Notcoin is a new cryptocurrency that has recently gained traction in the crypto market, mainly because of its unique approach to blockchain technology and its community-driven spirit. The coin has been trending in the Telegram community since its closed beta version was launched in November 2023. Its unusual name keeps everyone wondering what it is and why it is trending. Let us take a closer look at Notcoin and see why it has become so popular.
What is Notcoin (NOT)?
Notcoin is a digital cryptocurrency that is designed to work exclusively within Telegram, the popular messaging app. It is a tap-to-earn game that works on the TON ( Telegram Open Network) blockchain. It was launched in January 2024 to the public and is different from other cryptocurrencies in that Notcoin is tailored especially for Telegram users which makes it easy for them to send and receive crypto while on chat with their friends and family. It is a combination of gaming and Decentralized Finance (DeFi).
The project was created by Open Builders, a pseudonymous team that is led by Sasha. Notcoin was introduced as a simple clicker game where users could earn in-game coins by clicking on its image. These coins could later be converted into the NOT token, which could be withdrawn and used in cryptocurrency platforms for transactions.
Since it is integrated with Telegram, the TON blockchain has high security and transaction speed, which makes it an attractive option for users. It has witnessed rapid adoption thanks to the project’s simplicity and ease of use.
Why is Notcoin Trending?
Notcoin (NOT) has gained popularity recently due to many reasons:
- Listing on Bybit: In MAy 2024, Notcoin was listed on Bybit, which is a major cryptocurrency exchange. This listing allowed users to trade the token and withdraw it through the TON network, thereby increasing its liquidity and attracting new market participants.
- Price Surge: Notcoin’s price has seen a notable increase in recent months. After experiencing a decline, the token’s value increased by 30% within a week, which gave strong buying pressure. This has brought Notcoin back into the spotlight, especially on social media platforms.
- Earn Program: Open Builders introduced the Earn program, which rewards Telegram users for holding TON-based tokens. This encourages participation in the ecosystem by offering token rewards without complicated staking mechanisms. The program has boosted Notcoin’s popularity and engagement among its users.
- Integration With Telegram: Telegram has more than 700 million active users all over the world, which makes it a perfect platform for introducing cryptocurrency. This removes the need for separate wallets or platforms, making the user experience more streamlined.
- The Appeal of GameFi: Notcoin has tapped into the rising trend of GameFi in the crypto world by offering games and challenges within Telegram where users can earn rewards in the form of Notcoin tokens and has attracted a large audience.
- Low Entry Barrier: Notcoin is easy to use and does not require technical knowledge or complicated setups which makes it beginner-friendly.
- Technical Breakout: Notcoin’s price had a breakout from a falling wedge on the daily chart, and had a bullish chart pattern which shows strong buying pressure. This has contributed to the token’s recent price increase and positive market sentiment.
Tokenomics of NOT
Notcoin has a total supply of approximately 103 billion tokens, with an initial circulating supply of 102, billion tokens that were released on launch day. 78% of this (around 80.2 billion) was allocated to early miners and voucher holders so that a major part of the tokens remain within the community while 22% of it is reserved for new users and future development phases.
On its launch, Notcoin received a trading volume of $294 million within the first hour of trading. It has a market capitalization of approximately $1.47 billion. Token holders can stake their NOT tokens and also it follows a burning mechanism. This is done to manage inflation and improve token scarcity, removing a portion of tokens from circulation during transactions.
Final Thoughts
As Notcoin continues to gain momentum, its future looks promising. It gives gamers the opportunity to earn real value from their gameplay. Apart from giving financial incentives, this play-to-earn model of Notcoin also instills a sense of achievement and competitiveness among the players. This crypto has already shown real-world applications through its success.
The game attracted more than 4.1 million players in the first week of its launch. This rapid adoption shows Notcoin’s potential to both engage users and create value. NOT aims to expand within the TON ecosystem and plans to develop more Web3 products. Its focus on community involvement and innovative tokenomics positions Notcoin for future growth in the competitive cryptocurrency landscape.
Disclaimer: This is not financial advice and is based on publicly available information. Please DYOR before you make any decisions.