Notcoin faces sharp decline as Hamster Kombat surges

Notcoin, the earliest telegram-based tap-to-earn crypto project, is experiencing a significant decline amid intense competition in the tap-to-earn crypto market.

Starting the week at $0.014, Notcoin has dropped over 52% from its highest level this year.

The sharp decline in Notcoin’s value is attributed to the emergence of new competitors such as Hamster Kombat, Tapswap, Blum, and Dotcoin. These projects rapidly gain traction, drawing millions of users and challenging Notcoin’s market position.

Notcoin investors are concerned as the project struggles against these new entrants, outperforming it in key metrics. On the other hand, Hamster Kombat, another tap-to-earn project, is thriving, having crossed two significant milestones.

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Hamster Kombat: The rapidly growing “play-to-earn” mobile game on Telegram

Hamster Kombat recently became the first tap-to-earn crypto project to reach 200 million users worldwide. Additionally, its YouTube channel has grown to over 31 million subscribers, with 144 videos watched over 569 million times, making it the fastest-growing YouTube channel since its creation on May 24th.

Hamster Kombat’s Telegram channel boasts over 48.7 million subscribers, and its X page has grown to over 11 million followers, surpassing major players in the crypto industry like Solana and Ethereum.

Other projects in the tap-to-earn category, such as TapSwap, are also performing well. TapSwap has accumulated over 60 million users and 6.4 million X followers, outpacing Notcoin, which has 40 million users.

Notcoin’s decline is further evident in its trading volume, which has dropped significantly. CoinGecko reports Notcoin’s latest 24-hour volume at over $312 million, a stark contrast to the $1.4 billion it averaged a few weeks ago. Coinglass data shows a decline in interest, with open interest falling from $282 million on June 7th to $159 million.

Notcoin’s developers have acknowledged the project’s underwhelming performance and recently launched a poll on X seeking opinions on new additions to boost the Notcoin ecosystem.

Despite its current struggles, Notcoin remains popular in Nigeria, where it became the first major Web 3 Airdrop campaign to pay Nigerians, benefiting many participants significantly.

In related news, Topnaija reported that Tapswap, another tap-to-earn crypto project, postponed its token launch date to Q3 2024 to adopt the right launch strategy and match its project’s success.