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$3 Million Notcoin Burnt To Bolster NOT Token Price — Will We See An Uptrend?

Last Updated June 27, 2024 1:51 PM
Nikola Lazic
Last Updated June 27, 2024 1:51 PM

Key Takeaways

  • There has been a token burn where $3 million NOT tokens were burned to increase scarcity.
  • It Distributed $5 million bonuses to loyal users.
  • Expected to reduce supply and boost token value.

Telegram’s Notcoin, a tap-to-earn game, has implemented significant measures to enhance the value of its NOT tokens and strengthen its community.

By burning $3 million worth of tokens and distributing $5 million in bonuses to loyal users, Notcoin aims to create scarcity, reward active participation, and ensure the platform’s long-term viability. These strategic actions are designed to impact the market and foster deeper community engagement.

At the time of writing, NOT is traded at $0.015, 6% lower than on yesterday’s high. 

Can This Bolster NOT’s Price? 

On June 25, the Notcoin team announced the burning of 210 million NOT tokens worth around $3 million. Notcoin’s market cap stands at $1.65 billion, though its price has fallen 43.4% from its peak. The token burn is expected to create a better market dynamic by reducing supply, which could lead to a rise in the token’s price. This move reduces inflationary pressures and makes holding NOT tokens more attractive to investors and community members.

The $5 million bonus highlights Notcoin’s commitment to building a strong, engaged community by rewarding those who actively contribute to the platform’s success. Additionally, adding unclaimed tokens to the Notcoin treasury ensures resources for future development, driving growth and adoption.

In summary, Notcoin’s $3 million token burn and $5 million in rewards aim to boost NOT token value, reward loyal users, and secure long-term viability. These initiatives are expected to positively impact the market, foster community engagement, and provide a solid foundation for future growth.

NOT Price Analysis 

When NOT was launched on May 16, it was priced at approximately $0.012. It then entered a downtrend, reaching a low of $0.0045 by May 23. The price stabilized around this low until May 25, marking the start of its initial uptrend.

Subsequently, a five-wave pattern unfolded, with NOT’s price surging over 525% to nearly $0.030 on June 2. This marked the end of a larger five-wave sequence, followed by a correction. 

NOT
NOTUSD | Credit: Nikola Lazic/Tradingview

NOT entered its corrective phase, retreating 40% to $0.017 on June 7. This level was retested on June 9, causing an upward move of nearly 15% to almost $0.020 on June 15. However, that was a lower high and NOT proceeded to make another lower low of $0.012 on June 24. 

There are two scenarios ahead, depending on whether or not the correction from June 2 ended on June 24’s low. If it did, the recovery from there could be the first sub-wave of its next bull phase. A breakout to the upside will confirm this assumption and NOT could climb to a near-term high of $0.023. 

However, if this is the fourth sub-wave of a five-wave ABCDE correction, another lower low to $0.010 could be seen before the correction ends. In either case, the next bullish move could be significant, pushing the price above its all-time high and on to a new one. 

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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