Notcoin, the viral Telegram platform where you can make money by tapping, is changing its strategy as demand for its platform and token declines.
The Notcoin (NOT) token price has seen a significant decline since June, when it hit a high of $0.030. It has fallen by over 57% from its all-time high, bringing its market cap from over $2.68 billion to $1.28 billion.
Notcoin moves to Web3 as to-earn system loses momentum
Notcoin’s decline mirrors the performance of other altcoins that have retreated in recent weeks. The EOS token (EOS) has fallen nearly 40% since its peak in June, while Hedera Hashgraph (HBAR) has fallen 35% in the same period.
This performance reflects the risks that other “tap-to-earn” platforms like Hamster Kombat and TapSwap may face when launching their airdrops. Hyped projects often lose momentum and users after a while. For example, “move-to-earn” tokens like StepN (GMT) and Sweatcoin (SWEAT) have fallen from their all-time highs.
Popular gaming platforms like Decentraland and Axie Infinity, which were once very popular, have also become very popular. fought to recover growth, according to Dappradar. Their market caps have fallen from $8.5 billion in 2021 to $580 million and from $9.7 billion to $845 million, respectively.
Notcoin is now banking on Web3 games and Non-Fungible Token (nft) to revitalize its growth. The developers are working on a story-driven game in partnership with Lost Dogs and Getgems, a leading TON-based nft marketplace.
Users will play the game and earn NOT token and another new game-based token, which they can convert into fiat currencies.
Notcoin is likely to face three key challenges with this strategy. First, as other gaming networks like Axie Infinity and Gala Games have shown, maintaining high user engagement over a long period is difficult, especially when the ecosystem token is underperforming.
Secondly, Notcoin may struggle to transition its active players from tap-to-earn to the new story-based game. Lastly, there are signs that the nft industry is struggling, as Volume has continued to fall.
Notcoin price could recover
<img loading="lazy" decoding="async" width="3574" height="1986" src="https://crypto.news/app/uploads/2024/08/Notcoin-Price.png” alt=”Notcoin Price”/>
Meanwhile, technical analysis indicates that NOT price could recover in the near term. On the 4-hour chart, the token has formed a descending wedge chart pattern.
This wedge is approaching the confluence zone, which could trigger further upside. If this happens, the token could rebound to $0.0175, its highest point in July, which is approximately 37% above its Thursday levels.
Such a rally would be triggered by the broader performance of the cryptocurrency industry, especially if bitcoin rebounds above $70,000.
