Notcoin price surged 600% on top exchanges Binance and OKX, which listed the NOT token on May 16. On-chain data shows how liquidity and investor participation skyrocketed after the listing announcement.
What is Notcoin (NOT)?
Notcoin (NOT) is a game embedded in Telegram that has attracted millions of players recently. This play-to-earn game functions as a mini-app within the Telegram messaging platform, where users can “mine” or earn the NOT token.
By March 2024, the game had amassed 35 million total players, with a peak of six million daily active users, making it one of the most popular crypto games.
On May 16, 2024, the NOT token was officially launched and became available on major exchanges such as Binance and OKX.
Why is Notcoin Price Going Up?
Notcoin (NOT) price rallied 600% following its launch on May 16 thanks to increased market liquidity and investor participation triggered by the listing on Binance and OKX.
Santiment’s trading volume chart below depicts the total dollar value of all trades involving a particular cryptocurrency within a given period.
Within 24 hours of being listed, Notcoin surged into the top 10 cryptocurrencies by daily trading volume. As seen in the chart above, Notcoin attracted over $1.2 billion in trading volume within 24 hours of the listing.
That remarkable feat reflects a increased demand for Notcoin as the surge in trading volume quickly sparked a 600% parabolic price rally from $0.001 to $0.0099 on May 16, while its market capitalization peaked at $715.7 million.
Is it too Late to Buy Notcoin (NOT)?
According to the latest trading volume to market cap (TVMC) ratio, Notcoin is still trending in bullish territories. Essentially, the TVMC ratio is calculated by dividing the 24-hour trading volume by the market cap, providing real-time insights into the current market momentum and investor’s active participation rate.
According to the latest market data, Notcoin’s market cap is now trending around $578 million, with a 24-hour trading volume of $214.7 million on May 19. This works out to a TVMC ratio of 37%.
A higher trading volume to market cap ratio generally indicates that there is significant trading activity relative to the market cap.
This can be interpreted as a sign of high investor interest and can be bullish if the trading is driven by buying interest. Conversely, if the high trading volume is due to selling pressure, it could be bearish.
In this case, a ratio of 37.1% is relatively high, suggesting that Notcoin is still experiencing unusually high trading activity relative to its market capitalization.
However, the overall market trends, fresh ecosystem development, and new listings on other exchanges are other key factors that could determine if Notcoin can remain bullish or flip bearish in the days ahead.
Notcoin (NOT) Price Forecast: Can Binance, OKX Bulls hold $0.005 Support Hold ahead of Coinbase listing?
At the time of writing on May 20, the Notcoin (NOT) price has retraced towards the $0.0056 level, surrendering over 44% of the initial gains recorded when the price surged as high as $0.0099 on May 16. However, with the TVMC ratio still trending in bullish territories, NOT token price will likely hold firm above the $0.0050 support level in the near-term.
More so, NOT/USDT Bollinger band on the hourly price chart on TradingView shows that early entrants on May 16 had bought Notcoin at the average price of $0.005. This could could form a major support cluster as investors await Coinbase listing to launch the NOT token into American markets.
But in the event of another leg-up, bears could mount an initial resistance at the $0.006 territory.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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