Is the Worst Over for Notcoin?
What is happening?
Notcoin (NOT) is a gaming token with more than 35 million users. Since February, it has been skyrocketing, with a staggering 400% surge in May alone, reaching a new all-time high at $7.8 on June 5.
Notcoin was the first Telegram game to pioneer the clicker model, where all users had to do was press a button and earn in-game currency, which later became a $1 billion token airdrop.
In addition to that, Notcoin has successfully onboarded over 30 million users through a simple tap-to-earn mechanic, culminating in a $1 billion token airdrop.
Data from IntoTheBlock reveals that all addresses holding TON are currently “In The Money,” indicating that holders are in profit.
With increasing transaction volumes and bullish social sentiment, TON is on track to potentially reach double digits, with $10 in sight. Although TON has seen a minor drop in early June, last week the token price soared from $7.25 to $8.25.
Gamza KhanzadaevSince the beginning of June, the NOT price rallied almost 20%, leading the way for meme coins amid steep BTC and ETH performance, marking the token’s best performance this month.
Coinbase recently announced that it will add Notcoin perpetual futures on Coinbase International Exchange and Coinbase Advanced starting on June 20. This follows the decision by Binance to expand trading options for NOT, which it officially listed in May 2024.
The positive view has been reversed by a steady downfall over the last week, soon after the airdrop ended.
This week, NOT has been on its way to rebound. The price rallied as much as 16%, reaching 0.0165 at one point.
NOT airdrop
The Notcoin airdrop, which concluded on June 16, resulted in 90% of the supply being distributed among users, causing a 20% dip in market capitalization. NOT's price has since rebounded by over 11.25%, reaching $0.0162 on June 19.
According to the NOT team, the token has attracted over 11 million holders.
The project is now focusing on the Notcoin app, which incentivizes users to earn Notcoin by engaging with newer Telegram games, aiming to stimulate demand and burn tokens.
Notcoin (NOT) has a maximum supply of 102 billion tokens. Of this supply, 3% has been allocated to Binance Launchpool users, and an additional 1.5% has been set aside for OKX Jumpstart users.
Dan BurginTo encourage airdrop recipients to hold their tokens, the project has introduced a staking mechanism. This staking system allows users to earn extra rewards and access more lucrative staking pools, with the rewards increasing based on the player's level in the game.
Although the NOT price has seen a sharp decline soon after the airdrop, investors' strong sentiment does not seem to have faded away yet.
NOT price movement
Previously, Notcoin touched an all-time high of $0.02896 earlier in June 2024, showcasing its capacity for swift and substantial price movements.
The resurgence in its market value coincides with a remarkable increase in trading volume, which has escalated by 128% to $1.3 billion.
However, the current market dynamics have shifted, and investors are advised to closely monitor the emerging support at $0.01650. A break below this level could lead to further losses, potentially testing the next support zone around $0.01500.
Coinbase International's announcement of listing perpetual futures for Book of Meme (BOME) and Notcoin has resulted in NOT regaining momentum, with the price reaching $0.01591.
However, the weekly RSI for NOT is currently in the “overbought” zone, with 81 value. This signals strong selling pressure, which will likely result in a short-term price decline.
For now, Notcoin’s price is traded at $0.015 after losing a critical support level of $0.017. It will likely move downward until it gains enough momentum to chart a rally again.
Long-term, NOT will test the resistance level at $0.03 shortly. If this trend persists, the Notcoin price might potentially climb toward $0.05 in July.
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