Is Notcoin (NOT) profitable?
Nairobi (CoinChapter.com) - Notcoin (NOT), a blockchain game based on The Open Network (TON), has quickly become popular on the Telegram instant messaging platform, attracting an impressive 35 million users in just two months. This rapid growth is attributed to the game's simple yet attractive premise: users earn NOT tokens by tapping the screen. This unique model has successfully introduced 3% of Telegram's massive user base to the world of Web3, marking a major milestone in blockchain gaming adoption.
Furthermore, the game’s engaging nature has led to a high daily active user rate. ChrisBTCbull noted that there are over 7.1 million daily active users. This surge was expected to drive Notcoin’s value higher, but the price chart shows a drop from $0.0067 to $0.0050. The divergence between user growth and the coin’s drop in value raises questions about the fundamental factors that affect Notcoin’s performance.
NotCoin’s price has been volatile since its launch. Initially trading at around $0.0053, it has now dropped to around $0.0049, a 5.60% drop in the last 24 hours alone. Nevertheless, at the same time, the entire cryptocurrency market has grown by 7.8% in the same period, indicating that NotCoin has underperformed compared to its peers.
According to Coingecko, Notcoin’s market cap currently exceeds $515 million, with a 24-hour trading volume of over $98 million. These figures indicate that there is considerable interest and liquidity, which could translate into continued growth and value appreciation for NOT token holders.
Notcoin’s Recovery Potential
While Notcoin has a market cap of over $500 million, making it one of the top 150 cryptocurrencies by market cap, it is still a relatively new and unproven asset. There is currently little reliable basic information available about its technology, real-world use cases, adoption rate, or the expertise of its development team.
However, current market conditions show that Notcoin needs to overcome many difficulties to achieve stability and growth, which makes investors question whether it is worth holding Notcoin in the long term. The lack of strong investor confidence and the highly competitive market environment increase the challenges faced by the token.
Studying historical data for similar cryptocurrencies can provide some insights into Notcoin’s potential. For example, early investors in Bitcoin and Ethereum experienced initial price declines by holding onto their coins (HODL) and ultimately saw significant returns. However, these cases are isolated and not the norm, and not all cryptocurrencies will follow the same trajectory.