Youths Hit Jackpot With Notcoin In Crypto Trading.

The Nigerian social media landscape has been abuzz with excitement as countless young people shared their newfound wealth from trading and mining Notcoin, a burgeoning cryptocurrency.

Screenshots flooded platforms like Facebook and Twitter (now X), showcasing substantial earnings in US dollars.  The testimonials came as a rewarding journey many had embarked upon, having started their trading activities just some months earlier.

Notcoin (NOT), a play-to-earn cryptocurrency, recently surged in popularity, breaking into the top 10 cryptocurrencies by daily trading volume. Its listing on major centralised exchanges, such as Binance and OKX, on May 16, marked a significant milestone.

The coin’s trading volume skyrocketed, exceeding $1.4 billion within 24 hours and securing the eighth position among the most traded cryptocurrencies.

Despite an initial price dip from $0.02156 to $0.006618, Notcoin’s market capitalization surged to $1 billion within minutes of its launch, although it has since stabilized at around $697 million. This robust performance places Notcoin at the 107th position among the largest crypto assets, reflecting its substantial market presence.

Notcoin’s mechanics

Notcoin operates as a unique play-to-earn game within the Telegram app, where users can mine Notcoins by interacting with a mini-app. This model eliminates the typical complexities of crypto transactions, making it accessible to anyone with a Telegram account.

The game’s simplicity and the incentive of earning bonuses through referrals have attracted over 35 million players, with peaks of six million daily active users.

The integration with Telegram has been pivotal to Notcoin’s rapid growth. Utilizing the Telegram Open Network (TON) blockchain, Notcoin ensures seamless transactions and a user-friendly experience, leveraging Telegram’s extensive infrastructure.

Community and economic impact

The excitement around Notcoin extends beyond individual earnings. Telegram founder Pavel Durov recently praised Notcoin’s success, revealing the advantages of the Telegram/TON ecosystem for app developers and crypto enthusiasts.

“Telegram offers app developers more freedom than any other platform, providing unmatched opportunities to leverage social interactions for viral distribution,” he stated.

Notcoin’s community-driven approach has seen 80.2 billion of its 102 billion total supply distributed among community members, with the remainder reserved for future developments. This strategy fosters a sense of ownership and participation, vital for the project’s ongoing success.

Notcoin vs. other play-to-earn cryptos

What sets Notcoin apart from other play-to-earn (P2E) cryptocurrencies is its integration with the widely-used Telegram app and its straightforward tap-to-earn mechanic. Unlike games like Axie Infinity (AXS), which require complex strategies and initial investments, Notcoin’s ease of entry has led to rapid adoption. In just a few months, the game has attracted over 650,000 gamers, a testament to its viral growth and zero-cost entry model.

Currently, Notcoin does not operate on a blockchain nor does it hold real-world value, distinguishing it from other P2E tokens like Axie Infinity’s SLP, which can be traded on various exchanges. However, the developers have hinted at future plans to integrate real blockchain functionality, which could significantly enhance its market position.

The broader Nigerian crypto landscape

The rise of Notcoin comes at a time when Nigeria’s cryptocurrency market is experiencing explosive growth. Ray Youssef, CEO of the leading cryptocurrency platform NoOnes, highlighted the substantial peer-to-peer (P2P) trading volume in Nigeria, estimating it to be around $500 billion. This underscores the country’s significant engagement in the crypto space, despite regulatory uncertainties.