Notcoin (NOT), a well-anticipated cryptocurrency project launched in 2024 with over 35 million community members, has been successfully listed on several of the world’s leading crypto exchanges: Binance, OKX, Bybit, KuCoin, Bitget, Gate, MEXC, CryptoCom, and others. This follows a series of excitement and frenzy from the crypto community.
Notcoin started as a community token, introducing users to Web3 through a tap-to-earn game on the Telegram app. Operating on the TON blockchain, Telegram’s native blockchain network, it takes on the structure of a meme coin, setting it apart from other cryptocurrencies.
Early Trading Frenzy: Notcoin Sees $725 Million Volume in First Hours
The project was initially planned to launch on April 20, just a few days after its mining (tapping) concluded and coincided with the Bitcoin halving event. However, the original launch date was postponed, and $NOT has now begun trading.
The Notcoin project didn’t waste any time in making its mark. It quickly garnered significant attention from community members, catapulting its market capitalization to over $1 billion. This impressive feat secured its position at 93rd among all cryptocurrency assets. The distribution of airdrop tokens to millions of users on the largest centralized exchanges played a crucial role in this rapid success.
According to CoinMarketCap data, the token generated $725 million in trading volume within the first three hours of trading.
Can Notcoin (NOT) Overcome Selling Pressure?
The primary concern with the Notcoin ($NOT) token is the fact that the community possesses more than 70% of it. As a result, there is an anticipated significant selling pressure, and the Notcoin Market Maker would require sufficient liquidity to repurchase the influx of sales.
The selling pressure has already begun to affect the asset’s value, causing it to plummet by over 50% from its peak of $0.014 to approximately $0.0067, despite launching at its pre-market price of $0.01. As a result, its market capitalization has dropped to $673 million.
Referring to past data, the NOT token might persist in declining as selling pressure intensifies. For instance, take Blur, another popular cryptocurrency project that conducted an airdrop in February 2023. Initially, the price of Blur (BLUR) surged to $45.98 on February 13, 2023, but has since dropped by 99.2% to just $0.36.
Meanwhile, experts and many community members, around 0.44% of the world’s population, are behind the Notcoin project; big investors might be on the other side to buy back, stake, and lock on DeFi protocols. We may continue to experience a dump in the coming days, but it will likely not take 2 or 3 months before it bounces back.
However, as the project was launched on exchanges less than four hours ago, its future performance will depend on multiple factors in the coming days and weeks.
