Notcoin (NOT), a play-to-earn clicker gaming application on Telegram, has surged over 10% as its team announced the burning of a colossal amount of tokens and offered millions in incentives to users.
At the time of writing, NOT was trading at $0.01572, with its daily trading volume up 22% to $470 million. The token’s market cap also climbed 10% to reach $1.6 billion, ranking it as the 56th largest crypto asset per data from CoinMarketCap.
Notcoin’s surge follows a June 25 X announcement where its team revealed that the company had burned NOT tokens worth $3 million. The update also outlines a $4.2 million incentive plan to reward Gold and Platinum users of the Notcoin Explore platform.
The token burn is part of Notcoin’s multifaceted strategy to improve tokenomics and create value for users. By lowering overall supply, the popular tap-to-earn project seeks to create scarcity, potentially increasing the token’s value and appeal.
Another potential reason for the latest surge in Notcoin can be attributed to their June 26 announcement that $2.5 billion in NOT tokens are going to the Notcoin community. The ongoing airdrop is touted to be larger than those combined by ZkSync and LayerZero.
The team further added that the total airdrop value at its all-time high was $2.5 billion for Notcoin, compared to $954 million for ZkSync and $323 million for LayerZero.
Notcoin soars in the Tap2Earn boom
Notcoin’s most recent price increase coincides with a surge in “Tap2Earn” and similar tokens in the industry. Currently, the top trending options are Hamster Kombat and Yescoin.
For Notcoin, the most significant advantage is its status as the first mover in the Telegram ecosystem. The Open Network (TON) has grown in recent months, as has Notcoin, with Telegram’s 900 million user base and increased support for crypto on the platform boosting interest and growth.
Metrics such as TON’s daily active addresses have increased dramatically over the last three months. This trajectory is likely to inspire similar patterns for Notcoin, which is looking beyond Tap2Earn for expansion.