Notcoin, the oldest crypto project that relies on Telegram to make money, is stuck in a bear market as competition in the click-to-earn-money category rises.
Notcoin started the week trading at $0.014, down more than 52% from its high this year.
Notcoin’s underperformance is due to the increasing competition in the Tap to earn crypto project category with other projects like Hamster Kombat, Tapswap, Blum, and Dotcoin joining the market and attracting millions of users.
This is a concern for Notcoin investors as the project is competing with other new entries in its category that are already performing well on metrics.
On the other hand, Hamster Kombat, another money making clicker project, is making great strides by crossing major milestones and stirring up competition in the money making clicker category.
Hamster Kombat has broken the record as the first crypto-based money-making clicker project to reach 200 million users from all over the world.
This was followed by another amazing record on YouTube, which saw Hamster Kombat’s channel grow to over 31 million subscribers. It has posted 144 videos that have been viewed over 569 million times.
These metrics make the Hamster Kombat YouTube channel the fastest growing channel on YouTube since its creation on May 24th of this year.
In addition to YouTube, Hamster’s Telegram channel has over 48.7 million subscribers, while its X page has grown to over 11 million followers.
Hamster Kombat has more followers than other major players in the cryptocurrency industry. Industry giants like Solana and Ethereum have fewer followers on X.
In the Tap to Earn category, other projects are also doing very well in terms of attracting new users and social media. TapSwap has amassed over 60 million users and 6.4 million followers, surpassing Notcoin which is still at 40 million users.
These new entries in the click-to-earn category that are doing so well explain why Notcoin, one of the oldest players in this category, has lost so much momentum.
Notcoin volume also decreased
In addition to the drop in Notcoin’s price, its trading volume has also dropped significantly according to verified data. According to CoinGecko, Notcoin’s 24-hour trading volume has exceeded $312 million. A few weeks ago, Notcoin was at its peak and its average token volume was over $1.4 billion.
Coinglass data also shows a decline in interest in the crypto asset as open interest, which peaked at over $282 million on June 7, has fallen to $159 million now.
Notcoin’s disappointing performance has been acknowledged by its developers who recently launched a poll on X seeking opinions on new additions that would help boost the Notcoin ecosystem.
What you should know
Notcoin gained massive popularity in Nigeria after becoming the first major Web3 airdrop campaign to pay Nigerians. Many Nigerians who participated in the airdrop campaign benefited immensely, with some reaching millions of dollars. Nairametrics reported that Tapswap, another click-to-earn cryptocurrency project, postponed its token launch to Q3 2024 on July 1, citing the need to adopt the right launch strategy to keep up with the project’s success.