Notcoin price is stuck in a bear market as concerns about the rising competition in the tap-to-earn market continue. The NOT token was trading at $0.014 on Monday, down by over 52% from its highest level this year.
One of the main concerns among investors is that competition in the tap-to-earn industry is rising. Most of this competition is coming from platforms like Dotcoin, TapSwap, and Hamster Kombat.
Hamster, which has Russian roots, has broken the record of being the first tap-to-earn network to hit 200 million users from around the world.
The platform has also broken records in social media. YouTube data shows that Hamster Kombat’s channel has grown to over 31 million subscribers. It has posted 144 videos, which have been watched over 569 million.
This performance makes it the fastest-growing YouTube channel since it was created on May 24th. Hamster’s Telegram channel has over 48.7 million subscribers while its X page has over grown to over 11 million followers.
Hamster’s following has become larger than most players in the crypto industry. Solana has 2.7 million X followers while Ethereum Foundation has 3.4 million followers.
The network has also overtaken Notcoin, which has over 40 million users and 1.8 million X followers and its growth is slowing.
Hamster Kombat is not the only Notcoin rival that is growing. TapSwap has accumulated over 60 million users and 6.4 million X followers. All this explains why the NOT token has lost momentum among traders and players.
Notcoin volume has dropped
Third-party data shows that Notcoin’s demand has started waning. According to CoinGecko, Notcoin’s 24-hour volume stood at over $312 million. At its peak a few weeks ago, the token’s volume was averaging over $1.4 billion.
The same trend is happening in the futures market where open interest has dropped. Data by CoinGlass shows that the open interest peaked at over $282 million on June 7th and has dropped to $159 million. Most of the open interest is from companies like Binance, OKX, and Bitget.
Notcoin open interest
The token has retreated as the developers ponder ways to boost its ecosystem growth. In an X post last week, the developers asked its community about the next projects to integrate in the network. The options were Telegram games and memes, Web3 tools, and education and communities.
— Notcoin Ø (@thenotcoin) June 28, 2024Notcoin Explore is about to become a public platform for web3 projects worldwide
What projects do you want to see there more?
It is unclear whether Notcoin’s efforts to diversify will work out well since most users started using it for its tap-to-earn features.