Experts named the reasons for the rise of Notcoin and assessed the growth potential of the token. News title collage.
Since Notcoin's listing on cryptocurrency exchanges, its rate has jumped by 2981%.
Analysts studied the reasons for the rapid growth and shared their opinions on the prospects for the asset.
Some experts expect a correction, others talk about a good foundation for further upward movement.
Over the past week, the Notcoin (NOT) rate has soared by 177%, according to TradingView. A slight drop immediately after listing on a number of exchanges was replaced by a rapid increase in the price of the asset. The editors of Incrypted collected the opinions of experts on the reasons for the growth and assessment of the future prospects of the token.
Bitget cryptocurrency exchange analyst Ryan Lee believes that one of the key reasons for Notcoin’s good start is its integration with the Telegram ecosystem. This allowed the token to gain access to millions of users who can conduct transactions directly in the messenger.
He also pointed out various use cases for the asset and Notcoin's significant impact in the decentralized application space. According to the expert, indicators such as the relative strength index (RSI) and moving averages indicate the stable dynamics of the token.
Lee believes Notcoin will continue to grow despite market fluctuations and some risks. In his opinion, the capitalization of the asset in the near future may increase significantly and reach indicators comparable to the largest memcoins, such as Dogecoin (DOGE) and PepeCoin (PEPE).
At the same time, Ryan Lee urged users not to let their guard down and closely monitor market indicators.
At the time of writing, Notcoin is up 2,981% since its listing on cryptocurrency exchanges, according to TradingView. The rate remains at $0.024, and the trading volume in 24 hours amounted to $2.2 billion. The market capitalization of the asset reached $2.46 billion.
Hourly chart of NOT/USDT on the Binance exchange. Source: TradingView
OKX exchange analysts emphasize Notcoin’s unconventional entry into the market. Many tokens fall in price after listing on large platforms, but in this case, everything developed according to a different scenario.
Although the asset’s rate dipped in the first days, the Notcoin gaming mechanism made it possible to support the coin, the company noted. Users continued to earn tokens in various ways, which attracted new users to its ecosystem, according to OKH.
This contributed to a rapid recovery from the initial correction, and Notcoin successfully broke through the $0.01 level at the end of May. Further, the upward trend only intensified, experts emphasized.
Another catalyst for growth was the active support of the project from large companies and cryptocurrency exchanges, analysts said. Many players in the crypto industry conducted promotional campaigns, increasing the hype around Notcoin. This has become an additional factor in the formation of a user audience, OKX is confident.
Platform experts pointed to the fact that on June 3, 2024, the market capitalization exceeded $2.4 billion. As a result, Notcoin was among the top 50 crypto assets by this indicator, according to CoinMarketCap. All this, according to OKX representatives, indicates good growth potential.
The team at the analytics company CryptoQuant sees the token distribution model as the main reason for its success. They noticed that 69% of the Notcoin airdrop came from on-chain withdrawals. At the same time, about 23% went to stimulate the community, and the project strategy itself is primarily aimed at actively involving users, experts say.
A trader under the nickname Crypto Slam shared his opinion on the Notcoin rally. He is confident that the main drivers of growth were the burning of tokens, the launch of the coin staking function and the active actions of various market makers.
It is worth noting that the trader advised against buying Notcoin right now, as the risk of a correction has increased significantly. At the same time, he called the asset a “blue chip” of The Open Network (TON) ecosystem, which inspires optimism when it comes to the future of the token, according to Crypto Slam.
Co-founder of the Inc4 project Igor Stadnyuk also sees great potential in Notcoin. Pointing to the jump in the rate, the expert emphasized that the main question is not where the asset is now, but what heights it can reach. In an optimistic scenario, it allows for the price to rise to $0.4 by 2025 and rise to $2 over the next six years.
Stadnyuk believes that Notcoin is capable of crossing the $0.1 mark in the coming days. In his opinion, the asset is demonstrating growth rates that, to a certain extent, can be compared with Bitcoin and Ethereum.
Let us remind you that we wrote that Pavel Durov called $NOT “an amazing success story. Everyone should have it in their portfolio.