Notcoin (NOT) Price is Stuck in a Bear Market as Concerns about the Rising Competition in the Tap-to-Earn Market Continue

The NOT token was trading at $0.014 on Monday, down by over 52% from its highest level this year.

Notcoin (NOT) price remained under pressure on Monday as concerns about the rising competition in the tap-to-earn market continued. The NOT token was trading at $0.014, which was about 52% below the highest level this year.

Rising competition in tap-to-earn

Notcoin had a stellar H1 2023 as it became the leading tap-to-earn platform in the world. At one point, the platform had over 40 million users. This performance attracted the attention of investors and traders, who pushed the NOT token price to an all-time high.

But in recent weeks, Notcoin has faced rising competition from other platforms. Some of the best-known platforms include Dotcoin, TapSwap, and Hamster Kombat.

Hamster, a Russian-owned platform, has broken the record of being the first tap-to-earn network to hit 200 million users from around the world.

The platform has also broken records in social media. On YouTube, Hamster Kombat channel has grown to over 31 million subscribers. It has posted 144 videos, which have been watched over 569 million.

This performance makes it the fastest-growing YouTube channel since it was created on May 24th. Hamster’s Telegram channel has over 48.7 million subscribers while its X page has over grown to over 11 million followers.

Interestingly, Hamster’s following has become larger than most players in the crypto industry. For example, Solana has 2.7 million X followers while Ethereum Foundation has 3.4 million followers.

The network has also overtaken Notcoin, which has over 40 million users and 1.8 million X followers. However, its growth is slowing.

Hamster Kombat is not the only Notcoin rival that is growing. TapSwap has also accumulated over 60 million users and 6.4 million X followers.

All this explains why the NOT token has lost momentum among traders and players.

Notcoin volume drops

Third-party data shows that Notcoin’s demand has started waning. According to CoinGecko, Notcoin’s 24-hour volume stood at over $312 million. At its peak a few weeks ago, the token’s volume was averaging over $1.4 billion.

The same trend is happening in the futures market where open interest has dropped. Data by CoinGlass shows that the open interest peaked at over $282 million on June 7th and has dropped to $159 million. Most of the open interest is from companies like Binance, OKX, and Bitget.

The token has retreated as the developers ponder ways to boost its ecosystem growth. In an X post last It is unclear whether Notcoin’s efforts to diversify will work out well since most users started using it for its tap-to-earn features.

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