Notcoin has surged by 40% in value in the past 24 hours, with daily trading volumes skyrocketing by 450% to over one billion dollars.
Notcoin (NOT), which is based on Telegram, has seen a remarkable 40% increase in value over the past twenty-four hours, and its daily trading volumes have increased by a staggering 450% to more than one billion dollars.
This is in contrast to the general market correction. After a week of inactivity, investors are taking a breath of fresh air as they experience this bounce. There is a total market capitalization of $811 million for the cryptocurrency known as Notcoin (NOT), which is now trading at $0.007899.
The Explosive Growth for Notcoin
The astonishing expansion of NOT correlates with the growing popularity of Notcoin, which is a Web3 game that allows users to earn money by playing it. This game is hosted on Telegram.
Because it enables players to transfer their in-game currency into NOT tokens, this game has garnered a tremendous amount of attention from the enormous user base that Telegram possesses. As a result of the currency’s highly anticipated airdrop, which originally failed to produce quick benefits for holders, the coin enjoyed a significant comeback.
An influential cryptocurrency trader, Zen, has predicted that an optimistic mood for NOT will prevail in the medium term. “The long-term outlook is dependent on the market, but it is most likely optimistic as well.” The analyst continued by saying, “Drops are for buying.
“Notcoin’s social sentiment experienced a boost after the airdrop, and its subsequent price surge has put it back in the spotlight. Both developments occurred simultaneously.
The project team recently identified similarities between Notcoin and Bitcoin, and they celebrated this significant milestone by announcing the launch of NOT Airdrop Phase 1. 86.2% of respondents to a recent Twitter survey expressed a preference for Notcoin over Bitcoin, which received 13.8% of the votes.
29,711 participants participated in the online poll. Notcoin received an overwhelming majority of the votes. Over the past twenty-four hours, open interest has increased from $44 million to $101 million, precisely in tandem with a price increase of more than forty percent during the same time period.
The spike in the futures market implies that traders are showing a desire to take long positions, which indicates that the market is experiencing strong positive emotion. The recent increase in prices has also resulted in a frenzy of short liquidations, which has further contributed to the upward trend in prices.
NOT Open Interest Shoots
The data provided by Coinalyze indicates that around $4.4 million worth of short liquidations have taken place over the course of the past twenty-four hours. The introduction of a novel feature known as “earning missions” has led to a bullish attitude for Notcoin on the market.
Utilizing this functionality gives users the opportunity to earn NOT tokens passively by participating in partner projects and communities.Furthermore, players have the ability to increase their benefits by staking, with higher tiers giving greater returns with increased stakes.
Because of this development, the project is substantially more appealing to both prospective investors and those who have already supported it.