Telegram has been making strides in the cryptocurrency market, initially taking a cautious approach but recently accelerating its efforts. With the TON Coin inflating its market value significantly, Telegram is now focused on building its own ecosystem. A critical milestone in this journey is the emergence of NOT Coin. So, what triggered the 300% surge in its value?
What is Causing the Surge in NOT Coin?
NOT Coin has recently gained substantial attention, experiencing a 320% increase and hitting an all-time high. Telegram, which reached 500 million users in January 2021, has a considerable user base, many of whom are cryptocurrency enthusiasts. With its integration of TON Coin, Telegram leverages this large audience similarly to Discord, boosting its crypto endeavors.
On June 2, NOT Coin reached a record price of $0.02896. This success stems from TON Coin’s initial mini-application projects in the P2E space, which effectively utilized Telegram’s user base and amassed 30 million users. The listing on BYBIT exchange on May 16 propelled the price by 200%, making NOT Coin the 51st largest cryptocurrency with a market value of $2.3 billion.
How Did Social Sentiment Influence NOT Coin?
Social sensitivity plays a significant role in the price fluctuations of meme coins like NOT Coin. Data from Alphascan shows that NOT Coin was the most mentioned cryptocurrency within a 12-hour period, driving up its visibility and interest among investors.
The staggering trading volume of over $4 billion on June 3 further corroborates this heightened interest. In comparison, USDC reached a volume of $3.5 billion. The increasing social sensitivity around NOT Coin indicates its potential for success, though future outcomes remain unpredictable.
User-Usable Inferences
– Leverage Telegram’s user base for launching new crypto projects.
– Monitor social sentiment as it significantly impacts meme coin prices.
– Be aware of trading volumes as they can indicate market interest and potential success.
In conclusion, Telegram’s strategic entry into the cryptocurrency market via TON Coin and NOT Coin appears promising. The platform’s massive user base and social engagement are pivotal in driving the growth and adoption of its crypto initiatives.