Notcoin
From a comprehensive perspective, the Notcoin project has received official support from TON and has a huge user base, making it a potential meme coin choice to break through the circle. However, the risk lies in the unclear token economy at the moment.
Authored by LD Capital, this article was originally published in March this year.
1. Backed by TON with 900 million monthly active users
The Open Network (TON), formerly known as Telegram Open Network, was created by the Telegram team in 2018. After being accused by the SEC of conducting an unregistered securities offering during the ICO era, the Telegram team paid a fine, reached a settlement, and abandoned the project. The community-based TON Foundation then took over the development and operation of the project. Although there is a nominal separation between Telegram and TON, their actual connection remains direct. TON has always been the only public chain officially supported by Telegram and continues to be deeply integrated with Telegram. TON will continue to benefit from Telegram’s huge user base and traffic, while Telegram will build a decentralized digital ecosystem with freedom and privacy through its support for TON. Telegram has attracted numerous global users with its commitment to freedom of speech and privacy protection. It has over 1.3 billion registered users and nearly 900 million monthly active users (MAU). Telegram also has a significant advantage in acquiring Web3 users due to its relaxed speech environment and regulatory environment. Almost all Web3.0/Crypto projects operate communities on Telegram, and Telegram’s user distribution is concentrated in Asia, Europe, South America, and the Middle East. It has a significant number of retail investors who have a strong demand for peer-to-peer payments, making it an ideal group for Web3 conversion.
Recently, in addition to Telegram founder Durov considering an IPO, he also officially announced the official sales channel for TON tokens on his personal channel. Telegram’s advertising platform will be officially opened to all advertisers in nearly a hundred new countries. To ensure fast and secure advertising payments and withdrawals, the platform will specifically use the TON blockchain. Content creators will be able to cash out their Toncoin or reinvest it to promote and upgrade their channels. These actions will accelerate the development of the TON network and truly expand the use cases and scenarios of blockchain.
2. Viral Notcoin
Notcoin is a free and easy-to-use Telegram game where players earn coins by tapping the screen of their mobile phones. Since its launch on January 1, 2024, it has gained popularity, with over 30 million participants and a daily active user (DAU) of 5 million, making it the fifth-ranked channel on Telegram.
According to statements from the TON Foundation and interviews with external sources, Notcoin is being developed by Sasha Plotvinov, the founder of Open Builders. Open Builders is an organization dedicated to providing funding for projects on the TON blockchain. It is related to Tonstarter, a platform that successfully raised $1.5 million in seed funding last year to support projects based on the TON blockchain. Additionally, TON’s official Twitter account has retweeted tweets related to Notcoin multiple times. Notcoin’s official Twitter account currently has 1.5 million followers.
In early March, Notcoin introduced a feature that allows elite players to convert a large amount of in-game currency into NFT vouchers, which can be traded before the official token issuance. Players can choose to exchange 10 million or 100 million in-game coins for NFT vouchers. These NFT vouchers are currently available for early trading and pricing on the TON ecosystem NFT trading platform Getgems. After the tokens are officially issued on the chain, the NFT vouchers can be exchanged for tokens.
According to a representative from Notcoin’s game, the token generation event and subsequent airdrop activities for players will take place at the end of March or early April.
3. Comparison of Relevant Data
According to data from the 27th, there are about 500,000 circulating Notcoin NFTs, with a current value of 10M=9TON (calculated at 5U), a market value of approximately $22.5 million, a total trading volume of 2 million TON, and a trading volume of approximately $10 million.
Since March 15, trading volume for Notcoin NFTs has become active, with a recent peak of 25,000 trades on the 25th. The average price was 10M=6.7TON, with a trading volume of $837,500. On the 26th, there were 21,000 trades with an average price of 10M=9.9TON, and a trading volume of $1,039,500. The highest price occurred on the 13th at 10M=66TON, while the lowest price occurred on the 20th at 10M=3.7TON.
Bybit announced on Monday that starting from 10:00 AM UTC on Monday, the meme coin Notcoin ($NOT) based on Telegram will be listed on its pre-market trading platform. According to data from the 27th, Bybit’s pre-market trading quote is 10M=60-90 USD, with a significant premium compared to NFT market trading.
Compared to FISH, the meme coin that currently ranks first in the TON ecosystem, with a market value of $39 million and a 24-hour trading volume of 2.55 million, Notcoin has about half the market value and trading volume during the NFT trading stage.
4. Conclusion
Currently, becoming popular through meme coins has become an important way for public chain ecosystems to break through. The TON ecosystem is still in its early stages, but with the massive user base provided by Telegram, its development potential is unquestionable. In terms of the development of the ecosystem’s Total Value Locked (TVL), meme coins can drive short-term popularity more easily. From a comprehensive perspective, the Notcoin project has received official support from TON and has a huge user base, making it a potential meme coin choice to break through. However, the risk lies in the unclear token economy at the moment. With over $20 million worth of NFTs already circulating before the secondary listing, there may be significant selling pressure when they go live. However, based on the fundamentals, this project is believed to have potential in the medium term.
Tags:
MEME
NFT
Notcoin
OTC
SEC
Payments
Data
Source link:
https://ld-capital.medium.com/ld-capital-%E7%97%85%E6%AF%92%E5%BC%8F%E4%BC%A0%…
Note: The opinions expressed in this article by LD Capital do not constitute investment advice.
Original article link:
https://www.bitpush.news/articles/6696441
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