As a researcher with a background in cryptocurrencies and blockchain technology, I find Notcoin’s latest developments particularly intriguing. The community’s decision to burn 210 million NOT tokens worth $3 million is a bold move that could potentially strengthen the project’s foundation. This initiative not only reduces the overall supply of NOT but also aligns with their broader approach to future development and incentivizing their most dedicated users.
The cryptocurrency Notcoin (NOT), which operates on the TON blockchain, made another significant advancement. According to a post by the crypto’s community on X, an impressive amount of 210 million NOT tokens were burned recently. This action is part of a series of developments that have left the NOT community hopeful about its future cryptographic projects.
The price of Notcoin saw a significant increase of approximately 5% today, indicating a favorable market reaction to recent news about its new initiatives. Let’s explore these new developments in greater detail for Notcoin.
Notcoin Community Revolutionizes Tokenomics
Based on today’s post in the community, approximately $3 million worth of Notcoin, equating to around 210 million NOT tokens, have been destroyed. This event instills optimism within the Notcoin community, as it reduces the token’s circulation supply. The NOT burn tracker has also verified this transaction.
In the interim, this choice aligns with a wider strategy, as expressed by the community. To solidify the project’s position, tokens that went uncclaimed following successful listings and launch pool functions were categorized into three groups: future development, burn, and distribution to Notcoin Explorers in the Gold and Platinum tiers.
Approximately $3 million worth of NOT was destroyed in an event, yet $4.2 million in coins were distributed as rewards for Gold and Platinum level users. The community note indicated that “94.18% of the total is owned by approximately 11.5 million individuals, consisting of traders, miners, stakers, and so on. Conversely, around 5.82% remains in the treasury for future project advancements.”
These tokenomics aid the NOT token in gearing up for a seamless crypto journey.
NOT Price Soars
From my analysis as of now, the NOT token price has experienced a 5.86% increase in the last 24 hours and is presently priced at $0.01431 on the chart. The lowest and highest points in this period were recorded at $0.01327 and $0.01463, respectively.
As a crypto investor, I’ve noticed that during this weekly pullback, Notcoin’s token-burning mechanism has helped mitigate the price downturn. Additionally, data from Coinglass indicates a significant increase of 5.60% in Notcoin’s Futures Open Interest (OI), suggesting new buying activity in the market.
Together, the data indicates a bullish outlook for Notcoin based on its current pricing trend.
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2024-06-25 17:05