- At press time, NOT’s market capitalization was just over $681 million.
- Meanwhile, buying pressure for TON has increased on the chart.
The wait is over as Notcoin (NOT), the much-talked-about Telegram-based cryptocurrency, finally launched on May 16. The launch wasn’t perfect, as the new product soon saw a significant price drop. However, it is still close to the list of top 100 cryptocurrencies. meantime, Toncoin (TON) It remained bearish on the charts.
All About Notcoin Launch
AMBCrypto previously reported NOT was airdropped on May 16, and several cryptocurrency exchanges such as Binance announced that they would list the token. During the launch, the initial price of the newly listed token was $0.01, corresponding to a market capitalization of $1 billion.
However, things did not go as planned as the altcoin recorded a major correction within hours of its launch. According to CoinMarketCap, the price of NOT has fallen by more than 53% since launch. At the time of this writing, NOT is trading at $0.006631 with a market capitalization of over $681 million, making it the 108th largest cryptocurrency on the market.
Now, this price drop after an airdrop is not new as similar incidents have happened before. The main reason this happens is because they sell off immediately after launch as investors choose to profit rather than hold.
However, the good news is that Notcoin’s trading volume has remained high since launch. To be precise, NOT’s trading volume was $1.4 billion, putting it in 8th place on the list of cryptocurrencies with the highest 24-hour trading volume.
While all this is happening, Binance shared This is a major update for our audience. Accordingly, the exchange decided to remove the NOT/BTC trading pair that was originally scheduled to be listed on May 16th. Binance said it took these steps “to provide a better trading experience.”
TON Bear won’t let go
AMBCrypto is Before reported How Toncoin, the blockchain on which Notcoin is issued, has benefited from the hype around NOT. However, the trend soon changed, with the token price falling more than 3% in the last seven days. At press time, it had a market capitalization of over $23 billion and was trading at $6.63.
Analysis of Santiment’s data shows that investors took advantage of this opportunity to accumulate TONs when prices were low. This is because TON’s supply on exchanges has decreased sharply, while supply outside of exchanges has increased. Foreign exchange outflow also increased, reflecting the high buying pressure.
Source: Santiment
read Toncoin (TON) price prediction 2024-25
To determine whether the increase in buying pressure will lead to a price rise, AMBCrypto analyzed the daily chart of TON.
The token’s Chaikin Money Flow (CMF) recorded a downward trend, suggesting a continued price decline. Additionally, Bollinger Bands indicated that the price of TON is still above the 20-day simple moving average (SMA). Therefore, the price of TON may first fall to the 20-day SMA support level and then gain bullish momentum.
Source: TradingView