{"id":13929,"date":"2024-05-30T13:03:33","date_gmt":"2024-05-30T10:03:33","guid":{"rendered":"https:\/\/forklog.com\/en\/notcoin-surges-30-in-a-day-as-trading-volume-exceeds-market-cap\/"},"modified":"2024-05-30T13:03:33","modified_gmt":"2024-05-30T10:03:33","slug":"notcoin-surges-30-in-a-day-as-trading-volume-exceeds-market-cap","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/notcoin-surges-30-in-a-day-as-trading-volume-exceeds-market-cap\/","title":{"rendered":"Notcoin Surges 30% in a Day as Trading Volume Exceeds Market Cap"},"content":{"rendered":"

On May 30, the gaming token Notcoin (NOT) surged by 30% to reach $0.012. Its market capitalization hit $1.22 billion with a trading volume of $1.29 billion, according to CoinGecko<\/a>.<\/p>\n

\"NOT
15-minute chart of NOT\/USDT on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

The weekly gain of the asset was nearly 130%. At the time of writing, the project ranks 81st among the largest cryptocurrencies.\u00a0<\/p>\n

Despite a decline after listing, the asset continues to recover its position. Analysts at CryptoQuant linked<\/a> this trend to the distribution model of NOT.<\/p>\n

\n

\u201cAfter listing on Binance on May 16, there was a sharp increase in the number of transactions [with NOT] and active addresses, although the price and trading volumes soon decreased, indicating a waning initial excitement. Despite this, significant accumulation by large holders indicates sustained confidence,\u201d the experts wrote.\u00a0<\/p>\n<\/blockquote>\n

According to their data, a significant portion (69.59%) of the NOT airdrop was distributed via on-chain withdrawal, and 22.87% was directed towards community incentives\u2014this \u201cdemonstrates a strategy aimed at broad engagement.\u201d<\/p>\n

A substantial share of the coins went to centralized exchanges after launch, noted CryptoQuant. The initial \u201cexcessive market reaction\u201d prompted a correction, but the combination of holder accumulation and community incentives provided potential for recovery.<\/p>\n

The author of the Telegram channel DEFI Scam Check<\/a> pointed out that the futures trading volume of NOT on Binance exceeded the coin\u2019s market capitalization by one and a half times.\u00a0<\/p>\n

\"NOT
NOT futures market on Binance. Data: DEFI Scam Check.<\/figcaption><\/figure>\n

The researcher noted that the market maker for Notcoin is DWF Labs. Projects collaborating with the company typically exhibit several traits:\u00a0<\/p>\n

    \n
  • a significant excess of futures trading volume over the project\u2019s capitalization by at least two to three times;<\/li>\n
  • discrepancies between spot and futures prices;<\/li>\n
  • strong interest in the project\u2019s capitalization (currently, $74 million worth of NOT is on Binance\u20144% of the issuance).<\/li>\n<\/ul>\n

    So far, Notcoin partially meets only the first criterion. If these factors continue to manifest, DEFI Scam Check predicts a decline in the coin similar to other projects associated with DWF Labs.<\/p>\n

    Previously, ForkLog discussed with experts the reasons for the rise and future dynamics of NOT.<\/p>\n

    Earlier, Notcoin co-founder Alexander Plotvinov announced a coin-burning feature.<\/p>\n","protected":false},"excerpt":{"rendered":"

    On May 30, the gaming token Notcoin (NOT) surged by 30% to reach $0.012. Its market capitalization hit $1.22 billion with a trading volume of $1.29 billion, according to CoinGecko. 15-minute chart of NOT\/USDT on Binance. Data: TradingView. The weekly gain of the asset was nearly 130%. At the time of writing, the project ranks […]<\/p>\n","protected":false},"author":1,"featured_media":13928,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1145,1441],"class_list":["post-13929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-market-analysis","tag-notcoin"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13929"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13929\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13928"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13929"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13929"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}