The price of Notcoin (NOT) has increased by over 300% over the past week to reach an all-time high.

The price of Notcoin (NOT) has increased by over 300% over the past week to reach a new all-time high. Can the token NOT continue its parabolic rise due to social hype?

Notcoin rose 320% in a week, hitting a new all-time high

Notcoin price has increased by over 323% over the past week, reaching a new all-time high of $0.02896 on June 2, according to TradingView data.

NOT/USDT, 1-week chart. Source: Commercial View

In less than two months, Notcoin, the play-to-earn and in-app token in the Telegram Mini app, has attracted more than 30 million users on Telegram, introducing a new wave of major users to the crypto space. currencies.

Notcoin was listed on the Bybit exchange on May 16. It hasn’t risen more than 200% in the two and a half weeks since it was listed.

NOT/USDT, all time chart. Source: Commercial View

After the rally, Notcoin reached a market capitalization of $2.3 billion, becoming the 51st largest cryptocurrency tracked by CoinMarketCap.

Notcoin and other Telegram Mini apps will be a “Trojan horse” for mass adoption of blockchain technology that could include 500 million cryptocurrency users, according to Justin Hyun, chief investment officer at the TON Foundation.

Hyun told Cointelegraph in an interview:

“Bringing 500 million people on-chain by 2028 – which is our goal – will require use cases that interact with the blockchain without the user knowing up front.”

Justin Hyun talks about the mechanics of widgets. Source: YouTube

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Social Sentiment Drives Price Rises

Growing interest in the retail sector on social media platforms appears to be one of the main drivers behind Notcoin’s rise to an all-time high.

Just two weeks after its launch, Notcoin became the second most mentioned cryptocurrency in 12 hours, according to an article published on June 3 by Alphascan:

“The second most mentioned token in a 12 hour period. One of the most mentioned tokens on the daily time frame… 45% of all weekly signals occurred in the last 24 hours and 81% of all daily signals occurred in the last 12 hours.

Notcoin Social Signals. Source: Alphascan

Demonstrating growing investor interest, Notcoin has become the fifth most traded cryptocurrency in the market, with trading volume reaching over $4 billion on June 3, surpassing the $3.5 billion trading volume of USDCoin (USDC), according to CoinGecko.

The growing social sentiment around Notcoin has also attracted more large investors, or whales, to the Telegram ecosystem, particularly for Toncoin (TON), according to cryptocurrency analyst Ali Martinez. Martinez wrote in a June 3 message to his 63,400 followers:

“The number of large Toncoin transactions (over $100,000) increased by 237.5% in the last 24 hours! This significant increase in TON whale activity indicates a strategic shift in their investments and locations.

Number of significant Toncoin transactions. Source: In the charts

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.

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