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‘Notcoin’ Trading Volume Surpasses $1 Billion in Biggest Gaming Token Drop of 2024
More than four months after the game’s launch via the Telegram messaging app, Not money debuted its NOT token on Thursday via The open network (TON)—and the massif airdrop produced the largest gaming token launch of 2024 so far, along with trading volume of over a billion dollars.
The NOT token is currently trading at a price of around $0.0076, per data CoinGeckogiving it a market capitalization of approximately $776 million with the entire supply of 102.7 billion tokens minted since inception.
Around 35 million players were able to claim NOT tokens by playing the game, and Notcoin was also launched reward campaigns for stakes via Binance and OKX earlier this week.
Both CoinGecko and CoinMarketCap show that the price of the tokens plummeted immediately after launch, as more and more players claimed their tokens and sold them on the market, although I disagree on how much the price went up. CoinGecko targets a high of $0.0215 while CoinMarketCap drops much lower to $0.0144.
This is reflected in the estimated size of the price drop, with CoinGecko NOT showing a 65% drop on the day, while CoinMarketCap says it is down 48%. In any case, new crypto tokens often see volatile prices right away due to limited liquidity, and we’ve seen these types of tracking disparities with other recent launches as well.
Regardless, this also puts the token’s peak market cap at different levels, with CoinGecko targeting a market cap of $2.21 billion at the highest price, while CoinMarketCap says it did NOT peak at a market capitalization exceeding $1.48 billion.
In any case, Notcoin ranks well above the competition when it comes to this year largest gaming token launches by market cap. Runners-up are Pixel (PIXEL), which peaked at $731 million according to CoinGecko, and Saga (SAGA) which peaked at $684 million.
Notcoin trading has already surpassed the billion-dollar mark in just a few hours, with CoinMarketCap reporting trading volume of approximately $1.07 billion. This makes it the 14th most traded coin by this metric in the last 24 hours.
By Ryan Ozawa.