Telegram-based Notcoin (NOT) recently carried out a token burn that paints a bullish outlook for the crypto token’s ecosystem. This comes amid a recent price recovery for the NOT token, with fundamentals suggesting that more price surges may be imminent.
Notcoin Burns 210 Million NOT Tokens
Notcoin revealed in an X (formerly Twitter) post that they had just burned 210 million NOT tokens ($3 million). They noted that the crypto token’s tokenomics is now “extremely community-oriented” thanks to this. They further revealed that 94.18% of Notcoins are held by 11.5 million people, including traders, miners, and stakers, among others. Meanwhile, 5.82% of Notcoin’s total supply is in the treasury, which will be used for development.
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The token burn carried out by the team is undoubtedly bullish for Notcoin’s ecosystem, especially if the demand for the crypto token continues to increase. Moreover, the 210 million tokens burned represent a significant supply given that Notcoin boasts a circulating supply of just over 102 billion, according to data from CoinMarketCap.
Meanwhile, as highlighted by the team, NOT is now more community-driven based on how the crypto token is evenly distributed among community members. This could further boost investors’ confidence in Notcoin and its ecosystem since the team isn’t greatly armed with a large percentage of the token’s supply, which could cause the market to crash.
Meanwhile, Notcoin revealed that $4.2 million worth of Notcoin will be awarded as an incentive for Gold and Platinum users of Notcoin Explore. The ‘Explore’ initiative lets users earn NOT and other bonuses from projects by completing various tasks. Crypto projects can add Notcoins to the Explore pool and create a campaign involving users completing multiple tasks.
On the one hand, this is an excellent way for teams to promote their projects since NOT boasts an active player base of 40 million users. On the other hand, this initiative is another bullish fundamental for the crypto token’s ecosystem as it could help increase the demand for Notcoin and ultimately drive up its value.
NOT Also Bullish From A Technical Analysis Perspective
Several crypto analysts have also analysed Notcoin, presenting a bullish outlook for the crypto token. Crypto analyst Captain Faibik recently mentioned that Notcoin is on the verge of a “massive wedge upside breakout.” From the chart he shared, Notcoin could rise to as high as $0.03 when it successfully breaks out from its current price levels.
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Crypto analyst Planfomo also shared a similar sentient. He stated he is getting more confirmation that the bullish falling wedge pattern on Notcoin’s chart could play out. His chart showed that Notcoin could eventually rise to as high as 0.038 when this breakout finally occurs. This will represent a new all-time high (ATH) for Notcoin, with its current ATH at $0.028.
Featured image created with Dall.E, chart from Tradingview.com
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