On June 3rd, according to market data from CoinGecko, NOT had a total trading volume of $46.46 billion in the past 24 hours, ranking fourth in the market behind Bitcoin, Ethereum, and USDT. On the Binance platform, the NOT/USDT trading volume reached $21.75 billion, accounting for 46.56% of the total token’s trading volume. Additionally, on the OKX platform, the NOT/USDT trading volume was $6.28 billion, representing 13.45% of the total trading volume. At the time of writing, the price of NOT was $0.02.
NOT’s upward trend continued, as discussed in the article “What Factors are Driving NOT’s Meteoric Rise?” which summarized the perspectives of various researchers. This article will retrace Notcoin’s journey to prominence starting from its inception.
The surge in NOT’s value can be attributed to the support it received from Binance, a platform known for boosting the prices of tokens it endorses. In addition to this, NOT’s reduced circulating supply through staking and the token burn conducted by the ecosystem project team were key factors in its rise. Approximately 18 million NOT tokens (valued at around $350,000) were burned and permanently removed from circulation, reducing selling pressure. Crypto community member @CryptoStreamHub noted that while this may seem insignificant, investors could anticipate more burns in the future, as valuation in the cryptocurrency space does not always have to be rational.
The meme frenzy surrounding TON played a significant role in NOT’s popularity. During The Gateway, an exclusive event within the TON ecosystem held in Dubai in mid-November, Notcoin made its debut. With strong ties to the TON ecosystem, Notcoin enjoyed substantial backing from figures like Sasha Plotvinov, the CEO of Open Builders, which overlaps significantly with the organization led by Andrew, the founder of the TON Foundation. This endorsement lent Notcoin credibility and visibility.
Following the event, a few key opinion leaders promoted Notcoin in Telegram groups and launched an incentive program at the end of the month. As December rolled in, Andrew, the founder of the TON Foundation, began promoting Notcoin via social media channels, leading to its gradual mainstream adoption. The beta version points of Notcoin were reset on January 1, 2024, coinciding with the official release.
With the rise of meme culture on Solana this year, Notcoin found a niche in the meme ecosystem on TON. This shift in dynamics brought traffic to TON, aligning operational resources towards Notcoin, as noted by ACcapital founding partner @TeddyAC. Despite speculation on whether “NOT meme can boost TON,” the official stance of Notcoin emphasized that it was more than just a meme coin.
Having strategically positioned itself on Binance early on, Notcoin collaborated with multiple projects to distribute points based on NFT ownership, attracting 20 million users within 26 days. Subsequently, Binance took notice and launched a joint campaign on February 29th.
Following a three-month long mining campaign, Notcoin announced its completion on April 12th. On May 9th, NOT (Notcoin) was listed on OKX Jumpstart, allowing TON holders to stake TON for mining NOT tokens, with a maximum stake of 4,000 TON per person. The 54th phase of the Binance new coin mining project also saw the introduction of Notcoin (NOT) for mining using BNB and FDUSD.
Notcoin’s gameplay revolves around “click-to-mine,” positioning it as a niche player in the gaming space. However, on May 26th, Artemis reported that Aptos generated a record-breaking 95.6 million daily transactions through its “click-to-mine” game Tapos, showcasing the potential of this gaming model. With its viral marketing strategy and team dynamics, Notcoin successfully gained traction in the market.
Despite its success, Notcoin’s journey to prominence cannot be replicated, as noted by ACcapital founding partner @TeddyAC01. The direct integration with Telegram users increased the cost of engagement, and Notcoin’s initial branding as “probably nothing” raised the engagement cost further. Market dynamics play a crucial role in determining the success of projects like Notcoin, making it challenging for imitators to compete.
Looking ahead, Notcoin aims to transition into a culture+ecosystem model by introducing sub-systems like Notcoin Explore. These initiatives are expected to develop over the next 4 to 5 years, focusing on building effective and value-added systems in collaboration with the community, centered around the core values of Notcoin.
