Unaffected by the overall market, Notcoin (NOT) has recently experienced an incredible price surge, gaining nearly 85% since May 27, reaching a daily high of around $0.0098 on May 29.
In addition, trading volume surged 450% to over $1 billion. The unexpected rebound was a refreshing development for investors who faced market inactivity during a week that was marked by concerns about the risk of a major Bitcoin sell-off.
Notcoin’s recent price surge is closely tied to its growing popularity as a play-to-earn Web3 game hosted on Telegram. The game, which allows users to convert in-game currency into NOT tokens, has attracted significant interest from Telegram’s massive user base.
The token saw a notable rally following the highly anticipated airdrop, which initially provided no immediate gains to holders.
Independent cryptocurrency trader Zen expressed bullish sentiment on Notcoin’s medium-term prospects, indicating overall market optimism. The recent surge in social engagement further proves the investor support Notcoin enjoys.
After the airdrop, Notcoin’s social sentiment soared, with a Twitter poll with 29,711 participants showing that 86.2% supported Notcoin over Bitcoin.
Although the survey on the social media platform is more of a marketing exercise than an actual measure of market sentiment, the support from nearly 30,000 traders is bound to leave an impact.
In the past 24 hours, Notcoin’s open interest has risen from $62 million on May 27 to $141 million on May 29, indicating strong bullish sentiment in the futures market.
Traders are increasingly leaning towards long positions, with short liquidations exceeding $8.6 million during the same period. This active market activity highlights the growing confidence in Notcoin’s potential.
Meanwhile, Notcoin’s funding rate has also risen, increasing by 25,80% since May 27 to reach 0.0244% on May 29.
The upward trend highlights the bullish sentiment towards NOTcoin. A higher funding rate usually means that traders are willing to pay a premium for long positions. The coincidence of funding rate peaks and price increases further highlights the market’s strong confidence in NOT.
In addition, the introduction of “earning tasks” further enhances the appeal of Notcoin. These tasks allow users to passively earn NOT tokens by interacting with partner projects and communities. In addition, the staking rewards of NOT tokens attract new and old investors.
Notcoin’s meteoric rise has seen the coin enter the top 100 cryptocurrencies by market cap.