The notable play-to-earn cryptocurrency token, Notcoin (NOT), remains a magnet for investors due to its remarkable price surge. Despite the crypto market maintaining stability, NOT's significant rise has garnered attention from traders, indicating robust buying activity.
Notcoin's Market Cap Exceeds $2 Billion
On May 16, the NOT token made its formal debut. It plummeted by more than 60% following the revelation, from $0.012 to as low as $0.0050.
The token has, however, made an incredible comeback during the past week, increasing by more than 335% to hit an all-time high of $0.028. With a market capitalization of about $2.3 billion, NOT is already nearly among the top 50 cryptocurrencies. There was a 265% increase in the 24-hour trade volume to $4.3 billion from the day before.
The mechanics of Notcoin are being extensively discussed in the crypto world. Well-known trader Crypto Steam proposed that the introduction of the staking function, token burning, and market maker activity were the primary causes of the current upswing.
"About 18 million $NOT have been burned and permanently removed from the market (lowering sell pressure). Investors may factor in further burns even though this doesn't seem like much since, well, this is cryptocurrency and valuations don't have to make sense," according to Crypto Stream.
When Notcoin, a Web3 game on the TON blockchain, was first made available as a Telegram mini-app in January, it attracted over 35 million players very fast. It finished the biggest gaming token airdrop in the middle of May. By raising trade volume and market capitalization, listings on significant centralized exchanges have stimulated its expansion.
"Earnings missions" were introduced by Notcoin last week, increasing the utility and worth of the currency. By engaging in different tasks, users can now earn passive benefits with this new feature, which promotes community engagement.
June 2024, Cryptoniteuae