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Notcoin Plummets 60% in Its First Week Despite Support from Telegram
- Notcoin struggles in a rising market, dropping 60% as Bitcoin gains, but its Telegram game attracts 30 million users.
- Community donates 1 billion Notcoins to Telegram’s founder, planning to use profits for server upgrades.
- Despite market challenges, the team is enhancing engagement and staking to stabilise Notcoin’s value.
Web3 hopeful Notcoin has struggled to keep up with a rising market. While Bitcoin has gained over 13% in the past week, the price of Notcoin has plunged another 60%. However, aside from the price, the project is actually doing quite well.
In less than two months, the clicker game has attracted 30 million users, drawing from its large Telegram user base. While that number seems impressive it actually only captures 3% of all Telegram users.
Related: Standard Chartered Predicts Ethereum Could Reach $8,000 by Year’s End
No surprise then that there are massive expansion plans, as the gaming lead of the TON Foundation, Inal Kardan, said during an interview at the Next Block Expo in Warsaw as per CoinTelegraph:
Gaining 35 million users in five months, Notcoin showed us how games can work on Telegram and how easy it can be to onboard users.
Inal Kardan, TON Foundation gaming lead Telegram Founder Receives Generous Community Donations of Notcoin
Earlier, Notcoin announced that 1 billion Notcoins, valued at approximately US$6.8 million (AU$10 million) had been donated by the community to billionaire Telegram Founder Pavel Durov and Telegram.
Half a million users donated their coins in support and appreciation of Durov and his work in launching the Telegram messaging app, which hosts the crypto clicker game. Durov thanked the community and said he would hold the coins until they reach a value of US$680 million (AU$1,019 million).
After that 10x move Durov will buy more servers for Telegram he announced in a post.
The Telegram game, primarily a clicker game where players mine NOT tokens by tapping the screen, taps (no pun intended) into the addictive nature of earning through gameplay.
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Amid the price decline the team behind Notcoin announced efforts to stabilise the token price by boosting platform engagement and staking of Notcoin.
Technical analyst Crypto Patel was unimpressed by the efforts with a bearish outlook on Notcoin. As per his recent analysis he envisioned a small pump followed by further declines in the price of Notcoin.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
