Notcoin’s [NOT] ‘rocky’ launch – How a $1 billion start ended with a major sell-off

Notcoin’s price has dropped by more than 50% since its launch and that means…The wait is now over as the much-talked-about Telegram-based crypto Notcoin [NOT] finally arrived on 16 May. The launch wasn’t perfect, as the newcomer soon recorded a major drop in its price. However, it still managed to cling close to the top-100 list of cryptos. Meanwhile, Toncoin [TON] remained bearish on its charts. AMBCrypto previously reported that NOT was getting airdropped on 16 May, with several crypto-exchanges like Binance announcing that they would list the token. During the launch, the newly listed token had an initial price of $0.01, which translated into a $1 billion market capitalization.At the time of writing, NOT was trading at $0.006631 with a market cap of over $681 million, making it the 108th largest crypto in the market. Now, such price declines after airdrops aren’t something new as similar incidents have happened before. The primary reason why this happens is because of sell-offs by investors immediately after launch since they choose to earn profits, rather than hold.

The good news, however, is that Notcoin’s trading volume has remained high since launch. To be precise, NOT’s volume stood at $1.4 billion, earning it the 8th spot on the list of cryptos with the highest 24-hour trading volumes.While all this happened, Binance shared a major update for its audience. According to the same, the exchange has decided to remove the NOT/BTC trading pair, which was originally set to be listed on 16 May. This move was made in order to “provide a better trading experience,” Binance said.

Additionally, the Bollinger Bands revealed that TON’s price was still above its 20-day simple moving average (SMA). Hence, TON’s price might first drop to its 20-day SMA support, before gaining bullish momentum.

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