There has been a significant trend in the launch of NOTcoin, the cryptocurrency of the TON network. However, it is not what many were expecting, or maybe it is.
The truth is that it has experienced a significant price drop after surging and entering the top 100 of the leading cryptocurrencies by market capitalization on one of the most consulted sites daily; CoinMarketCap. This could be indicating something that we are overlooking, what utility does this coin have?
Clearly when there is a serious project behind it, there is the possibility that a currency may have a wide variety of uses and all of them result in influencing the way it is invested in. Investors are not only aware of this, but they seek to maximize their capital power, but when there is no other opportunity than to sell high, it results in a significant price drop that turns into a deep disappointment, although there will be people who will continue to hold or even accumulate more coins hoping for a recovery in their value, which may not arrive.
At the moment, its price has stabilized, remaining in the range of $0.0054, while its minimum reached $0.0050, although there are also those who managed to sell above $0.009, which has been a good decision for them. Speaking of transaction volume, it rose in the first 24 hours to a very surprising $1.18 million.
But where does its popularity come from? Basically, the trends come from web2 social media networks that encourage participation in a game. This game operates through a Telegram bot where, after starting it, all you have to do is touch or click on the screen. It is said that this greatly influenced the purchase of various peripherals that allow automating this action and that can be purchased, for example, on Ebay or Alibaba. I think if it were truly profitable, one could seriously consider it.
Obviously, behind this there are a series of reasons that would support participating in Plotvinov's game, and one of the reasons would be the installation of the TON Space wallet. Also, mention the bot testing that they use and synchronize with the TON network, so this is something that could have come at any time and what I assume may have several variants from now on.
Perhaps at some point it is an experiment, but we can certainly mention that the market capitalization is impressive, amounting to $574 million. NOTcoin is being traded on the most popular exchanges like Binance, OKX, and Bybit. There is no doubt that there will be more developers willing to build on TON, but nothing ensures its success more than the commitment to Telegram.
Plotvinov mentions that currently Telegram has 100 million cryptography-savvy users and it is expected that by the end of the year, that number will rise to one billion.
Could this also be a case of exponential growth? In my opinion, Telegram Open Network (TON) is growing at a blazing pace through a system that is increasingly being refined and finding a higher level of utility. Transactions, different types of collectibles, gamification, and more could be reaching an absolute range of all types of users, all through a native cryptocurrency that facilitates everything.
Is there confidence in the $NOT token? We can mention the fact that Pavel Durov is holding about $6.8 million in NOTcoin, with the promise that he will hold onto them until their value grows 100 times. Although we all know that the purpose of this is to encourage more people, even whales, to invest in this cryptocurrency.
- Main image edited in Canva.
- I have consulted information in cryptonews.com.
- I have used Hive Translator to translate from Spanish to English.
Posted Using InLeo Alpha
I must say that telegram is really putting a strategy to attract and adopt the crypto world. A lot benefited from the hype yet as you said, utility will be it's sustainer.
A million developer on telegram indeed would make this app a hub for applications. Can this be? I guess one shouldn't critize all the time, we'll leave it for time.
I think we will see a mind-blowing expansion as well as many opportunities to venture into. We will have to wait and see what they surprise us with.
That's it friend