Why is Notcoin up 300% in the last week?
The price of Notcoin (NOT) surged over 300% last week to a new all-time high. Can the NOT token continue its parabolic rise due to social buzz?
Notcoin rises 320% in one week, new all-time high.
Notcoin's price rose more than 323% last week, reaching a new all-time high of $0.02896 on June 2, according to TradingView data.
In less than two months, NotCoin, a monetization game and token integrated as a Telegram mini-app, has attracted more than 30 million users on Telegram, introducing a new wave of new entrants into the cryptocurrency space.
Notcoin was listed on the Baybit exchange for trading on May 16. It has not risen more than 200% in the last two and a half weeks since it was listed.
Following the rally, Notcoin reached a market capitalization of $2.3 billion, becoming the 51st largest cryptocurrency tracked by CoinMarketCap.
According to Justin Yun, director of investments at the Ton Foundation, Notecoin and other Telegram mini-apps will be a “Trojan horse” for mass blockchain adoption among the next 500 million crypto users.
In an interview with Cointelegraph, Hyun said:
In the year Bringing 500 million people on the chain by 2028 – that's our goal – will require blockchain-related issues without the user being aware of the front-end.
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Social sentiment is not a driving price rally.
Growing retail demand through social media platforms appears to be one of the main drivers of Notcoin's rally to the top.
Just two weeks after its launch, NotCoin became the second most quoted cryptocurrency in a 12-hour timeframe, as posted by Alphascan on June 3.
The second most key quoted token in the last 12 hours. One of the most key quoted tokens on the daily schedule… 45% of all weekly quotes occurred in the last 24 hours and 81% of daily quotes occurred in the last 12 hours.
Demonstrating growing investor interest, NotCoin became the fifth-most traded cryptocurrency on the market, with a trading volume of more than $4 billion on June 3 – surpassing the US dollar coin (USDC)'s $3.5 billion trading volume, according to CoinGecko.
The growing social sentiment around NoteCoin has attracted many large investors or whales to the Telegram ecosystem, namely TonCoin (TON), according to crypto analyst Ali Martinez. In a June 3 X post to his 63,400 followers, Martinez wrote:
“In the last 24 hours, large Toncoin transactions (over $100,000) have increased by 237.5%! This significant increase in activity by Tonwell indicates a strategic change in their investment and position.”
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This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
