The Notcoin team’s Twitter poll, with 29,711 participants, revealed strong support for Notcoin, with 86.2% preferring it over Bitcoin’s 13.8%.
By Bena Ilyas
Edited by Julia Sakovich
Updated
2 mins read
The cryptocurrency market continues to experience a correction, with many major coins seeing price drops. However, Telegram-based play-to-earn project Notcoin (NOT) is bucking the trend, surging an impressive 40% following a week of relative inactivity for the coin and emerging after its highly anticipated airdrop.
Photo: CoinMarketCap
While the initial airdrop didn’t result in immediate gains, it has undeniably sparked renewed interest in Notcoin. Notcoin is still 20% up, with its market cap standing at $968 million within the last 24 hours. This surge coincides with a massive 18% increase in daily trading volume, surpassing $1.25 billion.
Analysts believe the recent price increase is heavily influenced by the growing popularity of Notcoin’s play-to-earn Web3 game hosted on Telegram. The game allows users to convert their in-game currency to NOT tokens, attracting a large portion of Telegram’s vast user base.
Adding fuel to the fire, renowned cryptocurrency trader Zen has expressed a bullish outlook for NOT in the mid-term. While acknowledging the long-term dependence on the broader market, Zen remains optimistic, stating that “dips are for buying”.
$NOT coin covered the gap left from after-launch sell off. Basically that is the main resistance area – if manage to close above most probably will attack 0.0068 POC. If not, might pull back to breakout level under 0.006
— Zen (@WiseAnalyze) May 27, 2024
Mid term bullish. Long term depends on the market, but… pic.twitter.com/5WiBahvRrQ
Following the airdrop, Notcoin’s social media has seen a significant boost. The team recently compared Notcoin to Bitcoin, marking this occasion with the NOT Airdrop Phase 1 announcement. A Twitter poll with over 29,711 participants showed strong support for Notcoin, with 86.2% choosing it over Bitcoin (13.8%).
Limited supply
— Notcoin Ø (@thenotcoin) May 25, 2024
Wide distribution
Still cheap
Adding to the positive outlook, a recent price increase triggered a wave of short liquidations. Data from Coinglass shows over $3.90 million in short positions were liquidated in the last 24 hours. This happens when traders betting on Notcoin (NOT) price falling are forced to buy it back to cover their losses, pushing the price even higher.
Beyond the airdrop, Notcoin is attracting investors with innovative features like “earning missions”. This program allows users to passively earn NOT tokens by simply engaging with partner projects and communities.
Additionally, users can significantly increase their rewards by staking their NOT holdings, with higher tiers offering substantial returns. This combination of earning opportunities makes Notcoin a compelling proposition for both new and existing investors.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
