The explosive growth pushed the token into the top 100 but new buyers may need to be careful.
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The volume surpassed $1 billion, suggesting a possible increase to $0.01.
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Social dominance dropped but sentiment around the project remained bullish.
Notcoin [NOT], the recently launched token of the mine-to-earn game built on The Open Network, put up a stunning performance in the last 24 hours.
At press time, NOT’s price was $0.0076, representing a mind-blowing 45.13% increase.
Interestingly, this increase came at a time when most of the top assets in the market shed gains or moved sideways. It also aligned with AMBCrypto’s price prediction released some days back.
However, the price increase did more than add to the gains of Notcoin holders.
The token became a part of the prestigious top 100 with a market cap of $790.35 million. Market cap is a product of price and circulating supply.
Therefore, if the price continues to increase, there is a high chance that NOT might flip a few of the projects ranking above it, provided those values stall.
NOT is not equal to TON
Furthermore, Notcoin had lost 55% of its value some days after its official launch. At that time, the price of Toncoin [TON], which is the native token of The Open Network increased.
But the tables have turned as NOT seems to be charting its path individually. This assertion was because TON’s price did not follow the uptrend.
As of this writing, TON’s price was $6.28- a 1.32% decrease within the same period Notcoin jumped.
At press time, NOT’s volume was $1.05 billion. This was the highest the metric had reached since the token launched in mid-May. Volume is an indicator of interest in a cryptocurrency.
The rise either shows the rate of buying and selling.
Unlike the time the price collapsed, the rise in volume this time could be linked to a surge in buying pressure.
If the volume continues to rise alongside the price, NOT could head for a higher value.
Beware! $0.01 is not guaranteed
From the look of things, it might not be out of place for Notcoin to hit $0.01 within the next few weeks.
Should this be the case, the market cap of the project could surpass the $1 billion landmark.
But if interest in the token declines, this prediction could be invalidated, and it could take a longer period for NOT to hit the milestone.
In addition to the indicators above, AMBCrypto also assessed the sentiment around NOT.
According to data from Santiment, the Weighted Sentiment moved from 0.656 to 0.965 between the 26th and the 28th of May.
This increase implied that before the breakout, there had been a rise in positive comments attributed to Notcoin. As such, it was not surprising that demand for the token was intense.
However, if the metric continues to rise, FOMO might set in, and this could cause NOT’s price to retrace.
For context, FOMO stands for Fear Of Missing Out. In the crypto context, it occurs when an impressive price action arouses an increase in social-related posts about an asset, leading more participants to buy when the price is almost at the local top.
Realistic or not, here’s NOT’s market cap in TON terms
If this happens for Notcoin, the projected rise to $0.01 could be invalidated. In terms of social dominance and volume, data showed that NOT had a large share.
But at press time, that rise had begun to decrease, indicating a decline in search and discussions related to the project.
