The NOT token of the viral tapping game Notcoin rose in price by 100% over the weekend, and by 280% over the week, exceeding $0.02. The cryptocurrency managed to reach the levels that were recorded against the background of its listing, which is rare for new coins.
The team of one of the largest crypto exchanges, OKX, told the editors of BeInCrypto what the growth of cryptocurrency is connected with and how to make money on the positive movement of Notcoin.
What's happening with Notcoin
On the morning of June 3, the price of NOT reached $0.0289 and approached the listing levels that took place in mid-May. This behavior is rare for new cryptocurrencies. Most coins crash after listing and recover within months.
Trading volume over the past 24 hours exceeded $4.7 billion, which allowed NOT to catch up with the largest cryptocurrencies.
Notcoin's capitalization exceeded $2 billion, and the number of NOT holders exceeded 1.6 million, which exceeds the results of SHIB (1.4 million), Bonk (731 thousand) and Pepe (235 thousand).
Notcoin: 3 reasons
Traditionally, after listing on large centralized crypto exchanges, new coins plummet due to a sell-off by early investors. The NOT path only partially repeated the fate of other crypto projects. The coin fell in price after listing on May 16, but after a couple of weeks Notcoin returned to growth. There are 3 reasons for the positive dynamics of cryptocurrency.
No. 1. Resumption of gaming mechanisms in the Notcoin application
The rapid recovery of the NOT rate was preceded by the resumption of gaming mechanisms in the Notcoin application. But now we are not talking about “tapping” on the screen, which stopped on April 1, but about interaction with other game projects.
Notcoin acts as an infrastructure to promote new games with a large and active user base. Young gaming projects use Notcoin as a platform to introduce users to their product. This happens in a game format, through completing tasks for a reward in the form of NOT. This approach sets Notcoin’s business model apart from other platforms. Competitors pay rewards in tokens of the projects themselves, which means users may stumble upon unclaimed “candy wrappers” instead of real coins.
Additional incentives are provided for users who have staked their NOTs: their rewards are greater than those of base-level users, and they have access to the most profitable tasks. Thus, users are interested in being NOT holders, sending them for staking and continuing to earn NOT in the gaming format. This approach supports the coin rate.
No. 2. Crypto exchange support
The sharp increase in the NOT rate was also facilitated by active support from crypto exchanges, where the coin appeared on May 16. Even before listing, the exchanges carried out promotional campaigns to promote NOT on the market with the opportunity to earn NOT through mining or staking.
After the listing, support increased. Promotional campaigns have been launched to stimulate trading activity among NOT holders. For example, after listing, OKX ran a “Trade and Earn” campaign for traders with a prize pool of 300,000,000 NOT, and now it has launched an “Airdrop Fest” campaign with a prize pool of 200,000,000 NOT and 5,000 TON for active trading of NOT, TON and others in pairs. OKX also launched a grid bot for trading NOT pairs on the futures and spot markets, and an earn product for NOT staking.
No. 3. Burn plans NOT
The upcoming burning of a large volume of NOT in June, which was previously announced by the Notcoin team, will reduce the number of tokens on the market. Such changes traditionally support the rate and often lead to a new wave of growth.
On June 16, NOT withdrawal from @notcoin_bot will be closed. The step will affect coins that were not branded by users, that is, they were not withdrawn to another wallet, crypto exchange, or sent for staking. Some of the unclaimed tokens will be used to finance the project, and the rest will be burned.
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