Notcoin, a tap-to-earn game developer, recently burned $3 million worth of NOT tokens. The NOT burn immediately impacted its price, driving it up to $0.016 before settling at $0.015 at press time. The burnt tokens were originally part of the unclaimed tokens from NOT’s recent airdrop, which concluded on June 16.
Also read: Tapswap and Yescoin to launch tokens on TON as Telegram games boom
The team reported that users claimed over 90% of the token supply, with the remaining tokens slated for distribution among community members. Approximately $4.2 million worth of unclaimed tokens will go to Notcoin users at Gold and Platinum levels, while the remainder is earmarked for future development.
Token burns theoretically reduce a coin’s circulating supply, potentially creating scarcity and boosting prices if demand remains strong.
Notcoin eyes pivot from tap-to-earn
Notcoin founder Sasha Plotinov recently revealed plans for the project to evolve beyond its tap-to-earn roots, aiming for a sustainable future. In a recent interview, Plotinov reportedly outlined a comprehensive four-year strategy to establish Notcoin as a focal point for innovation within the Telegram ecosystem. Central to this strategy is the development of the Notcoin app, which is currently in progress.
Plotinov’s view also mirrors the sentiment of the project’s broader team. In a recent Telegram message, the project stated that it was “just [getting] started,” hinting at notable developments that would drive its growth apart from being a viral sensation on Telegram. The project stated :
“We saw how Notcoin created a whole new segment of mining applications in Telegram, dramatically boosted the growth of the TON ecosystem and became a major player in the crypto world…That’s cool, but we really just started.”
Despite Notcoin’s ambitious roadmap, its token price has faced challenges, plummeting 45% from its peak of $0.0289. The token has made a recent recovery, with its value more than doubling since May and reaching a market cap of $1.5 billion.
Telegram’s crypto ecosystem grows
Notcoin’s rise has followed the same trend as Telegram’s expanding crypto ecosystem. Telegram has over 900 million monthly users, and it has been pivotal in mainstream crypto adoption, especially with The Open Network (TON) integration.
Also read: Notcoin price prediction 2024-2030: Will NOT reach $1?
Telegram, traditionally home to features like trading bots, has also incorporated Tether USDT and introduced a long list of blockchain games that further solidified its status as a crypto hub. The platform also unveiled Telegram Stars, an in-app currency that facilitates purchases.
The TON network has flourished with these integrations, with growing activity levels enhancing its reputation among other smart contract platforms. Recent data from Artemis, a blockchain analytics platform, reveals TON briefly surpassed Ethereum in daily active addresses earlier this month.
TON Vs Ethereum Active Users (Source: Artemis)
Crypto researchers say the network’s growth prospects remain promising, particularly with increased developer interest. Initiatives like Bitget’s $20 million ecosystem fund to nurture early-stage projects have bolstered the TON network’s appeal.
