Notcoin, the earliest telegram-based tap-to-earn crypto project is stuck in a bear market as competition in the Tap to earn crypto project category heats up.
Notcoin started the week trading at $0.014 down by over 52% from its highest level this year.
Notcoin’s drop in performance is driven by the growing competition in the Tap to earn crypto project category with other projects like Hamster Kombat, Tapswap, Blum, and Dotcoin joining the market and pulling millions of users.
This is a concern to Notcoin investors as the project battles with other new entries in its category which are actually doing well in metrics.
On the other hand, Hamster Kombat another tap-to-earn project is surging on crossing two major milestones and heating the competition in the Tap to earn category.
Hamster Kombat has broken the record of being the first tap-to-earn crypto project to hit 200 million users from around the world.
This was followed by another astonishing YouTube record which saw Hamster Kombat’s channel grow to over 31 million subscribers. It has posted 144 videos that have been watched over 569 million times.
These metrics make Hamster Kombat’s YouTube channel the fastest-growing YouTube channel since it was created on May 24th this year.
In addition to YouTube, Hamster’s Telegram channel has over 48.7 million subscribers while its X page has grown to over 11 million followers.
Hamster Kombat’s following overshadows those of other major players in the crypto industry. Industry giants like Solana and Ethereum have fewer followers on X.
In the Tap to Earn category, other projects are also doing very well in terms of onboarding new users and social media. TapSwap has accumulated over 60 million users and 6.4 million X followers surpassing Notcoin which is still at 40 million users.
These new entries into the tap-to-earn category doing very well explains why Notcoin one of the earliest players in this category has lost a lot of momentum.
Notcoin Volume drops as well
Besides the drop in price value for Notcoin, its trading volume has also dropped significantly according to verified data. According to CoinGecko, Notcoin’s latest 24-hour volume stood at over $312 million. A few weeks ago, Notcoin was at its peak and its token’s volume was averaging over $1.4 billion.
Coinglass data also shows a drop in interest in the Crypto asset as open interest that peaked at over $282 million on June 7th has now dropped to $159 million.
Notcoin’s underwhelming performance was acknowledged by its developers who recently launched a poll on X seeking opinions on new additions that will help boost the Notcoin ecosystem.
What to Know
- Notcoin is quite popular in Nigeria after it became the first major Web 3 Airdrop campaign to pay Nigerians. Many Nigerians who participated in its Airdrop campaign benefitted handsomely some to the tune of millions.
- Nairametrics reported that Tapswap another tap-to-earn crypto project on July 1st postponed its token launch date to Q3 2024 citing a need to adopt the right launch strategy to match the success of the project.
