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Telegram-Based Notcoin Burns 210 Million Tokens Amid Positive Recovery
Notcoin based on Telegram (NOT) recently performed a token burn that paints a bullish outlook for the The crypto token ecosystem. This comes amid a recent price rally for the NOT token, with fundamentals suggesting that further price surges may be imminent.
Notcoin burns 210 million NOT tokens
Notcoin revealed in an X (ex Twitter) send who had just burned 210 million NOT tokens ($3 million). They noticed that the crypto token tokenomics thanks to this it is now “extremely community oriented”. 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 Notcoin’s total supply is in the treasury, which will be used for development.
The token burn carried out by the team is undoubtedly bullish The Notcoin Ecosystem, especially if demand for the crypto token continues to increase. Moreover, the 210 million tokens burned represent a notable supply given that Notcoin boasts 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 equally distributed among community members. This could further boost investor confidence Notcoin and its ecosystem From The group is not adequately equipped with a large percentage of the token supply, which could cause the market to collapse.
Meanwhile, Notcoin revealed that Notcoin worth $4.2 million will be awarded as an incentive for Gold and Platinum users of Notcoin Explore. The “Explore” initiative allows users to earn NOTs and other bonuses from projects by completing various tasks. Crypto projects can add Notcoin to the Explore pool and create a campaign that engages users completing multiple tasks.
On the one hand, this is an excellent 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 fundamental for the crypto token ecosystem, as it could help increase demand for Notcoin and ultimately increase its value.
Also NOT bullish from a technical analysis perspective
Several crypto analysts have also analyzed Notcoin, presenting a bullish outlook for the cryptographic token. Captain Faibik, crypto analyst recently mentioned that Notcoin is on the verge of a “huge wedge-shaped upside breakout.” From the chart he shared, Notcoin could rise up to $0.03 when it successfully breaks out of its current price levels.
Crypto analyst Planfomo also shared a similar sentiment. He declared is receiving more and more confirmations that the bullish falling wedge pattern on Notcoin’s chart could unfold. Its chart has shown that Notcoin could eventually rise to 0.038 when this breakout finally occurs. This will mark 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