Notcoin Soars 323%, Hits All-Time High Amid Growing Social Buzz and Retail Interest
Summary:
Notcoin, a play-to-earn cryptocurrency integrated within the Telegram Mini App, has experienced a 323% rise in price, hitting a record high of $0.02896. The surge follows its listing on the Bybit exchange and its subsequent 200% increase within two weeks. Notcoin has now reached a market cap of more than $2.3 billion and stands as the 51st largest cryptocurrency tracked by CoinMarketCap. The growing social buzz and increased trading signify its rapid adoption and the potential for mass blockchain usage through Telegram Mini Apps.
The cryptocurrency called Notcoin (NOT) has witnessed a surge over 300% in its price within the last week, achieving a new all-time peak. The meteoric rise is linked to the hype generated on social platforms, which raises the question - Can this trend for the NOT token be maintained?
Within just a week, Notcoin's value skyrocketed by 323%, hitting a record high of $0.02896 on June 2, as indicated by TradingView data.
The play-to-earn game, Notcoin, doubles as a token that is integrated within the Telegram Mini App and it has successfully captured the attention of over thirty million Telegram users within a span of two months. This has ushered in a fresh batch of mainstream adopters into the world of cryptocurrency.
On May 16, Notcoin was listed on the Bybit exchange which triggered a surge in the NOT token by over 200% within the subsequent two and a half weeks.
After this surge, Notcoin achieved a market capitalization exceeding $2.3 billion, earning it the 51st position among cryptocurrencies on CoinMarketCap.
Notcoin and similar Telegram Mini Apps might be the gateways leading to massive blockchain adoption, capable of encouraging the next 500 million crypto users to come forward. This view was shared by Justin Hyun, the director of investments at the TON Foundation. In an interview with Cointelegraph, Hyun stated their target of bringing 500 million people to the blockchain network by 2028 would be facilitated by use cases that introduce them to blockchain without them knowing at the forefront.
The upward trend in Notcoin's value appears to be fueled by escalating retail interest through social media platforms, as reflected in Notcoin's rise to its all-time peak. A post by Alphascan on June 3 mentioned that just two weeks post its launch, Notcoin emerged as the second most mentioned cryptocurrency within a 12-hour span.
Notcoin has also garnered the position of the fifth most frequently-traded cryptocurrency in the market, exceeding a trading volume of $4 billion on June 3, outperforming USD Coin's (USDC) trading volume of $3.5 billion, based on Coingecko data.
Increased social buzz around Notcoin is also enticing 'whale' investors, who make larger investments, into the Telegram network. This information is backed by crypto analyst Ali Martinez's post on June 3, in which he highlighted a 237.5% surge in large Toncoin transactions valued above $100,000 in the preceding 24 hours, implying a strategic investment shift by these 'whales'.
The information provided in this article shouldn't be taken as investment advice or recommendations. Every investment or trading decision harbors risk, hence, readers are advised to conduct independent research before making a decision.
Published At
6/3/2024 7:56:45 PM
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