Notcoin (NOT), a gaming token with more than 35 million users, has begun trading at a fully diluted value (FDV) of $1 billion after being distributed via an airdrop and on several exchanges.

The token racked up $294 million in trading volume within the first hour of trading, according to CoinMarketCap.

Early adopters of the game, which can be accessed via the Telegram app, accumulated notcoin from January to April by clicking on a virtual coin and completing challenges within the game. In-game balances have been converted on a 1000:1 ratio, according to a press release.

Notcoin's maximum supply is 102 billion, with 3% allocated to Binance Launchpool users and a further 1.5% set aside for OKX Jumpstart users.

The project has also introduced a staking mechanism to incentivize airdrop farmers to hold their tokens. Staking will be required to "earn extra rewards" and gain access to more lucrative staking pools based on the player’s level in the game.

“It’s been an amazing few months,” said Sasha Plotvinov, founder of notcoin developers Open Builders. “We’re extremely proud that Notcoin’s viral growth has introduced millions to crypto and TON’s ecosystem."