Notcoin Airdrop Turns into Buffet Bonanza, Price Drops 30% This Week
The Notcoin token airdrop, designed to reward early adopters and gamers of the Telegram-based game, has come to a turbulent end.
The event came under scrutiny as users identified vulnerabilities in the airdrop’s security, leading to some individuals taking advantage of the system to claim more tokens than they were entitled to. This raised concerns about the integrity of future token distributions.
The Notcoin airdrop officially concluded on June 16, a month after the NOT token was introduced on The Open Network in 2024. The token quickly gained the attention of investors, propelling Notcoin to a market cap exceeding $1 billion.
A surge in price in early June pushed the market cap over $2 billion, but subsequent corrections brought it back down.
The Notcoin team has announced plans to burn some of the unclaimed tokens to address the airdrop exploit. Players who participated in the “mining phase” earlier in the year were able to receive their tokens through the Telegram mini app and could choose to trade them on an exchange, store them in a personal wallet, or stake them within Notcoin for future rewards.
In response to the exploit, Open Builders, the developers of Notcoin, disclosed that a portion of the unclaimed tokens would be used for future development, while the rest would be burned to prevent further abuse. This decision is intended to stabilize the token’s value and rebuild trust among users.
Players who staked their tokens will receive a boost in their user level in the coming month, increasing their potential earnings as the game expands.
The price of NOT token took a sharp dive, dropping over 30% for the week and hitting a daily low near $0.0144 on June 18 before a slight recovery. This decline wiped out all gains made since the beginning of June.
If the Notcoin price does not rebound from this slump, it could fall to the support level around $0.0139. A breach below this immediate support could see the price testing the 0.236 FIB support near $0.0115.
On the other hand, a recovery could lead to a challenge of the $0.0187 resistance. Overcoming this hurdle could propel the Notcoin price towards the 0.786 FIB resistance level near $0.023.
The relative strength index for the token remains neutral, with a score around 48.51 on the daily charts. To initiate an upward trend, the Notcoin team will need to introduce positive developments to move past the airdrop controversy.