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Recently launched Notcoin (NOT) has shattered records multiple records since the token was launched. With its explosive increase in value, Notcoin, a relatively new cryptocurrency just introduced a month ago, has captured the attention of investors. The daily trading volume of the Telegram-based coin has increased to an astounding $4.54 billion, overtaking more well-known competitors like Solana and BNB in the process.
Notcoin's daily transaction volume has been one of its most impressive features. NOT quickly surged to $4.54 billion in volume, ranking fourth in the market and only behind industry heavyweights USDT, Ethereum, and Bitcoin. Investor interest has been piqued by this spike in activity, which has also generated optimism for the future of this intriguing asset.
Why is Notcoin Rising?
The quick rise of NOT has been attributed to several causes. First and foremost, the token's widespread appeal has been greatly influenced by its smooth integration with Telegram's sizable user base. Through the utilization of the social media platform's extensive reach, Notcoin has successfully drawn a diverse user base and established a robust sense of community.
Notcoin's ascent to its all-time high appears to be mostly driven by growing retail interest via social media channels. According to a June 3 X post by Alphascan, not quite two weeks after its introduction, Notcoin was the second-most referenced cryptocurrency in the 12-hour period.
Is Notcoin Price Rally an Aftermath of Successful Launch?
A digital asset's successful launch is usually linked to its good performance. This, which was evident with the launch of Bitcoin ETFs as well, can be seen in Notcoin's current price moves as well.
Since its May 16 introduction, Notcoin (NOT) has experienced a 600% price rally driven by greater market liquidity and investor activity as a result of its listing on Binance and OKX. Notcoin entered the top 10 cryptocurrencies in daily trading volume within 24 hours of the listing.
Within 24 hours of its launch, Notcoin generated almost $1.2 billion in trading volume, as the accompanying data illustrates. This incredible accomplishment indicates that there is a significant demand for the cryptocurrency asset, as evidenced by the rapid rise in trading volume, which on May 16 caused the price to rise 600% parabolicly, from $0.001 to $0.0099, with a peak market value of $715.7 million.
The successful launch was also followed by a continuous uptick in trading volume. Just a few days after the launch, according to May 19 data, Notcoin's market capitalization hovered around $578 million, with a 24-hour trading volume of $214.7 million. This results in a 37% TVMC (trading volume to market capitalization) ratio.
A larger trading volume to market cap ratio suggests that trading activity is substantial concerning the market cap. If buying demand is driving the market, this i a bullish indication of strong investor interest. On the other hand, it may be negative if the large trading volume is the result of selling pressure.
