Telegram-based Notcoin (NOT) A symbolic burn was recently made that paints a bullish outlook for Cryptocurrency ecosystemThis comes amid a recent rebound in the price of NOT token, with fundamentals suggesting that further price increases could be imminent.
Notcoin burns 210 million NOT tokens
Notcoin unveiled at X (formerly Twitter) mail They have just burned 210 million NOT tokens ($3 million). They pointed out that Crypto Token Economy It is now “very community-oriented” thanks to this. They also revealed that 94.18% of Notcoins are owned by 11.5 million people, including traders, miners, and stakeholders, among others. Meanwhile, 5.82% of the total Notcoin supply is in the treasury, which will be used for development.
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The code burning done by the team is undoubtedly a positive thing for Notcoin ecosystem, especially if the demand for the cryptocurrency token continues to rise. Furthermore, the 210 million tokens burned represents a significant supply given that Notcoin boasts a circulating supply of just over 102 billion, according to Data From Coin Market Cap.
Meanwhile, as the team highlighted, NOT is now more community-oriented based on how the cryptocurrency token is evenly distributed among community members. This may enhance investors’ confidence in Notcoin and its Ecosystem since the team It is not heavily armed with a large percentage of the token supply, which could cause the market to crash.
Meanwhile, Notcoin revealed that it is giving away $4.2 million worth of Notcoin as an incentive to Notcoin Explore Gold and Platinum users. The “Explore” initiative allows users to earn NOT coins and other rewards from projects by completing various tasks. Crypto projects can add Notcoin to their Explore pool and create a campaign that involves users completing multiple tasks.
On the other hand, this is an excellent way for teams to promote their projects as NOT has an active player base of 40 million users. On the other hand, this initiative is another fundamental for the crypto token ecosystem as it can help increase the demand for Notcoin and ultimately raise its value.
Not bullish either from a technical analysis perspective
Many cryptocurrency analysts have also analyzed Notcoin, and have provided: bullish outlook for encryption code. Cryptocurrency Analyst Captain Vibek newly Mentioned Notcoin is on the verge of a “massive rising wedge breakout.” From the chart he shared, Notcoin could rise to $0.03 if it manages to break out of its current price levels.
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Cryptocurrency analyst Planfomo also shared the same sentiment. He said, advertiser It has been further confirmed that Rising bearish wedge pattern This may appear on the Notcoin chart. Its chart showed that Notecoin The price of Notcoin may eventually rise to $0.038 when this breakout finally happens. This would mark a new all-time high (ATH) for Notcoin, with the current all-time high at $0.028.
Featured image created with Dall.E, chart from Tradingview.com