David Edwards
Notcoin (NOT), the native cryptocurrency of a Telegram-based game, has seen significant whale accumulation, fueling speculation about the token’s future prospects. Data from IntoTheBlock reveals that large holders of NOT have increased their positions over the past month, with notable activity in the last week. This accumulation has coincided with an 11% price surge, suggesting renewed investor interest in the asset.
Price Surge Amid Whale Accumulation
Over the past month, Notcoin has rebounded, rising from $0.0076 to $0.0085, according to TradingView. The 11% gain has spurred optimism among users who are hoping for a sustained recovery following a major price pullback earlier this year.
Notcoin’s Meteoric Rise and Market Correction
Notcoin operates on the TON (Telegram Open Network) blockchain, which is renowned for its scalability and security features. Upon its launch for trading in mid-May 2024, NOT skyrocketed by 2,800%, largely driven by the project’s wide user base, which included over 35 million participants in its token redemption initiative.
Despite the early success, Notcoin’s market cap, which peaked at $2.56 billion, has since retreated to $855.6 million, based on CoinMarketCap data. Currently trading at $0.00833, NOT is down 71% from its all-time high of $0.0293. However, technical indicators suggest the token may be stabilizing, with analysts pointing to potential support at $0.069.
Analysts Eye Potential Breakout
Market experts believe that Notcoin’s recent rally could signal the beginning of a broader recovery. Should NOT breach the resistance level at $0.0106, analysts predict a trend reversal that could lead to a significant uptrend.
Disclaimer: This article is for informational purposes only and does not provide financial advice. Readers should perform their own research before making any investment decisions.
