On June 3rd, according to market data from CoinGecko, NOT reached a 24-hour trading volume of $46.46 billion, ranking fourth in total trading volume behind Bitcoin, Ethereum, and USDT.
Specifically, on the Binance platform, the NOT/USDT trading volume reached $21.75 billion, accounting for 46.56% of the total token volume. On OKX platform, the NOT/USDT trading volume reached $6.28 billion, representing 13.45% of the total token volume. At the time of writing, the price of NOT stood at $0.02.
Can NOT continue its upward trend? In the article “What Factors are Driving the Surge of NOT?”, various researchers’ viewpoints are summarized. This article retraces the journey of Notcoin’s rise to prominence starting from its timeline.
From Telegram to Binance, the pump of NOT cannot be separated from Binance’s support. It is often said in the community that “Binance Cartel is a real thing,” suggesting potential market manipulation. Additionally, the reduction in circulating supply through the collateral function of NOT itself, as well as token burning by the ecosystem project team, are among the main reasons for its increase. Approximately 18 million NOT tokens (about $350,000) were burned and permanently removed from circulation. Although this may seem insignificant, investors may anticipate more burns in the future, as the valuation of cryptocurrencies does not necessarily have to be rational.
The TON meme outing began in mid-November 2023 during the TON ecosystem exclusive conference, The Gateway, in Dubai. Notcoin made its first appearance at the conference targeting over 500 crypto enthusiasts, developers, and investors. While affiliated with the TON ecosystem, Notcoin’s relationship with TON goes beyond that. Sasha Plotvinov, the promoter of Notcoin, is also the CEO of Open Builders, whose products overlap with those of the TON Foundation founder, Andrew. This endorsement gives Notcoin a stronger foothold.
After the conference, a few KOLs began promoting Notcoin in Telegram groups and launched a referral reward program at the end of the month. In December, with the promotion by TON Foundation founder Andrew, Notcoin started gaining momentum, with the beta version points resetting on January 1, 2024, with the official version release.
Furthermore, the emergence of the meme landscape on Solana this year has given memes a certain ecosystem position on public chains. However, TON currently lacks a meme ecosystem, giving NOT a meme landscape on TON. As mentioned by ACcapital founding partner @TeddyAC, Notcoin brings traffic to TON, while TON directs operational resources towards Notcoin.
Although there have been many discussions about whether “NOT memes can boost TON,” the official stance of Notcoin is that they have never been just a meme coin.
Having positioned itself early on Binance, Notcoin collaborated with multiple projects after Andrew’s promotion. For instance, holding a certain NFT would earn users points, leading to Notcoin achieving a milestone of 20 million users in 26 days. Consequently, Notcoin attracted Binance’s attention, leading to a joint activity launching on February 29.
Subsequently, Notcoin announced the completion of a three-month points mining program on April 12. On May 9, OKX Jumpstart launched NOT (Notcoin), allowing TON holders to stake TON to mine NOT tokens, with a maximum of 4,000 TON per person. On the same day, the 54th phase of the new coin mining project was launched on Binance, mining Notcoin (NOT) using BNB and FDUSD. Notcoin (NOT) officially listed on May 16, with trading markets including NOT/BTC, NOT/USDT, NOT/BNB, NOT/FDUSD, and NOT/TRY.
Not only a “Tap-to-Earn” game, Notcoin can be described as a game that mines through “clicking,” still in its niche stage. However, on May 26, according to on-chain analysis firm Artemis, Aptos achieved a record-breaking daily transaction volume of 95.6 million transactions with its “click mining” game Tapos, surpassing the historical record of L1 public chain daily transaction volume.
In addition to the invitation and team mechanisms of Notcoin, the project has achieved viral marketing, propelling its rise. However, as ACcapital founding partner @TeddyAC01 pointed out when reviewing Notcoin’s journey to prominence, Notcoin’s success cannot be replicated. Telegram’s user group increases the cost of marketing, and Notcoin’s self-proclaimed “probably nothing” stance further raises the marketing cost.
Furthermore, @TeddyAC01 stated that the market determines the uniqueness of a project. Web3 projects operate on a highly networked scale economy. Our market is a unified large market with minimal market segmentation. Imitating a project competes directly with the unique project, neither winning nor losing, but causing the unique project to collapse. We are currently in the middle to late stages of a bull market, and replicating a project like Notcoin would require at least half a year, which is not feasible.
According to Notcoin’s official statement, the project will transition to a culture+ ecosystem and introduce a win-win sub-system. Notcoin Explore is one of these sub-systems, with games and competitions continuing to be explored. Some sub-systems will start working and evolving from day one (with significant progress already made). The main objective is to collaboratively build effective and value-adding sub-systems with the community over the next 4 to 5 years, making it fully autonomous and self-developing, all while maintaining Notcoin’s core values.
