Notcoin Soars to Fifth-Most Traded Cryptocurrency Amid Social Media Frenzy
Notcoin (NOT) skyrocketed to become the fifth-most traded cryptocurrency on Monday, surpassing the trading volume of Circle’s USDC stablecoin. The token's price surged over 300% in the past week, reaching an all-time high of $0.02896 on June 2. This meteoric rise is largely driven by burgeoning social interest.
In just under two months, Notcoin, a play-to-earn game and token integrated as a Telegram Mini App, has amassed over 30 million users on Telegram. This rapid adoption has introduced a new wave of mainstream users to the cryptocurrency space.
Following this remarkable rally, Notcoin's market capitalization soared to $2.3 billion, making it the 51st largest cryptocurrency.
Justin Hyun, director of investments at TON Foundation, believes that Notcoin and other Telegram Mini Apps could serve as a “Trojan horse” for mass blockchain adoption, potentially onboarding the next 500 million crypto users by 2028. Hyun emphasized the importance of use cases that interact with the blockchain seamlessly for end-users.
The explosive growth in social media mentions has been a key factor in Notcoin’s ascent. According to a June 3 X post by Alphascan, Notcoin became the second-most mentioned cryptocurrency within a 12-hour timeframe. The post highlighted that 45% of all weekly mentions occurred in the last 24 hours, with 81% happening in the past 12 hours alone.
This surge in social sentiment has also attracted large investors, or whales, to the Telegram ecosystem, particularly for Toncoin (TON). Crypto analyst Ali Martinez noted a 237.5% increase in large Toncoin transactions (over $100,000) in the past 24 hours, suggesting a strategic shift among these major players.
As Notcoin continues to gain traction, the question remains: can the token sustain its parabolic rise fueled by social hype? The coming weeks will be crucial in determining whether Notcoin's momentum is a temporary surge or the beginning of a sustained trend in the cryptocurrency market.