Notcoin (NOT), a cryptocurrency widely backed by social media giant Telegram, has just completed a very successful airdrop campaign, but its value has dropped by more than 85% in the first week of trading. The cryptocurrency in question is a significant component of a Telegram-based game that has over 35 million active members. Investors who capitalized on this bullish trend and invested in cryptocurrency are now reeling from losses. According to BeinCrypto, Notcoin debuted on the Toncoin Network last week and distributed approximately $1 billion in NOT tokens to eligible investors. The coin was also prominently listed on various exchanges, including Binance. Notcoin's strong attitude propelled it to an all-time high of $0.037. Additionally. within 24 hours of its listing, Notcoin broke into the top ten cryptocurrencies by trade volume, exceeding $1.4 billion and securing the number eight spot on the list.

The Notcoin project gained significant status after Telegram founder Pavel Durov endorsed it and praised its rise from an in-game currency to real money for its users.

   The sharp decline can be attributed to investors quickly selling off their airdropped tokens to secure profits rather than holding onto them for potential future gains. This massive sell-off led to a significant oversupply in the market, driving the price down further.

Some Crypto analysts forecast an even more bearish outlook for the cryptocurrency following recent trends.

Crypto analyst “Crypto Patel” believes the price can still drop to as low as $0.0040.

The recent price dip of Notcoin and surrounding market markers reflects the current sentiment in the market, where many investors remain cautious about the token’s short-term prospects. Many Nigerians benefitted from the Notcoin airdrop campaign by participating actively in the telegram gaming activity and driving up their shares in the crypto.