Impressive growth of Notcoin in July 2024

Notcoin ($NOT) made an impressive start in July 2024, with its market value rising 87.81% from $0.00912 to $0.1699 over the first weekend (July 6-8). However, this rally was short-lived due to a 20% correction. This growth followed a significant drop in the value of the token in the first week after its listing on exchanges.

In May 2024, Notcoin was added to major exchanges, but the initial hype quickly faded. Trading volume decreased from $1.24 billion to $120 million (-85%), and market value fell by 68.16% from $0.01445 to $0.004686.

These events raise an important question: what caused the initial fall? Many investors, including newbies, may struggle to answer this question.

Gaining attention and subsequent decline

Notcoin gained attention thanks to a popular Telegram-based game in which more than 35 million players could earn tokens by tapping on their phone screens. Players could use the tokens for various in-game activities, such as purchasing upgrades and participating in exclusive events.

The project received support from high-profile figures, including Telegram founder Pavel Durov, who publicly praised Notcoin. In addition, after a high-profile listing on exchanges, almost $1 billion in tokens were transferred to players and investors. The token reached a record value of $0.037 and became the eighth most traded cryptocurrency in the world just 24 hours after listing.

Reasons for the fall in value

The significant drop in the value of NOT is due to the massive sale of tokens that were given away for free to make a quick profit. Many participants, being young people with financial needs, sold their tokens, which led to an oversupply and a further decline in the price.

The project also suffered from speculation surrounding NFT vouchers introduced during the mining phase, which could be converted into vouchers and sold before the token launch. These speculations contributed to the initial rush and subsequent fall.

Stabilization measures and current prospects

The Notcoin team has taken various measures to stabilize the value of the token, including expanding benefits for users and launching the Telegram gaming accelerator in collaboration with Helika Gaming. As of July 24, 2024, NOT was trading at $0.01412 with a trading volume of $180,114,469 and a market capitalization of $1.4 billion.

Forecasts and current market sentiment

The market predicts that the token's value could reach $0.052105 by August 14, 2024, indicating a potential growth of 235%. The current Notcoin price today is $0.013103 with a 24-hour trading volume of $149,098,650.  Notcoin price has fallen by 6.78% in the last 24 hours. CoinMarketCap's current ranking is#62with a current market capitalization of $1,342,966,356. There are 102,491,025,349 NOT coins in circulation and the maximum supply.

Also today I made a purchase in 2 days as part of an investment show. I made some minor adjustments, you can read them in the Sunday issue

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