Notcoin, the first-ever Tap-to-Earn crypto project, recently burned 16 million $NOT tokens in an effort to boost market sentiment around the project.
However, despite this token burn, Notcoin has not performed well in the market, with its price dropping by 3.8% over the past week.
Ton reports shared details about the transaction on X, mentioning that Notcoin had burned 16 million $NOT tokens.
There are several reasons why the market hasn’t responded to Notcoin’s token burn. One possibility is that the news hasn’t been fully absorbed by the market yet, so a delayed reaction could still happen. Another reason could be that traders and investors are indifferent to the burn, likely due to the generally negative market sentiment.
In the last burn event, Notcoin users earned 163 million NOT tokens, which showed a significant increase in community engagement. Unfortunately, this time, the market’s lack of interest is evident, as seen in the reduced trading volume.
Notcoin previously celebrated the success of its token burn with a tweet, highlighting the community’s positive reaction:
“The roof is on fire! 163M $NOT has been earned by Explorers from the last burning event. With Burning Man around the corner, we’re sparking the flames now. 16M $NOT just went up in smoke,” Notcoin tweeted.
The decline in Notcoin’s price and trading volume could be due to broader market trends affecting the project. Although token burns usually decrease the circulating supply and can lead to price increases, the current market conditions seem to be overshadowing this recent burn.
Whether this token burn will eventually have a positive impact on Notcoin’s price remains uncertain.
Notcoin Price Analysis
Currently, Notcoin is trading at $0.010, down 2.8% in the last 24 hours, with a maximum price of $0.011 and a minimum of $0.010. The cryptocurrency is now 63.2% below its all-time high of $0.028.
Token burning is a process where cryptocurrency tokens are permanently removed from circulation by sending them to an unreachable wallet address. This reduces the total supply, making the cryptocurrency rarer and potentially more valuable. The aim is to benefit both the community and investors. Notcoin is the pioneer in the Tap-to-Earn crypto gaming space, and its successful airdrop led to widespread participation, paving the way for other projects like Tapswap and Hamster Kombat.
