Notcoin, one of the breakout tokens of this year’s bull rally, has announced the burn of $3 million worth of NOT tokens as it seeks to reduce the supply and boost the token’s price.
Notcoin announced this week that it would be burning 210 million NOT tokens, worth just over $3 million, from emission in an effort to make the project’s tokenomics “extremely community oriented.”
The announcement was well received by investors, with the token surging by 16% immediately to hit $0.0164. It has since dipped slightly, trading at $0.01546 at press time, a 1.9% dip in the past day.
In the past week, NOT has been on a rollercoaster; on Monday, the token dipped to a weekly low of $0.0132 after a few days of sideways trading. It then found support and bounced back to $0.017 following the announcements, before the momentum waned.
In the past month, the token has gained 120%, making it the highest gainer in the top 100 coins. However, this doesn’t tell the whole story—between May 30 and June 2, the token surged from $0.00969 to hit a monthly high north of $0.0288, a 197% gain in three days. However, since then, it has lost 46% of its value.
According to one analyst, NOT is trading in a descending wedge pattern and looks poised to break out over the next few days, potentially pushing the price to new highs.
In addition to the burn, Notcoin announced that it will distribute $4.2 million as an incentive for loyal gold and platinum users of its Notcoin Explore. It added:
As a result, 94.18% is in the hands of 11.5M people, including traders, miners, stakers, etc. 5.82% is in the treasury for the next years of development. With the community as a main stakeholder, the future seems bright. Thank you all, frens. You made it.
Notcoin Transforms Blockchain Gaming
Blockchain gaming has been around for almost a decade now. However, every few years, a game comes by that captures the attention of the entire industry and transforms its trajectory for good.
CryptoKitties did it years ago on Ethereum, making owning digital collectibles cool for millions of users. Axie Infinity would take over years later, sweeping across Asia and hitting nearly three million active daily users at its peak.
Notcoin is the latest iteration of this phenomenon. The tap-to-earn game has redefined blockchain gaming, attracting users en masse and surging to $3 billion in market cap at its peak earlier this month and rivalling some of the largest cryptos in daily trading volume, as Crypto News Flash reported. At its peak, Notcoin attracted over 35 million players, with 6.5 million being active daily.