The cryptocurrency market is broadly in the green Tuesday, much to the relief of traders who saw major assets plunge by 20% or more from late Sunday into Monday as liquidations piled up. But amid the rebound, it’s not Bitcoin or Ethereum that’s leading the charge—it’s a crypto gaming token.
Specifically, it’s Notcoin (NOT), the token of the Telegram-based game that launched on The Open Network (TON) in May, yielding the year’s biggest gaming token to date.
NOT is up 30% over the last 24 hours at a current price just above $0.012, per data from CoinGecko, making it the largest gainer in the top 100 coins by market cap during that span. Even so, the price of NOT hasn’t broken even over the past week, currently down 0.4% due to heavy losses prior to the past day.
Notcoin’s surge comes following the recent launch of a new game within the Telegram mini app, called Lost Dogs: The Way. This simple narrative game lets Notcoin players choose from three outcomes to a particular story event, and then earn in-game currency depending on the outcome. There are also bonuses for players who invite friends and complete other tasks.
Interestingly, Notcoin’s latest spike isn’t representative of a broader gaming token resurgence. It’s the only gaming token in the top 100 cryptocurrencies to mark a double-digit percentage jump over the past day, with Gala Games (GALA) up about 9% and Immutable (IMX) up 8%.
Notcoin’s jump also outpaces major assets like Bitcoin and Ethereum, which are up just over 3% and 2%, respectively, during the same span. But gaming tokens tend to be highly volatile and can swing wildly up or down, akin to meme coins—and Notcoin has been positioned as a meme coin of sorts for the TON ecosystem, as well.
Edited by Ryan Ozawa.