- Notcoin’s price spikes by over 14% in 24 hours
- $3 million worth of NOT tokens had been burned
- $2.5 billion in NOT tokens will be distributed to the Notcoin community
This spike came just after its team revealed that a massive quantity of tokens would be burned and that users would receive millions in incentives.
At the time of filing this report, Notcoin (NOT) was trading at $0.01611 with its trade volume for 24 hours up 45.97% at $530 million. Its market capitalization was up 12.88% at $1.65 billion, according to CoinMarketCap’s data.
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Notcoin’s price surge comes after the company's team disclosed via an X post on June 25 that $3 million worth of NOT tokens had been burned.
The update also stated that a $4.2 million incentive program to honor Gold and Platinum users of the Notcoin Explore platform is in the offing.
The token burn is a component of Notcoin's multi-layered plan to enhance tokenomics and provide value for users. Tokenomics is the examination of a cryptocurrency's or blockchain project's financial aspects, with a focus on the creation and allocation of its native digital tokens.
The well-liked tap-to-earn project aims to create scarcity by reducing overall supply, which could raise the token's value and appeal.
Experts say another reason for NOT’s price surge is another June 26 X post by its team. In the post, the team explained that $2.5 billion in NOT tokens will be distributed to the Notcoin community. The ongoing airdrop is touted to be larger than those combined by ZkSync and LayerZero.
The team also stated that at its peak, Notcoin's total airdrop value was $2.5 billion, while ZkSync's and LayerZero's were $954 million and $323 million, respectively.
What is Notcoin (NOT)?
Notcoin is a Web3 tap-to-earn game that was released on January 1st as part of the TON ecosystem. Notcoin is essentially a tiny application that runs inside the Telegram chat app. Users became interested in the project as a result of the NOT coin giveaway that was announced.
Users of the application could mine tokens by just tapping the screen of their smartphone, according to the developers. In a matter of months, the game's audience surpassed 35 million individuals.
