Gaming coin NOT has made its debut on The Open Network [TON] blockchain. On the heels of its airdrop, it started trading at an FDV of $1 billion. In the first few hours of trading, the coin managed to amass a trading volume of $740 million. More than 80 billion NOT coins have been airdropped to users.
A few hours before the actual launch of the coin, another fake coin with the same name was doing the rounds in the market. Blockchain security firm PeckShield revealed that an address dumped 1645 trillion fake NOT for $281k, triggering the coin to lose all its value.
The actual coin bagged listings on several exchanges, including the likes of Binance, OKX, Bybit, Kucoin, Gate, Bitget, and Bitfinex. Notcoin was initially put to sea as a Telegram Mini App earlier this year and was able to grow its community to over 35 million players.
Telegram Mini Apps was launched in 2020 as an open platform. This opened the doors for Web3 companies to integrate crypto/DeFi-related apps directly within Telegram’s messaging app. It was made possible via a partnership between Tencent and the TON Foundation.
Users mined the in-game currency during the first few months of 2024 by completing challenges within the game. All they had to do was tap on a virtual Notcoin icon on their phone. All the in-game balances were converted into NOT and were sent to users’ TON wallet in a 1000:1 ratio.
Before the TGE, the pre-market trading of Notcoin was initiated in March via an NFT trading system. Thousands of NFT vouchers were minted before the mining season concluded. These NFTs can also now be converted for NOT at the same 1000:1 ratio.
The coin’s total supply is capped at 102 billion. Miner and NFT voucher holders’ allocation was set at 78%. Specifically, 3% of this had been earmarked for Binance users, while another 1.5% was set aside for OKX Jumpstart users. The remaining 22% from the pie had been kept aside for development activities and new users.
After launch, there were a few early hiccups, but the team worked with relevant parties and got them sorted.
Users can also stake their coins to earn “extra rewards” and get access to game-level-wise remunerative staking pool options.
The coin managed to make its way into the top 100 right after launch. However, the sentiment flipped within minutes, pulling down the coin’s price from 0.021 to 0.0065.
