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Notcoin Rises 10% Between Token Burn and $4.2 Million Incentive Plan
Not money (NOT), a play-to-earn clicker gaming application on Telegram, surged more than 10% as its team announced burning a colossal amount of tokens and offered millions in incentives to users.
At the time of writing, NOT was trading at $0.01572, with daily trading volume up 22% to $470 million. The token’s market capitalization also rose 10% to reach $1.6 billion, ranking it as the 56th largest crypto asset according to CoinMarketCap data.
NOT 24/7 price chart | Source: CoinMarketCap
Notcoin surge follows June 25th announcement where his team revealed that the company had burned $3 million worth of NOT tokens. The update also outlines a $4.2 million incentive plan to reward Gold and Platinum users of the Notcoin Explore platform.
Token burn is part of Notcoin’s multi-faceted strategy to enhance tokenomics and create value for users. By reducing the overall supply, the popular tap-to-earn project seeks to create scarcity, potentially increasing the value and attractiveness of the token.
Another potential reason for Notcoin’s latest surge can be attributed to their June 26th announcement that $2.5 billion in NOT tokens will go to the Notcoin community. The current airdrop is said to be larger than those combined by ZkSync and LayerZero.
The team further added that the total value of airdrops at its all-time high was $2.5 billion for Notcoin, compared to $954 million for ZkSync and $323 million for LayerZero.
Notcoin flies in the Tap2Earn boom
Notcoin’s most recent price increase coincides with a rise in “Tap2Earn” and similar tokens in the industry. Currently, the the most trending options are Hamster Kombat and Yescoin.
For Notcoin, the most significant advantage is its first mover status in the Telegram ecosystem. The Open Network (TON) has grown in recent months, as has Notcoin Telegram’s user base is 900 million and increased support for cryptocurrencies on the platform, increasing interest and growth.
Metrics like TON daily active addresses have increased dramatically over the past three months. This trajectory will likely inspire similar models for Notcoin, which is looking beyond Tap2Earn for expansion.