy invitations, and participation in community-driven events, the game encourages social engagement.
Notcoin places a high value on community input in its allocation mechanism, with a total quantity of 102.7 billion NOT coins. Roughly 80.2 billion tokens, or 78% of the total, are distributed to voucher holders and early miners, guaranteeing that a sizeable amount stays in the community.
In order to promote a decentralized and community-driven environment, the remaining 22% is set aside for new users, traders, and next development stages.
NOT Reaches A New Record High
On May 23, Notcoin's value dropped to $0.0045 following a successful airdrop and listing on well-known exchanges like Binance. But in the last 24 hours, the token has soared to $0.012, setting a new record high.
The number of on-chain holders has increased, outpacing rivals like Pepe Coin (PEPE), Bonk Inu (BONK), and Shiba Inu (SHIB), which is one of the main factors driving this boom. Notcoin has more holdings than SHIB, with over 1.6 million, as opposed to 1.4 million.
Notcoin has also seen a significant spike in trading volume, with a 45% increase from the day before and $1.4 billion exchanged in a single day, according to CoinGecko data. Notably, it has surpassed Solana (SOL), Dogecoin (DOGE), and XRP to become the seventh most traded asset on Binance.
The addition of passive earning tasks to the Telegram game has helped explain Notcoin's recent price and trading volume boom, as well as the nearly two-fold increase in its market capitalization in only one week.
It is unclear whether Notcoin's recent successes will result in a continuation of the climb and perhaps rise to greater levels while the market waits for more developments.
Growing trading volume, more on-chain holders, and the addition of additional gaming features position Notcoin for long-term growth and market recognition.
May 2024, Cryptoniteuae