Notcoin (NOT) Whales Accumulate as Price Surges 11%

There is a growing suspicion of whale accumulation of Notcoin (NOT), the native crypto of a Telegram-based game that allows players to earn tokens by tapping a virtual coin and completing in-game tasks. According to IntoTheBlock, the number of whales holding NOT increased in the past month, particularly last week.

NOT’s price reflects this accumulation, with the crypto asset surging over 11% in the past month. TradingView data shows that in the past four weeks, NOT has climbed from $0.0076 to $0.0085. The token’s price rebound has boosted users’ hopes for a potential recovery for the game-based crypto after a significant pullback.

Notcoin’s Rapid Rise and Subsequent Retracement

Notcoin runs on the TON (Telegram Open Network) blockchain, a protocol known for its high transaction throughput and security features. NOT launched for trading in mid-May 2024 and surged over 2,800% in less than one month. Analysts attributed NOT’s rapid rise to high adoption, with over 35 million users participating in the project’s token redemption exercise when it launched in May.

Notcoin’s market cap reached $2.56 billion in the early weeks before falling back. CoinmarketCap data shows this value has dropped to $855.6 million at the time of writing. However, the chart pattern suggests the pullback may be finding a bottom.

Notcoin’s initial price rally took the in-game asset to an all-time high of $0.0293 before retracing. According to TradingView data, the cryptocurrency was trading at $0.00833 at the time of writing, down 71% from its all-time high.

Given IntoTheBlock’s observation and Notcoin’s recent price activity, users are optimistic about NOT’s future. The latest rally began after multiple retests of the support level around $0.069. Analysts expect NOT to break above resistance at $0.0106 to confirm a trend reversal and initiate a significant uptrend.