The crash in Notcoin's token value post-airdrop stems from intense market sell pressure. Many recipients, having received free tokens, sold immediately to lock in profits, flooding the market with supply. This was exacerbated by a high fully diluted valuation (FDV) of $1 billion at launch, which lacked sufficient liquidity to absorb the sell-off, as seen with a liquidity-to-FDV ratio of just 0.03%. Additionally, the hype-driven demand faded quickly, and large airdrop allocations (over 35 million users) amplified the oversupply, driving the price down nearly 50% within hours. Community sentiment and speculative trading further fueled volatility.