The Notcoin token, launched through the Telegram-based game, reached a trading volume of US$1 billion. The token, known as NOT, was distributed in a massive airdrop to approximately 35 million players, marking the largest gaming token launch of 2024.
More than four months after the game’s launch, Notcoin debuted its NOT token on Thursday via The Open Network (TON). The airdrop, which distributed more than 80 billion tokens, resulted in unprecedented trading volume, with tokens being quickly resold on the market. The initial price of the NOT token was approximately $0.0076, according to data from CoinGecko. This gave the token an initial market value of around $776 million, with a total supply of 102.7 billion tokens minted.
However, the massive introduction of tokens to the market caused the price to rapidly plummet, a common trend in new crypto asset launches.
Player reaction and price fluctuations
Shortly after launch, around 35 million players claimed their NOT tokens. Many chose to sell their tokens, which pushed the price down. Data from CoinGecko and CoinMarketCap showed a significant difference in price valuations. CoinGecko reported a high of $0.0215, while CoinMarketCap indicated a high of $0.0144.
This volatility resulted in sharp price drops, with CoinGecko pointing to a 65% drop on the day and CoinMarketCap recording a 48% drop. These discrepancies in valuations are common in new token launches due to limited liquidity and initial market volatility.
Implications for the market
The launch of the NOT token positioned Notcoin well above other gaming tokens launching in 2024. Comparatively, Pixels (PIXEL) reached a peak market cap of $731 million, while Saga (SAGA) reached $684 million. Notcoin’s success demonstrates the significant potential of gaming tokens, especially when associated with far-reaching platforms like Telegram.
During the Token 2049 event in Dubai, Open Builders founder Sasha Plotvinov shared his vision for the future of Notcoin. In an interview with Decrypt’s Sander Lutz, Plotvinov outlined plans to expand and evolve Notcoin into something akin to the “Netflix of social and viral games.”
This ambitious vision suggests that Notcoin is not just a fad, but a platform with growth potential.
Furthermore, industry experts believe that Notcoin’s success could pave the way for more gaming token launches. Combining popular games with blockchain technology and token distribution has the potential to transform the digital economy. However, price volatility and the need for adequate regulation remain significant challenges.
Gaming tokens offer a new form of engagement for gamers and an investment opportunity for cryptocurrency enthusiasts. Rapid adoption and high trading volumes highlight the potential of this emerging market. However, the community must address regulatory and safety issues to ensure a sustainable and safe environment for all participants.
Source: https://www.criptofacil.com/volume-de-negociacao-da-notcoin-passa-de-us-1-bilhao-no-maior-airdrop-da-historia/
