Notcoin Donates $6.8M Worth Of NOT Tokens Gathered By Users To Telegram And Pavel Durov
In Brief
Notcoin donated 1,030,383,291.36 NOT, valued at approximately $6.8 million, to Telegram and its founder, Pavel Durov.
Interactive tap-to-earn game project within The Open Network (TON) ecosystem, Notcoin announced that it had donated 1,030,383,291.36 Notcoins (NOT), valued at approximately $6.8 million, to the messaging application Telegram and its founder, Pavel Durov.
In the previous Notcoin announcement, the project highlighted that Pavel Durov and the Telegram team created the Telegram application, establishing a standard for developers and opening up numerous opportunities for everyone, including Notcoin. The donated funds were gathered by 552,586 Notcoin holders, with 203,303 individuals among them earning tokens through the game.
The announcement came after Notcoin successfully distributed over 80 billion NOT tokens to game participants yesterday and conducted its token generation event (TGE) while its token was opened for trading on several cryptocurrency exchanges.
The total 80 billion tokens allocated equated to a market capitalization of $695 million for Notcoin, with a fully diluted valuation of approximately $696 million, according to CoinMarketCap data. At the time of writing, Notcoin is trading at $0.0068, showing a decrease of over 30% over the past 24 hours. Shortly after the launch, the price of the token surged to $0.012 within an hour before experiencing a significant decline.
Notcoin began as a clicker game on Telegram, introducing its vast user base to Web3 through its tap-to-earn mining feature. Since its launch in November 2023, the game has attracted over 35 million players and registered over 8 trillion “taps.”
Pavel Durov Acknowledges Notcoin For Demonstrating Telegram And TON Capabilities
Recently, Pavel Durov shared a post on Telegram endorsing the game, noting that it has swiftly ascended to become one of the top 10 cryptocurrencies globally by trading volume and achieved a market capitalization of nearly $700 million. He further emphasized that this success highlights the strength of the Telegram and TON ecosystems for application developers.
In 2018, Telegram initiated its exploration of blockchain technology by developing the Telegram Open Network (TON), as it was originally called. During the same year, it raised $1.7 billion through a private sale of TON tokens. However, the project was discontinued due to investigations by the United States Securities and Exchange Commission (SEC).
In 2022, open-source developers revived and rebranded TON as The Open Network, launching a functional mainnet. In recent months, both Telegram and TON have experienced a significant resurgence, marked by notable developments.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
