Notcoin Airdrop Becomes All You Can Eat Buffet, Price Plummets 30% WTD

Notcoin Airdrop
Notcoin Airdrop Becomes All You Can Eat Buffet, Price Plummets 30% WTD

NOIDA (— The Notcoin token airdrop, aimed at rewarding early adopters and players of the Telegram-based game, ended in controversy.

The even faced scrutiny as users alleged vulnerabilities in the airdrop event’s security. Some users took advantage of the vulnerability to claim more than their assigned token amount, raising questions about the integrity of future token distributions.

Airdrop Fiasco Exploitation Issues Surface

Users discovered a vulnerability in the Notcoin airdrop distribution mechanism, enabling some to exploit the system and claim excessive tokens. The exploit also raised questions about the Notcoin team’s security measures.

The Notcoin airdrop officially ended on June 16, one month after the NOT token launched on The Open Network. Since its launch in 2024, the NOT token garnered significant investor interest, which helped Notcoin reach a market cap of over $1 billion.

A subsequent price surge in early June pushed the market cap above $2 billion before corrections brought the market cap down.

Notcoin Airdrop
Notcoin team shared plans to burn a portion of the unclaimed tokens.

The airdrop claim process allowed players from the early-year “mining phase” to receive their tokens via the Telegram mini app. These players could send their tokens to an exchange, withdraw them to a self-custody wallet, or stake them within Notcoin to earn future perks.

In response to the airdrop exploit, Notcoin’s developers, Open Builders, announced that part of the unclaimed tokens would fund future development. The team will burn the remainder to prevent further exploitation. The decision aims to stabilize the token’s value and restore trust among the user base.

Players who staked their tokens will see a user level increase in the following month, enhancing their potential earning opportunities as the game expands.

NOT Price Plummets

The Notcoin token price plummeted more than 30% WTD to reach a daily low near $0.0144 on June 18 before recovering slightly. The downtrend resulted in NOT prices paring all their gains since June 1.

Notcoin Airdrop
NOTUSD daily price chart with RSI. Source:

If Notcoin price fails to recover from this nosedive, the token could drop to the support level near $0.0139. Moreover, a break below the immediate support might see NOT price testing the 0.236 FIB support near $0.0115.

Conversely, a recovery from here would result in NOT bulls going up against the $0.0187 resistance. Flipping the immediate resistance could help the Notcoin price to reach the 0.786 FIB resistance level near $0.023.

The relative strength index for the recently launched token remains neutral, with a score near 48.51 on the daily charts.

However, for an uptrend, the Notcoin team would need to introduce new bullish cues that will tide over the airdrop fiasco.

Leave a Comment

Related Articles

Our Partners