Notcoin (NOT) Price Soars 5% As 210M Coins Burnt, What’s Happening?

Notcoin (NOT), the crypto functioning atop the TON blockchain, has once again marked a monumental stride. In a post shared by the crypto’s community on X today, it was brought to attention that a staggering 210 million NOT was torched. This initiative comes riding along a stockpile of other developments, splashing optimism on the coin’s future cryptographic endeavors.

NOT price rallied nearly 5% today, a positive sign of the market’s response to these developments. So, let’s take a deeper look into Notcoin’s latest endeavors.

Notcoin Community Revolutionizes Tokenomics

According to the community’s post today, $3 million worth of Notcoin, i.e., 210 million NOT, was burned. This glimmers hope for the token, killing its supply. The NOT burn tracker further confirmed this transaction.

Meanwhile, this decision comes in alignment with another broader approach, as stated by the community. To further cement the project’s foothold, the unclaimed tokens were divided into three groups after the successful listings and launch pool functions. These groups encompassed future development, burn, and distribution to Notcoin Explorers from the Gold and Platinum tiers.

While $3 million worth of NOT was burnt, $4.2 million worth of coins were allotted as an incentive for Gold and Platinum tier users. Concerning this, the community’s statement mentioned that – “94.18% is in the hands of 11.5M people, including traders, miners, stakers, etc. and 5.82% is in the treasury for the next years of development.”

These tokenomics aid the NOT token in gearing up for a seamless crypto journey.

Also Read: Jack Mallers’ Strike Launches In UK, Will It Boost Bitcoin Adoption?

NOT Price Soars

As of writing, the NOT price chart showed a 5.86% upswing over the past day and is currently trading at $0.01431. The token’s 24-hour bottoms and peaks are $0.01327 and $0.01463, respectively.

Riding along a weekly pullback, the token-burning mechanism, as in the one mentioned above, appears to have cushioned Notcoin’s price action. Meanwhile, Coinglass data showed a substantial 5.60% spike in the Ton-based coin’s Futures OI, underscoring new buying in the market.

Collectively, data tilts the scale towards the bullish side for Notcoin, as seen by its recent price movement.

Also Read: Analysts Predict 100% Surge As Altcoins Rally Nears

✓ Share:

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.