Notcoin (NOT) Price Surges 40% after Airdrop, Trading Volume Hits $1.25 Billion

by

As a researcher with a background in cryptocurrency markets and blockchain technology, I find the recent surge of Notcoin (NOT) intriguing. While the broader market is experiencing corrections, NOT has bucked the trend and seen impressive gains following its airdrop. The price increase can be largely attributed to the growing popularity of Notcoin’s play-to-earn Web3 game on Telegram and the bullish outlook expressed by renowned cryptocurrency trader Zen.

The cryptocurrency market is currently going through a correction, causing significant price decreases for various major coins. However, Notcoin (NOT), a play-to-earn project based on Telegram, defies this trend with an impressive 40% surge. This uptick comes after a week of relative inactivity and follows the highly anticipated airdrop for this emerging coin.

Notcoin (NOT) Price Surges 40% after Airdrop, Trading Volume Hits $1.25 Billion

Photo: CoinMarketCap

The first airdrop for Notcoin didn’t bring instant profits, but it certainly revived enthusiasm for the cryptocurrency. Currently, Notcoin is experiencing a rise of 20%, and its market value has reached $968 million in just the past day. This growth corresponds to an impressive surge in daily trading volume, which has exceeded $1.25 billion, marking an increase of 18%.

Notcoin’s Play-to-Earn Game Surges

Experts suggest that the recent price surge of Notcoin may primarily be driven by the escalating fame of its play-to-earn Web3 game, which is accessible on Telegram. This game enables users to exchange their in-game currency for NOT tokens, thereby drawing a significant number of Telegram’s immense user community.

Renowned cryptocurrency trader Zen has expressed a bullish perspective on NOT in the mid-term. He recognizes the importance of the broader market in the long term but remains optimistic, believing that “dips are for buying.”

The $NOT coin filled in the void created by post-launch selling, acting as a significant resistance point. Should it successfully surpass this barrier, a push towards the point of control at 0.0068 may ensue. However, if it fails to do so, a retest of the breakout level near 0.006 may occur. The mid-term outlook remains bullish, while long-term prospects hinge on market conditions.— Zen (@WiseAnalyze) May 27, 2024

After the airdrop event, Notcoin’s social media platforms have experienced a notable surge in activity. The team has drawn parallels between Notcoin and Bitcoin, signaling this momentous occasion through the NOT Airdrop Phase 1 declaration. An engaging Twitter poll garnered over 29,711 responses, revealing that a vast majority (86.2%) preferred Notcoin over Bitcoin (13.8%).

Limited supplyWide distribution Still cheap

— Notcoin Ø (@thenotcoin) May 25, 2024

As a crypto investor, I’m thrilled about the ongoing bullish trend in the market. The recent surge in Notcoin (NOT)’s price has triggered a significant event – short liquidations. According to Coinglass, over $3.90 million worth of short positions were forced to be closed in the last 24 hours. This happens when traders who had bet on NOT’s price decline are compelled to buy back the coins at current market prices to cover their losses. Consequently, this buying pressure pushes the price even higher.

Notcoin’s Innovative “Earning Missions” Feature

Instead of “Beyond the airdrop, Notcoin draws in investors through unique features such as ‘earning missions’. This initiative lets users effortlessly accumulate NOT tokens just by interacting with collaborating projects and networks.”

Users have an extra way to boost their rewards: they can stake their NOT tokens. Higher tiers come with more attractive returns. This multiple earning method makes Notcoin an alluring choice for both novice and seasoned investors.

Read More

2024-05-29 11:57