Altcoin
Notcoin: How a $3M burn boosted NOT’s value overnight
Notcoin team has burned $3M NOT tokens. Following the burn, NOT prices surged by 9.91% in 24 hours.
- NOT prices have surged by 9.91% in the last 24 hours.
- Notcoin team announced burning $3 million NOT tokens.
In recent weeks, the crypto community has experienced massive volatility, with Bitcoin recording a month low to trade at $60k.
However, various tokens have started a recovery, and Notcoin [NOT] has experienced considerable gains. Amidst the current gains, the Notcoin team has left everyone talking with the new updates.
On social media platform X, @thenotcoin shared that,
” Notcoin tokenomics is now extremely community oriented. Notcoin worth $3M just burned from the emission. $4.2M will go as an incentive for Gold and Platinum users of Notcoin explore”.
The team further added that.
“As a result, 94.18% is in the hands of 11.5M people, including traders, miners, stakers, etc. 5.82% is in the treasury for the next years of development. With the community as a main stakeholder, the future seems bright.”.
Finally, the NOTcoin team amazed the community by stating that,
“$2.5B for Notcoin community”,
While responding to X user @trader_tg, Notcoin team stated that,
“Notcoin airdrop is bigger than ZkSync and LayerZero combined.”
Undoubtedly, this update positions Notcoin in a positive place, with greater chances of changing market sentiment and influencing price movements.
NOT fundamental analysis tells us…
At press time, NOT was trading at $0.01572 following a 9.91% surge in the last 24 hours. According to Coinmarketcap, TON’s market cap has increased by 9.65% to $1.6 billion.
Source: Tradingview
AMBCrypto’s analysis showed that NOT is appearing bullish. Looking at the SMA, NOT’s current SMA is below the price on daily charts.
When prices are above SMA, buyers are dominating with increased asset demand, resulting in higher buying pressure. Higher buying pressure drives prices up, as a positive market sentiment shows.
Source: Tradingview
Equally, NOT RSI of 51 is slightly above the neutral zone. RSI at the above neutral zone implies the market is experiencing increased buying pressure.
In this case, NOT’s RSI has shifted from 44 to 51 in the last 24 hrs. An upward movement for RSI shows the market sentiment is shifting to bullish.
Source: Coinglass
Looking further, an analysis of Coinglass data showed that Notcoin’s open interest has surged from $146 million to $171 million in the last 24 hours.
A rise in open interest shows that new contracts are being opened; thus, more money flows into the market. The increased participation shows the market is well-positioned for a strong and sustainable trend.
Source: Coinglass
Finally, data on Notcoin liquidation showed market stability in the last 24 hours. Within this period, NOT has experienced liquidations of $410k in long positions and $322k in short positions.
However, on the 25th, the Notcoin market experienced a short squeeze after rapid price surges, with short-position buyers driving buying pressure.
Realistic or not, here’s NOT’s market cap in SOL terms
Is Notcoin set for a bullish trend?
NOT look bullish after retesting the support level around $0.0141. If the positive sentiment holds and NOT closes above $0.0161, NOT could reach a higher of $0.0208 and a lower of $0.018 in the short run.
