beincrypto.com
Popular play-to-earn token Notcoin (NOT) continues to attract investors with its impressive price performance.
With the overall crypto market staying steady, NOT’s massive surge has caught the eye of traders, showing strong buying interest.
Notcoin Surpasses $2 Billion Market Cap
The NOT token officially launched on May 16. After the release, it dropped by over 60%, falling from $0.012 to as low as $0.0050.
However, in the last week, the token has made a stunning recovery, rising by over 335% to reach an all-time high of $0.028. NOT’s market cap has grown to about $2.3 billion, pushing it close to the top 50 cryptocurrencies. The 24-hour trading volume surged to $4.3 billion, a 265% increase from the previous day.
The crypto community is actively discussing Notcoin’s dynamics. Prominent trader Crypto Steam suggested that the main triggers of the current rally were the launch of the staking function, token burning, and market maker actions.
“Around 18m $NOT have been burned and taken out of circulation forever (reduced sell-pressure). While this doesn’t seem a lot investors might price in additional burns in the future, it is crypto after all and valuations don’t have to be reasonable”, Crypto Stream noted.
Read more: 5 Best Toncoin (TON) Wallets in 2024
Notcoin, a Web3 game on the TON blockchain, was released in January as a Telegram mini-app and quickly gained over 35 million players. In mid-May, it completed the largest gaming token airdrop. Listings on major centralized exchanges have fueled its growth by increasing trading volume and market cap.
Last week, Notcoin launched “earnings missions,” boosting the token’s functionality and value. This new feature allows users to earn passive rewards by participating in various quests, increasing community activity.
Although NOT is relatively new to the market, its strong community support, engaging reward systems, and backing from key figures position the token for further growth.