Defying the broader market correction, Telegram-based Notcoin (NOT) surged by a staggering 40% in the last 24 hours, with its daily trading volumes surging by a massive 450% to over $1 billion. This rally comes as a fresh breeze to investors after a week of inactivity. As of press time, the Notcoin (NOT) price is trading at $0.007899 with a market cap of $811 million. 

The Explosive Growth for Notcoin

NOT’s remarkable surge in growth coincides with the increasing popularity of Notcoin, a play-to-earn Web3 game hosted on Telegram. This game allows users to convert their in-game currency to NOT tokens, garnering significant interest from Telegram’s vast user base.

The coin experienced a notable rebound following its highly anticipated airdrop, which initially failed to deliver immediate gains for holders.

Renowned cryptocurrency trader Zen has forecasted bullish sentiment for NOT in the mid-term. “Long-term depends on the market, but most probably also bullish. Dips are for buying,” the analyst added.

$NOT coin covered the gap left from after-launch sell off. Basically that is the main resistance area – if manage to close above most probably will attack 0.0068 POC. If not, might pull back to breakout level under 0.006

Mid term bullish. Long term depends on the market, but… pic.twitter.com/5WiBahvRrQ

— Zen (@WiseAnalyze) May 27, 2024

After the airdrop, Notcoin’s social sentiment experienced a surge, and its recent price surge has thrust it back into the spotlight. The project’s team recently drew comparisons between Notcoin and Bitcoin, marking this milestone with the announcement of NOT Airdrop Phase 1. A recent Twitter poll, which attracted 29,711 participants, overwhelmingly favored Notcoin, with 86.2% expressing a preference for it over Bitcoin, which garnered 13.8% of the votes.

Limited supply
Wide distribution
Still cheap

— Notcoin Ø (@thenotcoin) May 25, 2024

NOT Open Interest Shoots

In the last 24 hours, Open Interest surged from $44 million to $101 million, coinciding with a price increase of over 40% within the same timeframe. This surge indicates strong bullish sentiment in the Futures market, with traders demonstrating a willingness to take long positions.

The recent uptick in prices also led to a flurry of short liquidations, further driving prices upwards. As per the data from Coinalyze, more than $4.4 million in short liquidations have happened in the last 24 hours.

The market is showing bullish sentiment towards Notcoin, driven by the introduction of an innovative feature called “earning missions.” This feature enables users to passively earn NOT tokens by engaging with partner projects and communities.

Additionally, users can boost their rewards by staking NOT, with higher tiers offering substantial returns. This enhancement significantly increases the project’s appeal to both new and existing investors.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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.