Telegram-Based Notcoin (NO) recently conducted a symbolic burn that paints a bullish outlook for crypto token ecosystem. This comes amid a recent rebound in the NOT token’s prices, with fundamentals suggesting that further price increases may be imminent.
Notcoin burns 210 million NOT tokens
Notcoin revealed in X (formerly Twitter) fasting that they just burned 210 million NOT tokens ($3 million). They noticed that cryptotoken tokenomics is now “extremely community-oriented” thanks to this. 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 the total Notcoin supply is in the vault, which will be used for development.
The burning of tokens by the team is undoubtedly beneficial for Notcoin ecosystemespecially if the demand for crypto tokens continues to grow. Moreover, the 210 million tokens burned represents a significant supply considering Notcoin boasts a circulating supply of just over 102 billion, according to data from CoinMarketCap.
Meanwhile, as the team emphasized, NOT is now more community-oriented based on the even distribution of the crypto token among community members. This could further augment investor confidence in Notcoin and its ecosystem From team does not have a huge percentage of the token supply, which may lead to a market collapse.
Meanwhile, Notcoin revealed that USD 4.2 million worth of Notcoin will be awarded as an incentive to Gold and Platinum Notcoin Explore users. The “Explore” initiative allows users to earn NOT and other project bonuses by completing various tasks. Crypto projects can add Notcoins to the Explore pool and create a campaign where users perform multiple tasks.
On the one hand, it’s a great way for teams to promote their projects, as NOT boasts an dynamic player base of 40 million users. On the other hand, this initiative is another bullish foundation for the crypto token ecosystem as it could support drive demand for Notcoin and ultimately augment its value.
NO Also bullish from a technical analysis perspective
Several cryptocurrency analysts have also analyzed Notcoin, presenting bullish prospects for a cryptographic token. Cryptocurrency analyst Captain Faibik Lately mentioned that Notcoin is on the verge of a “massive wedge breakout.” From the chart he shared, it appears that Notcoin could go as high as $0.03 once it manages to break out from its current price levels.
Cryptocurrency analyst Planfomo also shared a similar opinion. He he stated is receiving more and more confirmation that bullish falling wedge pattern can play out on the Notcoin chart. His chart showed it A little bit could eventually rise to 0.038 when this breakout finally occurs. This will be a recent all-time high (ATH) for Notcoin, whose current ATH is $0.028.
Featured image created with Dall.E, chart from Tradingview.com
