After a continuous downturn for the last few weeks, now the cryptocurrency market is recovering and today on June 25, 2024, the recently listed Notcoin (NOT) also gained a price surge of 6%. In this ongoing price surge recently Notcoin community made a post on X, that they have just burned $3 million worth of NOT tokens from the emission.
Notcoin community burn $3 million worth NOT tokens
Besides token burning, the community also added that $4.2 million worth of NOT tokens will also be distributed as an incentive for Gold and Platinum users of Notcoin Explore. Additionally, the community in another post shared the tokenomics structure where they highlighted that “94.18% is in the hands of 11.5 million people, including traders, miners, stakers, etc. and remaining 5.82% is in the treasury for the next years of development.”
As a result94.18% is in the hands of 11.5M people, including traders, miners, stakers, etc.5.82% is in the treasury for the next years of development.With the community as a main stakeholder, the future seems bright.Thank you all, frens.You made it.
— Notcoin Ø (@thenotcoin) June 25, 2024
Following this massive update, there is a high chance that the NOT token price could surge in the upcoming days as the market sentiment changes. As of now, NOT is moving near $0.014, and in the last 24 hours, it experienced over 6% price surge. However, during intraday, it also reached a low of $0.132 level. Despite an impressive performance in the last 24 hours, the trading volume has dropped by 9% suggesting lower investor and trader participation.
If we look at the performance of NOT over a longer period, in the last 7 days due to the bearish market sentiment it lost 6% of the gain. Whereas, in the last 30 days NOT token price is up by 185%.
Notcoin technical analysis and key levels
According to expert technical analysis, NOT is looking bullish as the token moves upward after retesting the previous support level. Besides this, there is also a formation of a bullish flag and pole observed on a daily chart of NOT tokens. If the NOT token gives a strong candle closing above $0.0158 then there is a high potential that NOT could reach the $0.022 level.
However, in the last 24 hours, the open interest of NOT has surged by 6% indicating investors’ and traders’ interest and confidence in NOT tokens. Whereas, the 4.7% of OI surge is observed in the last 4 hours.
