Since last Tuesday, Notcoin has recorded a 300%+ price surge. As we entered the first week of June, Notcoin toppled Circle’s USDC from the fifth-largest cryptocurrency by trading volume. As we talk, there is no other cryptocurrency apart from Bitcoin with upwardly-mobile social interest than $NOT.
Related: Weekly Notcoin (NOT) Price Analysis: $NOT Resurgence Retests All-Time High
In this weekly HODL FM article, we examine the rise and fall of Notcoin over the last seven days and consider where it could be headed next.
On Tuesday, 28th May 2024, Notcoin recorded a daily high of $0.08536, as shown on the NOT/USDT TradingView chart below. Within 4 days of active buying and all-time high social interest, the Telegram-based cryptocurrency recorded a significant rally of 350% to test an all-time high of $0.029480 on Sunday, 2nd June 2024. The price reversed on Monday but by a small margin that still has the weekly Notcoin price surge at 311%.
Social Media Hype Has Helped Pump Notcoin’s Bullish Activity
One key driver influencing Notcoin’s bullish performance and interest among retail traders is the hype it’s receiving on social media platforms. With only 2 weeks after launching, the altcoin accumulated the second-largest number of social mentions within a 12-hour timeframe. On 3rd June 2024 alone, the cryptocurrency accumulated over $4 billion in trading volume, thereby overtaking Circle’s USDC stablecoin.
According to CoinMarketCap data, Notcoin is trading at a price of $0.0242, with a trading volume of $2.344 billion and a market cap of $2.485 billion at press time.
Whales Have Significantly Increased on Telegram’s TON Ecosystem
The cryptocurrency’s rising social sentiment has attracted large investors and whales to invest and, at the same time, brought large numbers of users to the Telegram ecosystem. According to X technical analyst Ali Martinez, Telegram’s Toncoin has recorded a 237.5% increase in transactions of over $100,000 within a 24-hour span.
The parent game behind the $NOT token, Notcoin, has attracted over 30 million users to its Telegram-integrated play-to-earn game. According to the team behind the game, their goal is to introduce a new generation of mainstream cryptocurrency adopters. The game managed to amass such numbers within a short duration thanks to its simple play mechanics of tapping to a screen to generate $NOT coins. The game consistently recorded large daily active users (DAU), with a staggering 6 million DAU at its highest.
A boost feature was available to accelerate earning potential since the earnings were set at 1 $NOT per tap. Users could also purchase an auto-tapper that could tap and earn coins for a continuous 12 hours. However, every mechanism in the game was meant to create a fair distribution to all of Notcoin’s mining phase’ participants. On 9th May 2024, $NOT listed on Binance after premiering on some of the world’s largest cryptocurrency exchanges.
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