Notcoin value is caught in a bear market as issues concerning the rising competitors within the tap-to-earn market proceed. The NOT token was buying and selling at $0.014 on Monday, down by over 52% from its highest degree this 12 months.
One of many foremost issues amongst buyers is that competitors within the tap-to-earn trade is rising. Most of this competitors is coming from platforms like Dotcoin, TapSwap, and Hamster Kombat.
Hamster, which has Russian roots, has damaged the report of being the primary tap-to-earn community to hit 200 million customers from world wide.
The platform has additionally damaged information in social media. YouTube knowledge exhibits that Hamster Kombat’s channel has grown to over 31 million subscribers. It has posted 144 movies, which have been watched over 569 million.
This efficiency makes it the fastest-growing YouTube channel because it was created on Could twenty fourth. Hamster’s Telegram channel has over 48.7 million subscribers whereas its X web page has over grown to over 11 million followers.
Hamster’s following has turn into bigger than most gamers within the crypto trade. Solana has 2.7 million X followers whereas Ethereum Basis has 3.4 million followers.
The community has additionally overtaken Notcoin, which has over 40 million customers and 1.8 million X followers and its progress is slowing.
Hamster Kombat just isn’t the one Notcoin rival that’s rising. TapSwap has gathered over 60 million customers and 6.4 million X followers. All this explains why the NOT token has misplaced momentum amongst merchants and gamers.
Notcoin quantity has dropped
Third-party knowledge exhibits that Notcoin’s demand has began waning. In line with CoinGecko, Notcoin’s 24-hour quantity stood at over $312 million. At its peak a number of weeks in the past, the token’s quantity was averaging over $1.4 billion.
The identical development is going on within the futures market the place open curiosity has dropped. Information by CoinGlass exhibits that the open curiosity peaked at over $282 million on June seventh and has dropped to $159 million. A lot of the open curiosity is from firms like Binance, OKX, and Bitget.
Notcoin open curiosity
The token has retreated because the builders ponder methods to spice up its ecosystem progress. In an X publish final week, the builders requested its group concerning the subsequent tasks to combine within the community. The choices had been Telegram video games and memes, Web3 instruments, and schooling and communities.
It’s unclear whether or not Notcoin’s efforts to diversify will work out properly since most customers began utilizing it for its tap-to-earn options.
