Notcoin’s price plunged over 73% post-airdrop in 2024, dropping from its peak as 40 million users sold off tokens, leaving only 15% of 2.8 million holders in profit. The key lesson is over-allocation to speculative users, not ecosystem builders. Risk management strategies include phased token releases to curb dumping, as seen in Tapswap’s 12-36 month cliff for team tokens, and utility-driven retention, unlike Notcoin’s lack of immediate use cases. Vetting participants for long-term commitment and transparent tokenomics can also mitigate volatility. Notcoin’s crash underscores the need for balancing hype with sustainable value creation.