On June 3, according to CoinGecko market information, NOT's 24-hour total network transaction volume reached US$4.646 billion, ranking fourth in total network transaction volume after Bitcoin, Ethereum and USDT.
The trading volume of NOT/USDT on Binance reached $2.175 billion, accounting for 46.56% of the total trading volume of the token, and the trading volume of NOT/USDT on OKX reached $628 million, accounting for 13.45% of the total trading volume of the token. As of writing, the price of NOT is $0.02.
Can NOT continue its upward trend? In the article “What factors drove the surge in NOT?”, the views of other researchers were summarized. This article will review Notcoin’s path to becoming popular based on the timeline.
From Telegram to Binance
NOT’s price increase cannot be separated from the support of Binance. Perhaps, as some people in the community say, “the Binance cartel is real,” most of the tokens supported by Binance will magically rise.
(Translator’s note: A cartel is a monopoly structure, and the author is actually referring to the potential manipulation of the market and the price of a particular token)
Of course, NOT itself has reduced its circulating supply through the staking function, and the token destruction by ecosystem projects is also one of the main reasons for its rise. About 18 million NOT (about $350,000) were destroyed and permanently withdrawn from circulation (reducing selling pressure). Crypto community member @CryptoStreamHub said that although this does not seem to be much, investors may expect more destruction in the future. After all, this is a cryptocurrency, and the valuation does not have to be reasonable.
TON’s popular meme
In mid-November 2023, the TON ecosystem exclusive conference The Gateway was held in Dubai. The theme of the conference was to bring cryptocurrency into everyone's pocket by building the Telegram Web3 super application.
Notcoin made its debut at a conference attended by more than 500 crypto enthusiasts, developers, and investors.
Although Notcoin is part of the TON ecosystem, the relationship between Notcoin and TON goes beyond this. Notcoin's promoter Sasha Plotvinov is the CEO of Open Builders, and the products of Open Builders and the TOP organization of Andrew, the founder of the TON Foundation, basically overlap. It can be said that they are basically the same group of people. This gives Notcoin a stronger endorsement.
After the conference, a small number of KOLs appeared in the tg group to promote Notcoin, and launched invitation rewards at the end of the month. After entering December, with the promotion of Andrew, the founder of the TON Foundation, Notcoin began to gradually get on track, and the beta version points were reset to zero on January 1, 2024 with the release of the official version.
On the other hand, the meme pattern brought by Solana this year has given memes a certain ecological niche on the public chain, while there is no meme ecological niche on Ton, which also allows NOT to have a meme pattern on TON. As ACcapital founding partner @TeddyAC 01 said, Notcoin brings traffic to Ton, and Ton tilts its operating resources towards Notcoin.
However, there have been many articles about whether the NOT meme can help TON, and Notcoin officials said that they have never been just a meme coin.
Early Layout of Binance
After Andrew’s promotion, Notcoin cooperated with multiple projects, such as issuing points for holding a certain NFT, which largely enabled Notcoin to achieve the feat of 20 million users in 26 days. As a result, Notcoin attracted the attention of Binance and launched a joint event on February 29.
Image source: Community tg screenshot
Subsequently, Notcoin announced on April 12 that it had completed the point mining after three months. On May 9, OKX Jumpstart launched NOT (Notcoin), where TON holders can stake TON to mine NOT tokens, with each person staking up to 4,000 TON.
On the same day, Binance launched the 54th new coin mining project, using BNB and FDUSD to mine Notcoin (NOT). Notcoin (NOT) was officially listed on May 16, and the NOT/BTC, NOT/USDT, NOT/BNB, NOT/FDUSD and NOT/TRY trading markets were opened.
More than Tap-to-Earn
Notcoin is essentially a game that mines through clicks, and the track is still in the niche stage. But on May 26, according to data from Artemis, an on-chain analysis agency, Aptos also created a single-day transaction volume of 95.6 million transactions due to the "click mining" game Tapos, breaking the historical record of L1 public chain single-day transaction volume.
In addition, Notcoin’s invitation and team mechanism also enabled the project to achieve viral marketing and become popular.
But Notcoin’s success is not just based on new narratives. When reviewing Notcoin’s success, ACcapital founding partner @TeddyAC01 said that Notcoin’s success cannot be replicated.
Since Notcoin is a user group that directly uses Telegram, Telegram can increase the cost of making money. In addition, Notcoin stated that it was "probably nothing" during its promotion, which raised the cost of making money for Notcoin.
In addition, @TeddyAC01 also said that the market determines that the God Plate cannot be copied. Web3 projects are extremely network-scale economies. Our market is a unified large market, and the market segmentation is not that large. Copycats are directly competing with God Plates, and they cannot win or lose. If they win, the God Plate will collapse and copycats will collapse as well. Now is the middle and late stages of the bull market, and copycats need to develop for half a year like Notcoin, and there is no time.
According to Notcoin officials, it will transform into a culture + ecosystem and launch win-win subsystems. Notcoin Explore is one of them, and games and competitions will continue to be explored.
Notcoin says that some of these subsystems will be working and evolving from day one (and exploration has yielded great results so far). The main goal is to build enough working, value-added subsystems with the community over the next 4-5 years to be fully autonomous and self-evolving. Of course, with Notcoin values at the core.
