Notcoin ($NOT ) Drastic Drop: What Happened?
Notcoin (NOT), a cryptocurrency that received great support from Telegram, recently experienced a significant drop in value. After peaking at $0.037 upon debut, Notcoin's value plunged more than 85% in its first week of launch (Cryptonews) (BeInCrypto).
Factors Causing Decline:
Airdrop Token Sales: One of the main causes of the price drop is that many investors sell their airdrop tokens immediately after receiving them. This creates an oversupply in the market, which drastically reduces prices (BeInCrypto).
Market Volatility: Like many other cryptocurrencies, Notcoin is not immune to high market volatility. Despite receiving great support from the community and listing on large exchanges such as Binance, fluctuating market sentiment also affects the price (Cryptonews).
Lack of Investor Confidence: The rapid decline in prices made many investors lose confidence, so they chose to exit their investments before incurring further losses. This makes the situation worse by increasing selling pressure.
Actions Notcoin Team Takes:
To address this situation, the Notcoin team has introduced several initiatives such as staking campaigns to stabilize the price. They also offer access to exclusive allocations from other launches for Gold and Platinum tier users (BeInCrypto).
Looking Ahead:
Despite the sharp decline, efforts are underway to recover prices and re-invigorate investor confidence. With the various steps taken by the team and strong community support, there is potential for a rebound in the future. However, analysts remain cautious and predict that the Notcoin price may experience more fluctuations before finding a plateau (BeInCrypto)
With this development, investors are advised to remain vigilant and consider the existing risks before making further investments
