Notcoin surges 45%, eyes $0.01 breakthrough
The newly released token belonging to the mine-to-earn game on The Open Network, Notcoin [NOT], showcased an impressive surge over the past day. As of the latest update, NOT's value stood at $0.0076, marking a remarkable surge of 45.13%.
This surge occurred amidst a phase where the leading market assets were either losing value or stagnating. Interestingly, this rise was in line with the forecast by AMBCrypto published a few days earlier. But the surge in price did more than just benefit the holders of Notcoin.
With a market capitalization reaching $790.35 million, the token entered the prestigious circle of the top 100 assets, a position determined by price and circulating supply. This indicates that should the price continue its upward trajectory, NOT could potentially surpass other projects in ranking, assuming their values remain constant.
Distinct Paths: NOT vs. TON
Additionally, it was reported by AMBCrypto that Notcoin experienced a 55% decrease in its value shortly after its launch. During this period, the value of Toncoin [TON], The Open Network's native token, saw an increase.
However, Notcoin is now carving its path independently, as evidenced by TON not experiencing the same price upsurge. At the moment, TON's value is at $6.28—a slight decrease of 1.32% in the same timeframe that Notcoin saw its significant leap. The trading volume for NOT reached $1.05 billion at press time, marking the highest point since its launch in mid-May. Trading volume reflects the level of interest in a cryptocurrency. This spike can be attributed to an increased buying activity, as opposed to the sell-off during its price drop.
If the trend of rising volume and price continues, the value of NOT is poised for further increases.
Caution: $0.01 Milestone Not a Certainty
Given the current momentum, it wouldn't be surprising to see Notcoin reaching the $0.01 mark in the upcoming weeks. Should this happen, the project's market cap might cross the $1 billion threshold.
However, a waning interest in the token could derail this projection, potentially prolonging the time it takes for NOT to achieve this milestone.
Moreover, AMBCrypto has analyzed the sentiment surrounding NOT. Data from Santiment indicated a sentiment shift from 0.656 to 0.965 between May 26 and May 28, suggesting an uptick in positive mentions before the price breakout, thereby fueling strong demand for the token.
Should sentiment continue to ascend, a FOMO scenario might ensue, potentially leading to a price correction.
FOMO, or Fear Of Missing Out, in the cryptocurrency sphere reflects the rush to purchase an asset amidst rising prices, often leading to increased purchases at peak values.
For Notcoin, this phenomenon could challenge the anticipated rise to $0.01. Although Notcoin has garnered significant attention in terms of social dominance and volume, a recent dip in these metrics implies a decrease in discussions and searches related to the project.
