On June 3, according to CoinGecko market information, the 24-hour trading volume of NOT reached 4.646 billion US dollars, ranking fourth in the world in terms of trading volume, only behind Bitcoin, Ethereum, and USDT. Among them, the trading volume of NOT/USDT on the Binance platform reached 2.175 billion US dollars, accounting for 46.56% of the total trading volume of the token. The trading volume of NOT/USDT on the OKX platform reached 628 million US dollars, accounting for 13.45% of the total trading volume of the token. At the time of writing, the price of NOT was $0.02.
Can NOT continue its upward trend? In the article “What Factors Drove the Surge of NOT?”, the views of other researchers were summarized. This article will retrace the rise of Notcoin from a timeline perspective.
From Telegram to Binance, the rise of NOT cannot be separated from the support of Binance. It is perhaps like someone in the community said, “The Binance cartel is real.” Tokens supported by Binance often experience magical price increases. Of course, NOT itself reduces its circulating supply through mortgage functions, and token burns conducted by ecosystem project parties are also one of the main reasons for its rise. Approximately 18 million NOT (about $350,000) were burned and permanently removed from circulation (reducing selling pressure). CryptoStreamHub, a member of the crypto community, stated that although this may not seem like a lot, investors may expect more burns in the future, after all, this is cryptocurrency, and valuations do not necessarily have to be rational.
TON’s breakout meme. In mid-November 23, the exclusive TON ecosystem conference, The Gateway, was held in Dubai. The theme of the conference was to bring cryptocurrency into everyone’s pockets by building a Telegram Web3 super app. Notcoin made its debut at the conference, although it belongs to the TON ecosystem, Notcoin’s relationship with TON goes beyond that. Notcoin’s promoter, Sasha Plotvinov, is the CEO of Open Builders, and Open Builders’ products overlap with the founder of the TON Foundation, Andrew’s TOP organization, making them essentially the same group of people. This gives Notcoin a stronger endorsement.
After the conference, a small number of KOLs promoted Notcoin in the Telegram group and launched an invitation reward at the end of the month. In December, with the promotion of the founder of the TON Foundation, Andrew, Notcoin began to gradually gain momentum, and the beta version scores were reset to zero on January 1, 2024, with the official version release.
On the other hand, the meme pattern brought by Solana this year has given memes a certain ecological position on public chains, while TON currently does not have a meme ecosystem, which also allows NOT to have a meme pattern on TON. As ACcapital founding partner @TeddyAC01 said, Notcoin brings traffic to Ton, and Ton diverts operational resources to Notcoin.
However, there have been many articles about whether “NOT meme can help TON” before, and Notcoin’s official website has stated that they have never been just a meme coin.
Early layout on Binance. After Andrew’s promotion, Notcoin collaborated with multiple projects, such as distributing points for holding certain NFTs, which greatly contributed to Notcoin’s achievement of 26 million users in 26 days. As a result, Notcoin attracted the attention of Binance and launched a joint activity on February 29.
Subsequently, Notcoin announced the completion of its three-month point mining on April 12. On May 9, NOT (Notcoin) was launched on OKX Jumpstart, and TON holders could stake TON to mine NOT tokens, with a maximum of 4,000 TON per person. On the same day, Binance launched the 54th phase of new coin mining, mining Notcoin (NOT) with BNB and FDUSD, and officially listed Notcoin (NOT) on May 16, opening up trading markets such as NOT/BTC, NOT/USDT, NOT/BNB, NOT/FDUSD, and NOT/TRY.
Not just “Tap-to-Earn.” Notcoin can essentially be described as a game of “mining by clicking,” and this track is still in its early stages. However, on May 26, according to the on-chain analysis institution Artemis’ data, Aptos created a record of 95.6 million daily transactions with its “Tap-to-Earn” game, refreshing the historical record of daily transactions on L1 public chains.
In addition, with the invitation and team mechanism of Notcoin, the project has also achieved viral marketing and gained popularity. However, the success of Notcoin’s breakout cannot be replicated, as ACcapital founding partner @TeddyAC01 said when reviewing Notcoin’s breakout process. Notcoin’s success cannot be replicated.
Since Notcoin directly targets the user base of Telegram, which can increase the cost of promotion. In addition, Notcoin stated during its promotion that it is “probably nothing,” which raised the cost of promotion. Furthermore, @TeddyAC01 also mentioned that the market determines the uniqueness of a project. Web3 projects are highly network scale economies. Our market is a unified big market, and there is not much market segmentation. Copying a project directly competes with the unique project, and one cannot win or lose. If the unique project wins, it will bring down the copycat project. Now we are already in the middle and late stages of the bull market, and the copycat project needs to develop for half a year like Notcoin, but there is no time.
According to Notcoin’s official statement, it will undergo a transformation towards a cultural+ecosystem and launch a win-win subsystem. Notcoin Explore is one of them, and games and competitions will continue to be explored. Notcoin stated that some of these subsystems will start working and developing from day one (so far, exploration has achieved great results). The main goal is to collaborate with the community to build efficient working and value-added subsystems in the next 4 to 5 years, making them fully autonomous and self-developed, with Notcoin’s value at the core.
Tags:
2023 market
CoinGecko
SOL
Telegram
TON
USDT
Ethereum
Binance Coin
Platform Coin
Bitcoin
Source link:
https://www.theblockbeats.info/news/53741
Note: The views expressed in this article are solely those of the author and do not constitute investment advice.
Original link: https://www.bitpush.news/articles/6838756
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