Notcoin price has staged a strong comeback in the past few days, making it one of the best performers in the crypto industry. The NOT token soared to a high of $0.0080 and is hovering at its highest swing since May 17th. This surge has brought its total market cap to over $840 million.
Meme coins are soaring
Notcoin token price surged because of the ongoing demand for meme coins. As we reported on Monday, meme tokens like Floki, Jasmy, and Myro have all staged a strong comeback in the past few days.
This performance is happening as investors cheer the recent Ethereum ETF approval by the Securities and Exchange Commission (SEC). The agency approved three ETFs and is still working on a few more.
Analysts are optimistic that these ETFs will do well when they start trading because Ether has always done better than Bitcoin (BTC). Bitcoin ETFs have added over $50 billion in assets. As such, even if Ether adds half of that, it will be a significant figure.
These tokens are surging as traders anticipate that some companies will file for some meme coin ETFs like Dogecoin and Shiba Inu. I believe that the SEC would not approve some of these funds because of the risk to investors.
Bitcoin inverse H&S pattern and Consensus
The other reason the Notcoin price is doing well is that the Bitcoin price has formed an inverse head and shoulders pattern. In most cases, this is one of the most popular bullish signs in the market.
It signals that BTC could soon jump and move above its all-time high of over $73,800. If this happens, meme coins like Floki and Notcoin will also rise since they tend to do better than Bitcoin during bull runs.
The upcoming Consensus event in Texas likely catalyzes the Notcoin price. The event, which Coindesk operates, is the biggest gathering of all leading figures in the crypto industry and policymakers.
In the past, cryptocurrencies have done well during the Consensus week because of the optimism among the participants.
For starters, Notcoin is a recently launched cryptocurrency in the Toncoin ecosystem. It is a play-to-earn network with over 35 million users globally. It launched its airdrop on May 16th, 2024, and achieved a $1 billion market cap for some time.
The NOT token then dived as many airdrop holders exited their trades. This is a popular price action that happens when there is an airdrop. Therefore, the ongoing rebound is happening as investors buy the dip.
