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Notcoin (NOT), a cryptocurrency heavily endorsed by social media giant Telegram, has experienced a dramatic drop in its value. This happened within the first week of its listing.

The crypto is part of a Telegram-based game with a 35 million user base. The investors who bought the hype are now facing heavy losses.

Notcoin debuted on the Toncoin network last week. Nearly $1 billion worth of NOT tokens were airdropped to eligible investors.

The token also secured high-profile listings on major exchanges, including Binance. Initially, the buzz around Notcoin saw it achieve an all-time high of $0.037. Within 24 hours of its listing, Notcoin reached the eighth position in trading volume, exceeding $1.4 billion.

The project gained significant attention thanks to endorsements from Telegram founder Pavel Durov. Durov publicly praised Notcoin on his Telegram channel, highlighting the project’s rapid growth and its transition from an in-game currency to real money for its users.

Read more: 5 Best Toncoin (TON) Wallets in 2024

On May 17, Durov expressed his gratitude for a generous donation of over 1 billion NOT tokens, valued at approximately $6.8 million, from the Notcoin community. Furthermore, Durov said that he would hold the tokens till their valuation grows to $680 million, i.e., 100 times from the current valuation.

However, this excitement quickly dissipated as the NOT price began to plummet. Within a week, the token’s value dropped by more than 85%, trading well below its debut price.

The sharp decline can be attributed to investors quickly selling off their airdropped tokens to secure profits rather than holding onto them for potential future gains. This massive sell-off led to a significant oversupply in the market, driving the price down further.

Crypto analyst “Crypto Patel” has a bearish outlook on Notcoin’s future price movements.

“As per chart analysis, we can see small pump toward $0.0060-$0.0065 before next leg down to $0.0040,” Patel said.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

This analysis reflects the current sentiment in the market, where many investors remain cautious about the token’s short-term prospects.

In response to the price volatility, the Notcoin team has outlined upcoming campaigns, products, and offers aimed at boosting user engagement and token stability. These initiatives include extending staking benefits and providing access to exclusive allocations from other launches for Gold and Platinum level users.

The team emphasizes that while they encourage users to stake their tokens, they do not intend to lock or force anyone to stay.

“You are free to unstake your Notcoin and withdraw it on-chain anytime. Yes, you’ll lose your Level benefits and access to the pools. However, we don’t want to lock or force anyone to stay. Notcoin is a free choice,” Notcoin team wrote.

The post Notcoin (NOT) Faces Turbulent Waters: Token Value Plummets Over 85% appeared first on BeInCrypto.

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