On June 3rd, according to CoinGecko market data, NOT had a 24-hour trading volume of $4.646 billion, ranking fourth in the overall trading volume, only behind Bitcoin, Ethereum, and USDT.
On the Binance platform, the NOT/USDT trading volume reached $2.175 billion, accounting for 46.56% of the total trading volume of the token. On the OKX platform, the NOT/USDT trading volume reached $628 million, accounting for 13.45% of the total trading volume. At the time of writing, the price of NOT was $0.02.
Can NOT continue its upward trend? In the article “What Factors Drive the Surge of NOT?”, we summarized the views of other researchers. This article will retrace the rise of Notcoin from a timeline perspective.
From Telegram to Binance
The rise of NOT cannot be separated from the support of Binance. Perhaps, as some people in the community said, “The Binance cartel is real.” Tokens supported by Binance tend to magically rise in value.
Of course, NOT itself reduces its circulating supply through the mortgage function, and the token burning conducted by the ecosystem project also contributes to its rise. Approximately 18 million NOT (about $350,000) has been burned and permanently removed from circulation, reducing selling pressure. CryptoStreamHub, a member of the crypto community, stated that although this may not seem like a lot, investors may expect more burning in the future, as cryptocurrencies do not necessarily have to be valued rationally. The emergence of the TON meme
In mid-November 2023, the TON ecosystem exclusive conference, The Gateway, was held in Dubai. The conference aimed to bring cryptocurrencies into everyone’s pocket by building Telegram Web3 super applications.
At the conference, which was attended by over 500 crypto enthusiasts, developers, and investors, Notcoin made its debut.
Although it belongs to the TON ecosystem, the relationship between Notcoin and TON goes beyond this. Notcoin’s promoter Sasha Plotvinov is also the CEO of Open Builders, and Open Builders’ products overlap with the founder of the TON Foundation, Andrew’s TOP organization. It can be said that they are basically the same group of people. This gives Notcoin a stronger endorsement.
After the conference, a few KOLs started promoting Notcoin in the Telegram group and launched an invitation reward program at the end of the month. In December, with the promotion by Andrew, the founder of the TON Foundation, Notcoin gradually gained traction, and the beta version points were reset to zero on January 1, 2024, with the official version release.
On the other hand, the meme trend brought by Solana this year has given memes a certain ecological position on public chains. Currently, there is no meme ecosystem on TON, which also allows NOT to have a meme presence on TON. As ACcapital founding partner TeddyAC01 said, Notcoin brings traffic to Ton, and Ton allocates operational resources to Notcoin.
However, there have been many articles discussing whether “NOT meme can help TON,” but the official Notcoin team has stated that they are “not just a meme coin.”
Early layout on Binance
After Andrew’s promotion, Notcoin collaborated with multiple projects, such as issuing points for holding certain NFTs. This greatly contributed to Notcoin’s achievement of attracting 20 million users in 26 days. As a result, Notcoin caught the attention of Binance and launched a joint campaign on February 29.
Subsequently, on April 12, Notcoin announced the completion of a three-month mining of points. On May 9, NOT (Notcoin) was listed on OKX Jumpstart, and TON holders could stake TON to 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 (NOT) using BNB and FDUSD. On May 16, Notcoin (NOT) was officially listed and trading markets for NOT/BTC, NOT/USDT, NOT/BNB, NOT/FDUSD, and NOT/TRY were opened.
More than just “Tap-to-Earn”
Notcoin can essentially be described as a “click-to-mine” game, and this field is still in its early stages. However, on May 26, according to data from on-chain analysis firm Artemis, Aptos achieved a record-breaking single-day trading volume of 95.6 million transactions with its “click-to-mine” game Tapos, surpassing the daily trading volume of any other L1 blockchain.
In addition, the invitation and team mechanisms of Notcoin have also enabled the project to achieve viral marketing success.
But the success of Notcoin’s rise cannot be replicated solely by a new narrative. TeddyAC01, ACcapital’s founding partner, stated that Notcoin’s success cannot be duplicated.
Since Notcoin directly targets Telegram users, Telegram can increase the cost of marketing. Moreover, Notcoin stated during its promotion that it is “probably nothing,” thus raising the cost of marketing.
TeddyAC01 also mentioned that the market determines the impossibility of replicating a supernova. Web3 projects have extreme network scale economies. Our market is a unified large market, and the market segmentation is not significant. The imitation project faces direct competition with the supernova but cannot win or lose. If it wins, the supernova will collapse along with the imitation project. Now we are already in the middle to late stage of the bull market, and imitation projects need to develop for half a year like Notcoin, which is not feasible.
According to the Notcoin team, they will transition to a culture + ecosystem and launch a win-win subsystem. Notcoin Explore is one of them, and games and competitions will continue to be explored.
Notcoin stated that some of these subsystems will start working and developing from day one (exploration has already achieved significant results so far). The main goal is to collaborate with the community to build effective and value-added subsystems over the next 4 to 5 years, making them fully autonomous and self-developing, with Notcoin’s value at the core.
