Notcoin launched with a total supply of 102,719,221,714 NOT and gave 78% of it away on day one to the players who tapped for it. There was no private round, no venture allocation and no vesting schedule. As of September 2026 roughly 99.43 billion of the 102.45 billion tokens are circulating, according to CoinGecko, which puts the ratio of market capitalization to fully diluted valuation at 0.97.
That single design choice explains most of what has happened to the price since. It also gives NOT a structural feature that very few tokens from the same vintage can claim: nothing is waiting to unlock.
The Distribution That Set the Float
Two buckets absorbed the 78%. Miners, meaning anyone who accumulated points inside the Telegram app during the three-month tapping phase, received 72,265,851,714 NOT. Holders of the pre-launch NFT vouchers received a further 7,953,370,000, The Block reported on the day of the token generation event.
Both groups converted at the same rate: 1,000 in-game points for 1 NOT. The remaining 22%, about 22.5 billion tokens, was reserved for onboarding new users, seeding exchange liquidity and funding development.
The project had originally said 100% of the supply would go to miners in what the Notcoin white paper and the team's own posts described as a bitcoin-style distribution, with an average allocation of 0.0003% per participant. The final split kept a fifth back for operations, which is the compromise most fair-launch projects eventually make.
What matters for a holder today is the consequence. When 35 million people receive tokens that cost them nothing except screen taps, a meaningful share sells on the first available bid. NOT peaked at $0.02836 on 2 June 2024, three weeks after listing, and has traded below that ever since. The distribution was the achievement and the overhang at the same time.
The Voucher Market That Priced NOT Before It Existed
Notcoin did something unusual between the end of mining and the token launch. In March 2024, players could mint an NFT voucher representing their point balance and trade it on TON marketplaces, creating a working pre-market for a token that had no contract yet.
Roughly 800,000 vouchers were minted. They found a floor near $26 and turned over about $26 million in total volume, making the collection the fourth-largest on TON by value and the most widely held by number of owners. Anyone doing the arithmetic could back out an implied NOT price weeks before the crypto airdrop landed.
The mechanism deserves more credit than it gets. It let impatient holders exit before the token existed, transferred those allocations to buyers who had actually paid for them, and gave the market a reference price on listing day. Most airdrops discover their price in a chaotic first hour. Notcoin discovered a good part of it in advance.
Where Demand Comes From Now
Supply is settled and static. The interesting half of Notcoin's tokenomics is what creates ongoing demand for a token that earns no fee revenue.
Campaign pools
Projects that want Telegram users run Explore campaigns inside the Notcoin app and fund the reward pool in NOT. More than 200 projects have done so, drawing around 22.5 million participants. Those projects have to source NOT from the open market, which converts marketing budgets into buy pressure. This is the only recurring source of demand the token has.
Tier staking
Users stake NOT to raise their level, and level determines what share of each reward pool they can claim. Balances are assessed at the end of each month, so the design rewards holding through a full cycle rather than depositing before a claim. Platinum, the top tier, was launched with claims of 300%-plus annualized rewards.
This is loyalty-tier staking rather than proof-of-stake. NOT secures no network and validates no blocks, so the yield is funded entirely by advertiser budgets. When campaign volume falls, so does the yield, and the incentive to lock tokens falls with it.
What the Tokenomics Do Not Include
There is no burn mechanism. There is no fee switch. There are no governance rights attached to NOT, so holders vote on nothing. There is no emission schedule either, which removes inflation but also removes the treasury drip most projects use to fund development.
The practical effect is that NOT's valuation floats entirely on demand. Tokens with buybacks or burns have a mechanical link between usage and supply reduction. Notcoin has a behavioural link instead: more campaigns means more purchases, and that is the whole transmission mechanism. Any NOT price forecast is really a forecast of campaign budgets on TON, whatever chart patterns it dresses itself in.
The counterweight is real. A token with 97% of its supply circulating cannot be diluted, cannot be dumped by an unlocking investor tranche, and does not carry the twelve-to-eighteen-month cliff risk that hangs over most 2024 launches. For a trader sizing a position, knowing exactly how many tokens exist is worth something.
Frequently Asked Questions
How many NOT tokens are there in total?
Total supply is 102,719,221,714 NOT as issued at the May 2024 token generation event, with a current total near 102.45 billion after small burns and around 99.43 billion circulating. There is no ongoing emission, so the supply is effectively fixed.
Does Notcoin burn tokens?
Notcoin has no systematic burn mechanism. Total supply has drifted marginally below the original issuance, but there is no protocol rule that removes NOT from circulation based on usage, fees or campaign activity.
Can you still stake NOT?
Yes. Staking NOT inside the Notcoin app sets your tier, and your tier determines the share of Explore campaign reward pools you can claim. Balances are measured at the end of each month, and rewards come from advertiser-funded pools rather than from network inflation.
Why the Supply Structure Still Matters
Notcoin's tokenomics were built to solve a distribution problem, and they solved it completely. Getting 78% of a token supply into the hands of 35 million real users, with a working pre-market and no venture allocation, remains one of the cleanest launches of the last cycle.
The design never addressed the second problem, which is what holds a token up after everyone already owns it. NOT trades near its all-time low with a fully circulating supply, no dilution risk and a demand engine that depends on other people's marketing budgets. That is a clear thesis to underwrite, and it is a narrow one.
Put a view on it: buy and hold NOT on the spot market or take leveraged exposure through NOT perpetual futures on LeveX. More supply breakdowns and token guides live in Crypto in a Minute.