Prices have exploded over the past week, soaring 400% to an all-time high of $0.027.
Not started out as an in-game currency for a Telegram clicker game that launched in late 2023. Players could earn NOT tokens by clicking on virtual coins, a simple but addictive mechanic that attracted the popular messaging platform’s large user base.
This initial success paved the way for a wider integration with Telegram in May 2024, allowing users to earn tokens through various “earning quests” and tasks. This earn-while-playing model, coupled with Telegram’s large user base, appears to be key to Not’s recent surge.
The surge in Not’s price has also been driven by a significant increase in daily trading volume, which currently exceeds $4.5 billion per day. The increase in trading volume suggests that more investors and potential users are optimistic about it, and they also want to take advantage of the earn-while-playing opportunity that Not offers.
Not’s rise has attracted everyone’s attention and love, but such a rapid price increase has also raised concerns about a potential bubble.
This is further confirmed by on-chain data reports. One large investor (“whale”) has profited handsomely from the recent price surge. The whale reportedly purchased a large number of wrapped NOTs before NOT was officially listed.
After listing, the whale converted all of its wNOT holdings into NOT, thereby making over $862,000 in unrealized profits. The whale’s large holdings and potential future actions could affect the token’s price stability.
Another thing to consider is the current market FOMO sentiment. Novices are tempted by high returns and may enter the Not market without fully understanding the underlying technology or associated risks. This could lead to a situation where the price is inflated beyond the actual utility of the token, laying the foundation for potential future adjustments.
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