On June 3rd, according to CoinGecko market data, the 24-hour trading volume of NOT reached $4.646 billion, ranking fourth in terms of overall trading volume, only behind Bitcoin, Ethereum, and USDT.
On the Binance platform, the trading volume of NOT/USDT reached $2.175 billion, accounting for 46.56% of the total trading volume of the token. On the OKX platform, the trading volume of NOT/USDT reached $628 million, accounting for 13.45% of the total trading volume. At the time of writing, the price of NOT was $0.02.
The article explores the factors behind the surge of NOT and traces its journey from its inception. The rise of NOT can be attributed to the support of Binance, as tokens supported by Binance often experience significant price increases. Additionally, the reduction in circulating supply through collateralization and token burning by the project developers has contributed to the price surge of NOT.
The article highlights the role of the TON ecosystem and its exclusive conference, The Gateway, which took place in Dubai in mid-November. Notcoin made its debut at the conference, gaining strong endorsement from Sasha Plotvinov, the promoter of Notcoin and CEO of Open Builders, whose organization overlaps significantly with the TON Foundation. This endorsement has further strengthened the position of Notcoin.
After the conference, some Key Opinion Leaders (KOL) promoted Notcoin in Telegram groups and launched invitation rewards at the end of the month. With the promotion by Andrew, the founder of the TON Foundation, Notcoin gradually gained traction and its beta version points were reset to zero upon the official version release on January 1, 2024.
Furthermore, the lack of a meme ecosystem on TON compared to the meme culture on Solana has allowed Notcoin to establish itself as a meme on TON. Notcoin has brought traffic to TON, and TON has allocated operational resources to support Notcoin.
Notcoin strategically partnered with various projects after Andrew’s promotion. For example, holding certain NFTs would earn users points, which contributed to the achievement of 26 million users within 26 days. As a result, Notcoin caught the attention of Binance and launched a joint campaign on February 29th.
After three months, on April 12th, Notcoin announced the completion of its mining program. On May 9th, OKX Jumpstart listed NOT, allowing TON holders to stake TON and mine NOT tokens, with a maximum of 4,000 TON per person. On the same day, Binance launched the 54th phase of its new coin mining project, allowing users to mine Notcoin using BNB and FDUSD. On May 16th, Notcoin was officially listed on Binance, with trading pairs including NOT/BTC, NOT/USDT, NOT/BNB, NOT/FDUSD, and NOT/TRY.
Notcoin can be described as a game where users can mine by clicking. Although this concept is still niche, on May 26th, Artemis, a blockchain analysis firm, reported that Aptos achieved a record-breaking daily trading volume of 95.6 million transactions with its “click-to-mine” game Tapos, surpassing the previous record of any Layer 1 public chain.
The article emphasizes that the success of Notcoin cannot be easily replicated. Notcoin’s success was partially due to the Telegram user base, which increased the cost of “mining.” Additionally, the project intentionally raised the cost of “mining” by claiming to be “probably nothing” during its promotion.
Furthermore, the market determines the success of a project, and Web3 projects operate on a highly networked scale. The market segmentation is not significant, and imitating successful projects is challenging. Additionally, it is now the mid-to-late stage of the bull market, and there is limited time for imitating projects to develop.
Notcoin is planning to transition into a culture and ecosystem-centric project, and it will launch a dual-win subsystem. Notcoin Explore is one of the subsystems, and the project will continue to explore games and competitions. Some of these subsystems have already started working and developing, with significant achievements so far. The main goal is to collaboratively build effective and value-added subsystems with the community over the next 4 to 5 years, ensuring its autonomy and self-development, with Notcoin’s value at its core.