Notcoin (NOT) Faces Turbulent Waters: Token Value Plummets Over 85%

Notcoin (NOT), a cryptocurrency heavily endorsed by social media giant Telegram, has experienced a dramatic drop in its value. This happened within the first week of its listing.

The crypto is part of a Telegram-based game with a 35 million user base. The investors who bought the hype are now facing heavy losses.

Crypto Analyst Anticipates Further Drop in Notcoin Price

Notcoin debuted on the Toncoin network last week. Nearly $1 billion worth of NOT tokens were airdropped to eligible investors.

The token also secured high-profile listings on major exchanges, including Binance. Initially, the buzz around Notcoin saw it achieve an all-time high of $0.037. Within 24 hours of its listing, Notcoin reached the eighth position in trading volume, exceeding $1.4 billion.

The project gained significant attention thanks to endorsements from Telegram founder Pavel Durov. Durov publicly praised Notcoin on his Telegram channel, highlighting the project’s rapid growth and its transition from an in-game currency to real money for its users.

Read more: 5 Best Toncoin (TON) Wallets in 2024

On May 17, Durov expressed his gratitude for a generous donation of over 1 billion NOT tokens, valued at approximately $6.8 million, from the Notcoin community. Furthermore, Durov said that he would hold the tokens till their valuation grows to $680 million, i.e., 100 times from the current valuation.

However, this excitement quickly dissipated as the NOT price began to plummet. Within a week, the token’s value dropped by more than 85%, trading well below its debut price.

The sharp decline can be attributed to investors quickly selling off their airdropped tokens to secure profits rather than holding onto them for potential future gains. This massive sell-off led to a significant oversupply in the market, driving the price down further.

Crypto analyst “Crypto Patel” has a bearish outlook on Notcoin’s future price movements.

“As per chart analysis, we can see small pump toward $0.0060-$0.0065 before next leg down to $0.0040,” Patel said.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Notcoin (NOT) Price Analysis
Notcoin (NOT) Price Analysis. Source: TradingView

This analysis reflects the current sentiment in the market, where many investors remain cautious about the token’s short-term prospects.

In response to the price volatility, the Notcoin team has outlined upcoming campaigns, products, and offers aimed at boosting user engagement and token stability. These initiatives include extending staking benefits and providing access to exclusive allocations from other launches for Gold and Platinum level users.

The team emphasizes that while they encourage users to stake their tokens, they do not intend to lock or force anyone to stay.

“You are free to unstake your Notcoin and withdraw it on-chain anytime. Yes, you’ll lose your Level benefits and access to the pools. However, we don’t want to lock or force anyone to stay. Notcoin is a free choice,” Notcoin team wrote.

The post Notcoin (NOT) Faces Turbulent Waters: Token Value Plummets Over 85% appeared first on BeInCrypto.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
VeChain and UCO Network Forge Alliance: Unveiling Sustainable Innovations
Innovative blockchain alliance promotes environmental sustainability. VeChain and UCO Network revolu...
READ MORE
post-thumbnail
Central Banks of Bhutan, Venezuela, and Iran Acquiring Bitcoin, Claims Industry Voices
Industry voices claim that Bhutan, Venezuela, and Iran’s central banks are acquiring Bitcoin. Larg...
READ MORE
post-thumbnail
New Crypto Rollblock (RBLK) Showing Potential For 800% Breakout Rally As BCH and AVAX Investors Load Up
The post New Crypto Rollblock (RBLK) Showing Potential For 800% Breakout Rally As BCH and AVAX Inves...
READ MORE
post-thumbnail
From Rags to Riches: List of Altcoins to Hold for Millionaire Status by 2025
The post From Rags to Riches: List of Altcoins to Hold for Millionaire Status by 2025 appeared first...
READ MORE
default post thumbnail
Bitcoin Is Exponential Gold And An Aspiring Player On The Store Of Value Team: Jurrien Timmer
The post Bitcoin Is Exponential Gold And An Aspiring Player On The Store Of Value Team: Jurrien Timm...
READ MORE
default post thumbnail
Ethereum Exchange Balances Hit 8-Year Low Ahead of Spot ETF Launch
The post Ethereum Exchange Balances Hit 8-Year Low Ahead of Spot ETF Launch appeared first on Coinpe...
READ MORE
post-thumbnail
Bitcoin (BTC) Price Might Crash To $60K This Week: Here’s Why
The post Bitcoin (BTC) Price Might Crash To $60K This Week: Here’s Why appeared first on Coinpedia...
READ MORE
default post thumbnail
BAYC and Pudgy Penguins See Major Price Drops While Milady Shines
The post BAYC and Pudgy Penguins See Major Price Drops While Milady Shines appeared first on Coinped...
READ MORE
post-thumbnail
Bitcoin Price Prediction: How Low Might BTC Price Drop This Crypto Market Crash 
The post Bitcoin Price Prediction: How Low Might BTC Price Drop This Crypto Market Crash  appeared ...
READ MORE
post-thumbnail
With $60K & $70K as Major Support & Resistance, Bitcoin Price Stands Around $65K: Here is What’s Next!
The post With $60K & $70K as Major Support & Resistance, Bitcoin Price Stands Around $65K: H...
READ MORE
Read more posts