Notcoin Defies Bearish Market, Surges 85%
Notcoin (NOT) has seen a remarkable surge in price, rising by almost 85% since May 27th to reach a daily high of around $0.0098 on May 29th, despite the broader market correction.
The surge in price has been accompanied by a significant increase in trading volumes, which have spiked by an impressive 450%, surpassing $1 billion. This unexpected rally has brought relief to investors who have been facing a week of market inactivity and concerns about potential Bitcoin dumps.
The recent price surge of Notcoin can be attributed to its growing popularity as a play-to-earn Web3 game hosted on Telegram. The game allows users to convert in-game currency into NOT tokens, attracting considerable interest from Telegram’s extensive user base.
The token experienced a notable rebound after its highly anticipated airdrop initially failed to deliver immediate gains for holders. Independent cryptocurrency trader Zen has projected a bullish sentiment for Notcoin in the mid-term, reflecting a broader market optimism. The surge in social engagement further confirms the strong support that Notcoin is currently enjoying.
Following the airdrop, Notcoin’s social sentiment skyrocketed, and an overwhelming majority of participants in a Twitter poll, totaling 29,711, favored Notcoin over Bitcoin, although such polls are more of a marketing campaign than an accurate measure of market sentiment.
The Futures market has also played a role in Notcoin’s growth, with the Open Interest increasing from $62 million on May 27th to $141 million on May 29th, indicating a strong bullish sentiment. Traders are increasingly taking long positions, as evidenced by over $8.6 million in short liquidations during the same period. The rising funding rate for Notcoin further highlights the market’s confidence, with traders willing to pay a premium for long positions.
Additionally, the introduction of “earning missions” has fueled Notcoin’s appeal, allowing users to passively earn NOT tokens by engaging with partner projects and communities. The returns on staking NOT tokens have also attracted both new and existing investors.
Notcoin’s rapid rise has placed it among the top 100 cryptocurrencies by market cap.