Telegram-Backed Notcoin Soars 15% as TON Hits Record High


The price of Notcoin (NOT) recorded an impressive 15% surge, crossing the $0.20 mark and reversing its previous downtrend since hitting an all-time high of $0.028 on June 2. Notcoin is the token associated with the TON blockchain which has gained massive popularity after it was airdropped to users of the widely popular Telegram-based “tap to earn” game.

The spike signals more investors are willing to stake more capital for Notcoin based on their confidence in the potential of the asset. Additionally, the performance is causing others to onboard now due to the Fear of Missing Out (FOMO).

The Popularity Influence of Telegram-Based Games

Given the wide acceptance of the tap to earn game and traffic to the Telegram platform, the CEO Pavel Durov, celebrated its popularity.

Notably, NOT’s significant price increase coincided with TON itself breaking its prior all-time high as it briefly surpassed $8.00 for the first time since its inception. According to CoinMarketCap data, TON is currently $8.08, up 0.49% in the past 24 hours.

Interestingly, the positive shift in price for both tokens coincides with the increasing popularity of other Telegram games. Some of the more popular “x to earn” games include Hamster Kombat and Yescoin. Although these games according to data have tens of millions of users globally, it is uncertain if the numbers are that high due to bot participation.

Boosting Activity on the TON Blockchain

In any case, the platform is very user-friendly and the ease of signing up, acquiring a wallet, and participating in these games is significantly boosting activity on the TON blockchain. Based on reports from some quarters, the daily active wallet figures have exceeded those on Ethereum.

However, it’s important to note that these statistics exclude Layer 2 solutions, and wallet numbers may not accurately reflect the number of unique users. Regardless, the current number of daily active wallets stands at over 547,000, according to Tonstat, showing a clear upward trend.

Factors Driving Notcoin’s Surge

Analysts attribute the growing surge in Notcoin to several factors, notable amongst them being its association with the TON ecosystem. The TON network is famous for efficiency and scalability, a major attraction for the road user base. Additionally, with its outstanding growth in 2024, Toncoin has been projected to gain by 234% and reach $23.61 by the end of June.

Meanwhile, given the limited supply of 102.71 billion NOT tokens, the demand and scarcity dynamics is contributing to stabilizing the price movement.

July 13, 2024

JPMorgan-backed firm Partior has raised $60 million in a Series B..

July 13, 2024

CoinStats revealed that a attacker, believed to be affiliated with a..

July 13, 2024

Artificial Intelligence (AI) OpenAI has announced its latest innovation model dubbed..

ads-image ads-image