Notcoin (NOT), a cryptocurrency heavily endorsed by the social media giant Telegram, has just concluded a very successful airdrop campaign but has lost over 85% of its value in the first week of its listing.
The crypto in question is a key component of a telegram-based game with a solid user base of over 35 million users. The investors who keyed in on this positive trend and invested in the crypto are now reeling in losses.
According to BeinCrypto, Notcoin debuted on the Toncoin Network last week and airdropped nearly $1 billion worth of NOT tokens to eligible investors.
The token also secured a high-profile listing on major exchanges, including Binance. The bullish sentiment around Notcoin saw it reach an all-time high of $0.037. Additionally, within 24 hours of its listing, Notcoin broke into the top ten cryptocurrencies by trade volume, exceeding $1.4 billion and securing the number eight spot on the list.
The Notcoin project gained significant status after Telegram founder Pavel Durov endorsed it and praised its rise from an in-game currency to real money for its users.
Durov also expressed his gratitude for a donation of 1 billion NOT tokens, worth approximately $6.8 million, that he received from the Notcoin community. He stated his intention to hold the tokens until their value increases 100-fold, which would convert the donation to $680 million.
These positive projections and the euphoria surrounding the Notcoin project hit a dead end when the cryptocurrency’s price started to drop within its first week of listing.
The sharp decline can be attributed to investors quickly selling off their airdropped tokens to secure profits rather than holding onto them for potential future gains. This massive sell-off led to a significant oversupply in the market, driving the price down further.
Some Crypto analysts forecast an even more bearish outlook for the cryptocurrency following recent trends.
Crypto analyst “Crypto Patel” believes the price can still drop to as low as $0.0040.
The recent price dip of Notcoin and surrounding market markers reflects the current sentiment in the market, where many investors remain cautious about the token’s short-term prospects.
What to Know
- Many Nigerians benefitted from the Notcoin airdrop campaign by participating actively in the telegram gaming activity and driving up their shares in the crypto.
- Notcoin Team in response to the heavy price dip has outlined upcoming campaigns, products, and offers aimed at boosting user engagement and token stability. These initiatives include extending staking benefits and providing access to exclusive allocations from other launches for Gold and Platinum level users.
