Notcoin, the pioneer Tap to Earn Crypto project has recently burned about 16 million $NOT tokens to create a positive market sentiment around the project.
However, Despite the Burn Notcoin has underperformed in the market dropping by 3.8% in the last 7 days.
Ton reports reported the Onchain activity by Notcoin on X giving specific details about the transaction.
Notcoin (@thenotcoin) has just burned 16 million $NOT tokens. Ton report tweeted
There are different reasons why the market failed to react to the token burn by Notcoin. Reasons include the fact that the market has not yet fully absorbed the news, and a delayed reaction might still occur. Another explanation could be that traders and investors are indifferent to this development, possibly because the overall market sentiment remains bearish.
Notcoin users earned 163 million NOT in the last Burn event
The last time Notcoin burned its tokens, its users earned 163 million NOT tokens a large sum that reflects the surge in community engagement following the token burn. This has not been the case this time around as a significant reduction in trading volume mirrors market disinterest by investors and users.
Notcoin celebrated the success of the previous Token burn in a tweet spelling out the community’s reaction to the token burn.
“The roof is on fire!
163M $NOT has been earned by Explorers from the last burning event. With Burning Man around the corner, we’re sparking the flames now.
16M $NOT just went up in smoke. Notcoin Tweeted.
The drop in price and trading volume by Notcoin might also reflect broader market trends impacting Notcoin.
Despite the token burn, which reduces the circulating supply and typically leads to price increases, the prevailing market conditions seem to be overshadowing this event.
The question of whether the token Burn will have a positive impact on Notcoin’s price remains to be seen.
Notcoin Price Analysis
Notcoin at the moment is exchanging hands for $0.010 dropping by 2.8% in the last 24 hours with a maximum price of $0.011 and a minimum price of $0.010
The crypto asset is down 63.2% from its all-time high of $0.028.
What to Know
- Token burning is a process that permanently removes cryptocurrency tokens from circulation by sending them to an inaccessible wallet address. This reduces the total supply of the cryptocurrency, making it scarcer and more valuable. The goal is to benefit the community and investors of the cryptocurrency.
- Notcoin is the pioneer tap-to-earn crypto game with a successful airdrop that saw many Nigerians benefitting. It paved the way for other projects in the category like Tapswap and Hamster Kombat.