Telegram-based Notcoin (NOT) recently carried out a symbolic burning that shows an optimistic outlook for the crypto token ecosystem. This comes amid a recent price recovery for the NOT token, with fundamentals suggesting further price increases could be imminent.
Notcoin burns 210 million NOT tokens
Notcoin revealed in an X (formerly Twitter) publish that they had just burned 210 million NOT tokens ($3 million). They noted that the crypto token tokenomics it’s now “extremely community-oriented” thanks to that. 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 the total supply of Notcoin 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 Ecosystem, especially if demand for the cryptographic token continues to increase. Furthermore, the 210 million tokens burned represent a significant supply, given that Notcoin has 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 cryptographic token is evenly distributed among community members. This could further increase investor confidence in Notcoin and its ecosystem since The team it is not very armed with a large percentage of the token supply, which could cause the market to crash.
Meanwhile, Notcoin revealed that $4.2 million in Notcoin will be awarded as an incentive to Gold and Platinum users of Notcoin Explore. The ‘Explore’ initiative allows users to 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 a great way for teams to promote their projects, as NOT boasts an active player base of 40 million users. On the other hand, this initiative is another bullish rationale for the crypto token’s ecosystem, as it could help increase demand for Notcoin and ultimately increase its value.
NO is also bullish from a technical analysis point of view
Several crypto analysts have also analyzed Notcoin, presenting a optimistic outlook for the crypto token. Crypto Analyst Captain Faibik recently mentioned that Notcoin is on the verge of a “major wedge breakout.” In the chart he shared, Notcoin could rise as high as $0.03 once it successfully breaks out of its current price levels.
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![Telegram-Based Notcoin Burns 210 Million Tokens Amid Positive Rally 1 Notcoin 1](https://thegurumedia.com/wp-content/uploads/2024/06/Notcoin-1.png)
![Telegram-Based Notcoin Burns 210 Million Tokens Amid Positive Rally 2 Notcoin 2](https://thegurumedia.com/wp-content/uploads/2024/06/Notcoin-2.png)
Crypto analyst Planfomo also shared a similar sentiment. He stated he is receiving further confirmation that the bullish falling wedge pattern on the Notcoin chart it could work. His graph showed that Notcoin could eventually rise to 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