Toncoin (TON) price was in a tight range on Wednesday morning as traders focused on the upcoming Notcoin (NOT) airdrop withdrawal set for Thursday. TON has been one of the best-performing cryptocurrencies this week as it jumped to $7, its highest swing since April 19th. It was a 50% increase from its lowest point this month.
Notcoin airdrop ahead
There are two main catalysts for the Toncoin price this week. First, the withdrawal and listing of Notcoin airdrop tokens will happen on Thursday, 16th May.
The airdrop has attracted much attention and money, with the staked pool soaring to over $14 billion in assets from over 167k participants on the Binance exchange alone. This makes it the largest cryptocurrency launch of 2024 so far. It is set to be listed on the exchange in less than 12 hours from the time of writing this line.
$NOT is the community token for Notcoin, a platform that onboarded users through a tap-to-earn mining mechanism. Its game has become highly popular with over 35 million users globally.
According to Binance, Notcoin will have a maximum token supply of over 102 billion NOT tokens, with the launchpool token rewards being over 3.08 billion. The initial circulating supply of the token will be over 102 million.
Moreover, Notcoin will be the 54th project on the Binance launchpool project. The other most notable projects in this ecosystem are Sui, Sei, Athena, Pendle, Manta, and Klaytn.
Toncoin’s airdrop is notable because it is happening at a time when meme assets are surging. Meme stocks like AMC and GameStop have more than doubled even as the companies go through substantial challenges.
Therefore, there is a likelihood that the Notcoin price will surge hard initially after the airdrop. However, historically, some of these initial pops lead to a big pullback as initial buyers liquidate their positions to take profits.
For example, SUI token initially surged to over $4 after its airdrop in May and then retreated to a low of $0.36 in October. Similarly, Sei token soared to $040 and then dropped to $0.098 in the next few months.
Second, the Notcoin airdrop is happening at a time when Toncoin is gaining momentum as it becomes the fastest-growing blockchain network. Data by DeFi Llama shows that its decentralized finance ecosystem has soared to a record high with over $530 million in assets.
Most of the top platforms in Toncoin’s ecosystem are Tonstakers, STON.fi, bemo, and DeDust. Tonstakers and bemo are the biggest liquid staking platforms in the ecosystem with thousands of users who are earning over 3% APY rewards.
Toncoin price forecast
Turning to the daily chart, we see that the TON price has bounced back in the past few weeks. It has jumped from a low of $4.61 to over $7. Along the way, the token has constantly remained above the 50-day and 25-day Exponential Moving Averages (EMA).
It has also risen above the first resistance of the Woodie pivot point, which is a positive sign. Oscillators like the Relative Strength Index (RSI) and the Commodity Channel Index (CCI) have also pointed upwards.
A closer look shows that the token is slowly forming a double-top pattern at $7.67. In price action analysis, this pattern is one of the most bearish ones in the market. Therefore, more upside will be confirmed if the price surges above the crucial level of $7.67. If this happens, the token will likely rise to over $8.
