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Notcoin bets on Web3 gaming as its token price sinks

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Notcoin, the viral Telegram tap-to-earn platform, is changing its strategy as demand for its platform and token retreats.

Notcoin (NOT) token price has seen a significant decline since June, when it peaked at $0.030. It has dropped by over 57% from its all-time high, bringing its market cap from over $2.68 billion to $1.28 billion.

Notcoin moves to Web3 as tap-to-earn loses momentum

Notcoin’s decline mirrors the performance of other altcoins that have pulled back in recent weeks. EOS (EOS) token has dropped by almost 40% from its highest point in June, while Hedera Hashgraph (HBAR) has fallen by 35% in the same period.

This performance reflects the risks that other tap-to-earn platforms like Hamster Kombat and TapSwap may face when they launch their airdrops. Hyped projects often lose momentum and users after a while. For example, move-to-earn tokens like StepN’s (GMT) and Sweatcoin’s (SWEAT) have all dropped from their all-time high.

Popular gaming platforms like Decentraland and Axie Infinity, which were once very popular, have also struggled to regain growth, according to Dappradar. Their market caps have dropped from $8.5 billion in 2021 to $580 million and from $9.7 billion to $845 million, respectively.

Notcoin is now betting on Web3 and Non-Fungible Token (NFT) gaming to reinvigorate growth. The developers are working on a story-driven game in partnership with Lost Dogs and Getgems, a leading TON-based NFT marketplace.

Users will play the game and earn the NOT token and another new game-based token, which they can convert into fiat currencies. 

Notcoin will likely face three key challenges with this strategy. First, as other gaming networks like Axie Infinity and Gala Games have shown, maintaining high user engagement for an extended period is difficult, especially when the ecosystem’s token is not performing well.

Second, Notcoin may struggle to transition its active tap-to-earn players to the new story-driven game. Finally, there are signs that the NFT industry is struggling, as volume has continued falling. 

Notcoin price could bounce back

Notcoin price chart | Source: TradingView

Meanwhile, technical analysis indicates that the NOT price could bounce back in the near term. On the 4 hour chart, the token has formed a falling wedge chart pattern.

This wedge is nearing the confluence zone, which could trigger more upside. If this happens, the token could rebound to $0.0175, its highest point in July, which is about 37% above its Thursday levels.

Such a rebound would be triggered by the broader performance of the crypto industry, especially if Bitcoin rebounds above $70,000.

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Theo Crypto News

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Red alert for Hamster Kombat as Avacoin, Notcoin, Pixelverse tokens dive post-airdrop

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The performance of popular Telegram tap-to-earn tokens like Avacoin, Pixelverse, and Notcoin is sending a warning to Hamster Kombat. 

Hamster Kombat hits 300 million users

Due to its huge popularity, the Hamster Kombat token launch is one of the most anticipated events in the crypto industry, although the timeline for an airdrop is uncertain.

Data shows that the platform has accumulated over 300 million users globally and 50 million daily active users. Its YouTube channel has added over 35 million subscribers, while its other social media platforms have millions of users.

Hamster Kombat has surpassed other popular players in the blockchain industry, like Pi Network, which had over 50 million users at its peak. Many HMSTR holders look forward to the token listing, which will let them liquidate or HODL their tokens.

Notcoin, Avacoin, and Pixelverse have dropped

Current data shows that other popular tap-to-earn tokens are not doing well after listing.

Notcoin (NOT), which was listed in May, has dropped by 55.8% to $0.012. Its market cap has decreased from over $2.5 billion to $1.32 billion, even after recent measures to grow its ecosystem.

Similarly, the Pixelverse (PIXFI) token has dropped to $0.030, down by 70% from its highest point this month, sending its market cap tumbling to $160 million.

Notcoin vs Pixelverse | Source: TradingView

Avacoin (AVCN), the latest tap-to-earn token to list, has also not performed well. According to Bitget, the token opened at $0.002 on Tuesday and traded at $0.00091 during the day.

Avacoin, Notcoin, and Pixelverse are similar projects to Hamster Kombat in letting users earn tokens by doing simple tasks. In addition to regular tapping, users can gain more tokens by completing tasks like watching YouTube videos and following social media accounts.

Therefore, the price action of these coins is a warning shot to Hamster Kombat, suggesting that their price could also drop after their airdrops. According to its new white paper, Hamster Kombat users will receive 60% of the airdrop tokens, with the rest going to market liquidity, partnerships, and grants.

The developers hope to learn from other play-to-earn platforms like Decentraland (MANA), Sandbox (SAND), and Axie Infinity (AXS). These games have had little activity in the past few years, and their tokens have dropped. 

Hamster Kombat aims to solve this challenge by launching regular seasons where users can earn tokens. However, the risk remains that current HMSTR holders might dump tokens after the airdrop, pushing the price lower.

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Theo Crypto News

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Catizen token price rises in pre-market ahead of airdrop

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The Catizen token price rose in a low-volume environment after being listed in the pre-market section of Bitget.

The Catizen (CATI) price rose to a high of $0.77, significantly higher than the listing level of $0.30. Since launching, its total volume has stood at over $170,000. 

Catizen token price is rising

Bitget’s pre-market listing is an innovative product that lets users buy tokens before they are launched officially through an airdrop.

Catizen has become one of the biggest players in the Telegram gaming industry, with over 26 million active users worldwide. It has 1.7 million daily active users and has handled over 20 million on-chain transactions. 

It is a mini-app that combines concepts of gaming, artificial intelligence, and the metaverse. Users interact with it in Telegram, a fast-growing social media platform with over 900 million users globally. 

By leveraging Telegram’s application, Catizen is easier to use than traditional gaming platforms like Axie Infinity (AXS), Decentraland (MANA), and Gala Games (GALA). It also does not require downloading or long user registrations. 

Catizen’s users accumulate the CATI token by playing the game and performing simple tasks like following its social media accounts, checking in daily, and inviting friends.

The mini-app has grown so fast that, according to its founder, it has already made $16 million from in-app purchases. On its platform, users can purchase a set of stars to increase their chances of winning. Because of this growth, Catizen received an investment from Binance Labs. 

Telegram gaming apps are booming

Catizen is one of the many Telegram apps that are seeing significant traction among users. The other popular games in the ecosystem are Gamee, which has 9.5 million users, followed by Cat Gold Miner (6.3 million), The Pixels (5.2 million), BIRD (2.2 million), and Truecoin (1.6 million).

Telegram also houses over 70 tap-to-earn platforms, such as Hamster Kombat, TapSwap, Notcoin, PixelTap by PixelVerse, and Blum. In less than two months, Hamster Kombat has added over 240 million users, while its YouTube channel has gained over 34 million subscribers.

Notcoin (NOT) and PixelVerse are the first two platforms to launch their airdrops. Notcoin’s market cap is over $1.5 billion, while Pixelverse (PIXFI) is valued at $175 million.

Notcoin price chart | Source: TradingView

Therefore, using these metrics, and since Catizen has over 24 million users and is making money, there is a chance that it will hit a market cap of over $1 billion. Besides, play-to-earn cryptocurrencies like Decentraland, Sandbox, and Axie Infinity are valued at over $700 million despite their slowed user growth. 

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Theo Crypto News

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Notcoin price plummets as focus shifts to Dotcoin, Hamster Kombat, Blum

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Notcoin price continued to sell-off on Thursday as its daily volume slumped. Investor focus appear to have shifted to other Telegram tap-to-earn applications like Hamster Kombat, TapSwap, and Yescoin.

NOT traded at .015 on Thursday, down by almost 50% from its highest point this month. This plunge has resulted in its market cap tumbling from over .7 billion to .5 billion. 

Data compiled by CoinGecko shows that the volume of Notcoin traded in all exchanges dropped from 5 million on Wednesday to 0 million. This volume represents the lowest level seen since June 14 and could be viewed a sign that its hype is slowing.

Hamster Combat users dwarf Notcoin

Notcoin price has retreated as the market focused on the upcoming airdrops of leading tap-to-earn platforms on Telegram. Data shows that Hamster Combat’s users have jumped to over 150 million, much higher than Notcoin’s 40 million. 

Similarly, TapSwap’s users have soared to over 54 million while YesCoin has more than 11 million users. Some of the other popular tap-to-earn platforms on Telegram are Blum (20 million), Dotcoin (15 million), MemeFi (13.9 million), and BBQCoin (9 million).

Notcoin and other tap-to-earn platforms let users mine cryptocurrencies by just tapping a button on their apps. Eventually, as we saw with Notcoin, these users convert their tokens into fiat currencies when the token listing happens. 

The growth of these tap-to-earn networks can be attributed to the ease of use and the number of Telegram users. The most recent data showed that Telegram had accumulated over 900 million users from around the world. 

These users can sign up easily and then start earning by tapping a button on the mini app. They can also earn more tokens by doing some simple activities like inviting friends, liking a social media page, and participating in leagues. 

Tap-to-earn has become the next iteration of blockchain gaming, an industry that boomed during the pandemic and then faded. At the time, gaming platforms like Decentraland, Sandbox, and Axie Infinity were some of the hottest players in blockchain. 

As a result, their tokens surged and attained multi-billion-dollar valuations. They then crumbled and have never bounced back. Therefore, it will be interesting to watch whether Notcoin, Hamster Kombat, Dotcoin, and Blum will have staying power.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News