Notcoin Unstoppable! Token Soars Over 400%, Blazes New All-Time High

Christian Encila

1 year ago

4 mins read

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There is a fresh gold rush in the cryptocurrency industry, this time on a messaging app. Rising 400% during the previous week, Notcoin (NOT), a Telegram-based asset, has hit its all-time high of $0.027. This huge increase has left experts trying to figure out the motivating factor behind this social media-fueled frenzy.

From Humble Beginnings To Meteoric Rise

Starting simply as an in-game currency for a Telegram clicker game introduced in late 2023, Notcoin’s path started small. By tapping a virtual gold coin—a basic but compelling mechanism that drew a lot of users on the popular chat platform—players could win NOT tokens.

This first achievement opened the path for a more extensive connection with Telegram in May 2024 so that users could earn tokens by completing different “earning missions” and chores. Notcoin’s recent increase seems to be driven by this play-to-earning concept in tandem with Telegram’s enormous user base.

NOTUSD trading at $0.021 on the 24-hour chart: TradingView.com

Additionally driving the token’s explosive price is a notable increase in daily transaction volume. Now ranking among the top four most traded cryptocurrencies, Notcoin claims daily trade volume more than $4.5 billion. This increase in activity points to investors and possible new users ready to seize Notcoin’s play-to- earn possibilities.

Whales And FOMO: A Recipe For Volatility?

Unquestionably remarkable, the Notcoin surge is accompanied with voices of concern among the crypto world. The market for cryptocurrencies is well known for its volatility, hence such fast price rises can cause worries about possible bubble formation.

Reports from on-chain data source Lookonchain help to magnify this more. Lookonchain claims that the recent price increase greatly benefited a big investment (“whale”). Before the NOT official listing, this whale apparently bought a lot of wrapped Notcoin (wNOT).

The price of #Notcoin( $NOT) has risen by more than 400% in the past 7 days.

We noticed that a whale has an unrealized profit of $862K on $NOT.

He spent 50,550 $TON($278K) to buy 46.4B $wNOT before $NOT was listed.

1000 $wNOT can be exchanged for 1 $NOT.

On May 21, he… pic.twitter.com/Da29qniVzg

— Lookonchain (@lookonchain) June 3, 2024

Lookonchain notes that the whale turned their whole wNOT position into NOT upon listing, therefore producing an unrealised profit of over $862,000. The large possessions of the whale and possible future behaviour could greatly affect the price stability of the token.

The fear of missing out (FOMO) pushing the market now is another element to take under account. Attracted by the promise of large returns, new investors may be hurrying into Notcoin without properly appreciating the underlying technology or the hazards involved. This could cause the price to rise beyond the actual value of the token, therefore preparing the ground for a possible future corrections.

The Road Ahead For Notcoin

Notcoin’s success emphasises the increasing possibilities of including cryptocurrencies with well-known social media platforms despite their associated risks. Notcoin’s play-to–earning approach’s simplicity of access and user-friendly interface could be a guide for next blockchain integration in social media.

Long-term survival of the platform depends on its capacity to keep a good user base and show the actual value of the NOT token outside of its present gaming and task-based uses, though.

Featured image from Coben Executive & Corporate Advisory, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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