Telegram’s Notcoin increases its value through $3 million token burn

• Notcoin has burned $3 million worth of NOT tokens to reduce supply and boost price as the company looks to bolster its fast-growing tap-to-earn gaming community.
• The project will also begin rewarding its community, including by giving away $5 million to its most loyal fans, which saw a 120% increase in the past month.

Notcoin, one of the breakout tokens of this year’s bull rally, has announced the burning of $3 million worth of NOT tokens to reduce the supply and boost the price of the token.

Notcoin announced this week that it would burn 210 million NOT tokens, valued at just over $3 million, from issuance in an effort to make the project’s tokenomics “extremely community-focused.”

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Notcoin Tokenomics is now extremely community-oriented.

The emission just burned 3 million USD worth of Notcoin 🔥

$4.2 million is set aside as an incentive for Notcoin Explore Gold and Platinum users (thanks, guys) pic.twitter.com/70vXTWk5YE

— Notcoin Ø (@thenotcoin) 25 June 2024

The announcement was well received by investors and the token rose by 16% immediately to $0.0164. Since then, it has fallen slightly and is trading at $0.01546 at the time of writing, a 1.9% Burglary last day.

NOT has been on a rollercoaster ride over the past week; on Monday, the token fell to a weekly low of $0.0132 after a few days of sideways trading. It then found support and recovered to $0.017 following the announcements before losing momentum.

Over the past month, the token has gained 120%, making it the biggest gainer among the top 100 coins. However, that’s not the whole story – between May 30 and June 2, the token rose from $0.00969 to a monthly high of over $0.0288, a 197% gain in three days. Since then, however, it has lost 46% of its value.

According to an analyst, NOT is trading in a descending wedge pattern and is on the verge of a breakout in the next few days that would potentially push the price to new highs.

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After a decline from $0.03 to $0.01, $NOT – @thenotcoin finally found strong support at $0.013!

Signs that point to a possible recovery.

Send it higherrr 🚀 #NOT #NOTCon pic.twitter.com/glPMIxKOaR

– Belle (@Bitt_Belle) 26 June 2024

In addition to the promotion, Notcoin announced that it will distribute $4.2 million as an incentive for loyal Gold and Platinum users of its Notcoin Explore. It added:

As a result, 94.18% is in the hands of 11.5 million people, including traders, miners, stakers, etc. 5.82% is in the treasury for the next years of development. With the community as the main stakeholder, the future looks bright. Thank you all, friends. You did it.

Notcoin is changing blockchain gaming

Blockchain gaming has been around for nearly a decade now, but every few years a game comes along that captures the attention of the entire industry and changes its trajectory forever.

CryptoKitties did it on Ethereum years ago, making owning digital collectibles cool for millions of users. Axie Infinity took the lead years later, spreading across Asia and reaching nearly three million daily active users at its peak.

Notcoin is the latest version of this phenomenon. The tap-to-earn game has redefined blockchain gaming by attracting massive numbers of users, reaching a market cap of $3 billion at its peak earlier this month and rivaling some of the largest cryptocurrencies in daily trading volume, as Crypto News Flash reported. At its peak, Notcoin attracted over 35 million players, 6.5 million of whom were active daily.