TON NOTcoin Cryptocurrency Hits Bottom Around $0.0054 as Miners Book Profits, Whales Circle

Last Updated: May 20, 2024 8:14am EDT | 4 minute read

TON cryptocurrency NOTcointhe brainchild of co-creator Sasha Plotvinov, it launched on major centralized exchanges on May 16 last week to great fanfare: where will the price of the coin be headed?

The price rose briefly, which saw the token enter the top 100 cryptocurrencies with a market capitalization above $1 billion. However, two hours after the start of trading, the price fell to $0.0062.

Since then, the price has found a bottom at around $0.0054 Binance Exchangeafter hitting a low of $0.0051.

However, the price action is not as bad as it seems at first glance, as the owners of the $NOT token had acquired their stash by mining a tap-to-earn token by playing the viral clicker game on Telegram.

The mined game token was used to claim the $NOT coin before trading began. Five million people claimed Notcoin within the first 36 hours of trading:

Originally conceived as a way to introduce the masses to cryptocurrencies, the $NOT game guides the beginner through connecting a TON-compatible crypto wallet, saving the seed phrase, and then getting started with the clicks.

https://www.youtube.com/watch?v=WOjtJGibilo

With billions of tokens in the bank, so to speak, players took advantage of the opportunity to sell at the list price of $0.009471. Trading volume in the first 24 hours reached $1.18 billion.

TON cryptocurrency NOTcoin: from crypto experiment to half a billion dollar market capitalization

$TON currently has a market capitalization of $574 millionranking 121st among the 9,961 tokens listed on Coinmarketcap.

All of this isn’t too shabby for a coin that promised its players “probably nothing” as part of its marketing message.

Plotvinov’s game wasn’t just about mindlessly clicking, however hypnotically pleasurable that seemed to be for some dopamine junkies as they sought prominence on the leaderboard. Rather, the game was primarily intended as a way to introduce the masses to the workings of crypto networks.

For example, rewards were also earned by participating in various campaigns, such as installing the TON Space wallet. Premium Telegram users also received extra rewards for various tasks and contributions.

The popularity of the clicker game has been such that it has even increased the sales of mechanical clickers on the e-commerce platforms eBay and Alibaba.

Enabling participation in the Notcoin phenomenon is its community bot, which leverages Telegram’s proven bot ecosystem to offer a user-friendly experience.

Notcoin has amassed 35 million players of its clicker game, providing a huge captive audience for the coin.

The Open Network (TON) traces its birth to the Telegram app, developed by Nikolai and Pavel Durov (Pavel is the CEO of Telegram). In-game mining ended on April 1, while token claiming began on Tuesday.

In addition to selling $NOT, holders can also choose to stake it or simply “hodl” it in their self-custodial wallet.

Since Telegram ran into regulatory issues with the US Securities and Exchange Commission, the TON network has been managed by the TON Foundation and is no longer officially linked to Telegram for its governance, although it is indeed the platform’s native token.

After an X poll of community members in January asking whether $NOT should be minted and listed as a token, unsurprisingly 69.9% voted yes.

Binance, OKX and Bybit are among the major exchanges quoting $NOT

Through assiduous cultivation of support from OG cryptocurrency influencers and enthusiastic support from the clicker gaming community, a coordinated and successful launch was executed across some of the leading cryptocurrency trading venues.

Among the exchanges involved were Binance, OKX and Bybit, the first, third and fourth ranked spot exchanges on Coinmarketcap. There are still three days left on the Bybit launchpool Free NOTcoin.

Due to regulatory chaos with the SEC, US exchanges have avoided listing TON-based coins.

For example, Coinbase does not list Toncoins or associated tokens. The same goes for Kraken, Gemini and others.

According to Plotvinov, the Telegram app only has around 100 million cryptocurrency-savvy users, but is expected to reach one billion users by the end of the year.

Notcoin’s mission is to bridge this gap by extending the reach of cryptocurrencies through the creation of applications appealing to the mass market. The team at Plotvinov’s Open Builders TON development studio is now focusing on launching more games and encouraging other developers to build on the TON network.

Telegram is the popular home of a growing group of crypto casinos

Indicative of its growing popularity, Telegram has become home to a number of profitable businesses crypto casino platformsin particular TG.Casino, Lucky Block and Mega dice, who all have Telegram’s “no kyc” version of their gambling activities on the app. Mega Dice is currently on pre-sale and has raised over $1 million from contributors.

Notcoin plans to relaunch its clicker game, this time with players able to directly mine the $NOT coin instead of an in-game token that must be exchanged for $NOT in the claim process, as was previously the case.

However, since all Notcoins have been minted and distributed, a new “play to earn” model is being developed.

In an encouraging move for whale buyers, in a Pavel Durov’s Telegraph Post he said he is holding onto $NOTcoin worth $6.8 million that was gifted to him until it increases 100 times in value.

With approvals like this, trading volume in $NOT remains high. Coinmarketcap ranks it as the 40th most traded coin. With the price now having reached a low level, buyers of Notcoin are likely to remain numerous.

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