Notcoin (NOT), a play-to-earn clicker gaming application on Telegram, has surged over 10% following an announcement from its team about a significant token burn and substantial user incentives.
At the time of writing, NOT is trading at $0.01572, with its daily trading volume up 22% to $470 million. The token’s market cap has also increased by 10%, reaching $1.6 billion, making it the 56th largest crypto asset according to CoinMarketCap data.
The surge in Notcoin’s value follows a June 25 announcement on X, where the team revealed that the company had burned $3 million worth of NOT tokens. The update also included details of a $4.2 million incentive plan aimed at rewarding Gold and Platinum users of the Notcoin Explore platform.
The token burn is part of Notcoin’s comprehensive strategy to enhance tokenomics and create value for its users. By reducing the overall supply, the popular tap-to-earn project aims to create scarcity, which could potentially increase the token’s value and attractiveness.
Another potential reason for the recent surge in Notcoin (NOT) can be attributed to their June 26 announcement that $2.5 billion in NOT tokens are being distributed to the Notcoin community. This ongoing airdrop is touted to be larger than the combined airdrops of ZkSync and LayerZero.
The team highlighted that the total value of the airdrop at its all-time high was $2.5 billion for Notcoin, compared to $954 million for ZkSync and $323 million for LayerZero.
Notcoin Soars in the Tap2Earn Boom
Notcoin’s recent price increase aligns with a surge in “Tap2Earn” and similar tokens within the industry. Currently, top trending options include Hamster Kombat and Yescoin.
For Notcoin, a significant advantage is its status as a first mover in the Telegram ecosystem. The Open Network (TON) has experienced growth in recent months, and Notcoin has benefited from Telegram’s 900 million user base and increased support for crypto on the platform, boosting interest and growth.
Metrics such as TON’s daily active addresses have increased dramatically over the last three months. This positive trajectory is likely to inspire similar patterns for Notcoin, which is looking to expand beyond Tap2Earn.
Ethereum’s supply has been increasing for 73 consecutive days.
The supply of Ethereum has been gradually increasing since mid-April, following the Dencun upgrade, which has reduced competition for block space on the mainnet. This marks the most extended period of inflationary supply for Ether since the Merge in 2022.
Since April 14, over 112,000 ETH have been added to the overall supply, according to Ethereum data dashboard ultrasound.money. Much of this inflation can be attributed to the Dencun upgrade, implemented on March 13. This upgrade introduced nine Ethereum Improvement Proposals (EIPs), with EIP-4844 being a significant factor contributing to the increased supply.
Check Out the Latest Prices, Charts, and Data of ETH/USDT
EIP-4844 introduced “blobs,” a mechanism that allows transaction data to be stored separately and temporarily, reducing fees for block data on Ethereum layer-2 networks. Additionally, the Dencun upgrade introduced proto-danksharding, which enhanced data availability for block space on the Ethereum mainnet. This led to a significant reduction in the cost of executing transactions on Ethereum layer-2 networks such as Arbitrum and Optimism, but also resulted in a substantial decrease in the total amount of ETH burned on the mainnet.
Despite the recent flip to an inflationary supply, the total supply of ETH has still decreased significantly since the Merge. Since September 2022, more than 1.5 million ETH has been burned, while 1.36 million ETH has been added, resulting in a net reduction of 345,000 ETH, which is equivalent to just over $1.1 billion at current prices. This overall supply reduction is a consequence of Ethereum’s transition to a proof-of-stake consensus mechanism.
