The value of the gaming cryptocurrency Notcoin (NOT), created on the TON network, plummeted by 52% after a planned airdrop.

On May 16, the developers of the digital asset distributed over 80 billion NOT to members of the crypto community, which, at the current rate, amounts to $550.2 million. 90% of these coins went to Telegram users who mined tokens through the messenger's built-in application by tapping on their smartphone screens.

After Notcoin became available on cryptocurrency exchanges such as Binance, OKX, Bybit, and others, many airdrop participants decided to sell their coins, leading to a sharp decline in their value.

On Binance, the price of NOT initially rose by 30% after trading began but soon failed to maintain this level and halved within two hours. Later, the price stabilized but remained 52% below the level recorded at the start of trading.

Interestingly, 88% of surveyed Binance customers gave a positive forecast for the future price of Notcoin. It is likely that traders believe those who wanted to sell their tokens have already done so, indicating the end of the bearish trend and the gradual recovery of the asset's value.