- Investors still have time to mine Notcoin before the airdrop.
- Toncoin continued to benefit from Notcoin as its value surged.
Notcoin [NOT] has been creating buzz in the crypto community as investors wait patiently for its much-awaited airdrop date to be finalized.
In the meantime, quite a few exchanges have announced the listing of the new token along with opportunities to mine it. The blockchain on which NOT will be minted, The Open Network (TON), also gained traction.
Notcoin to arrive soon
AMBCrypto reported a few days ago how Notcoin was becoming a topic of discussion.
The viral Telegram-based game came into the limelight as it announced that it would soon airdrop real-work NOT tokens to in-game miners.
Things got more exciting as the official launch was confirmed for May 16th of May. Since then, multiple exchanges, including ByBit, have announced NOT listings.
In fact, Binance announced that it has introduced Notcoin to its launch pool. Users will be able to stake their BNB and FDUSD into separate pools to farm NOT tokens over three days, with farming starting on the 13th of May.
Additionally, OKX also announced the launch of NOT on Jumpstart. As per the exchange, investors will be able to mine NOT by staking Toncoin [TON].
Toncoin continues to benefit
While Notcoin gained traction, TON benefited from this as the token’s price started to rise. The trend continued longer as the TON’s price had risen by more than 21% in the last seven days.
According to CoinMarketCap, TON’s price surged by over 6% in the last 24 hours alone. At press time, it was trading at $7.43 with a market capitalization of over $25.8 billion, making it the eighth-largest crypto.
The good news was that this price hike was accompanied by a 100% increase in trading volume, acting as a foundation for the bull rally.
AMBCrypto’s analysis of Santiment’s data revealed that buying pressure on the token was high.
TON’s Supply on Exchanges dropped last week, while its supply outside of exchanges increased, reflecting high buying pressure.
However, it was surprising to see that despite the bullish price action, bearish sentiment around TON increased. This was evident from the dip in Weighted Sentiment on the 11th of May.
Source: Santiment
To see whether TON would continue this bull rally, AMBCrypto then analyzed its daily chart. As per our analysis, the MACD displayed a massive bullish advantage in the market.
Both the Relative Strength Index (RSI) and the Money Flow Index (MFI) also registered sharp upticks, indicating a continued bull rally.
Read Toncoin’s [TON] Price Prediction 2024-25
However, both of these indicators were about to enter the overbought zone.
An entry in that zone could increase selling pressure on the token and, in turn, put an end to the bull rally while investors wait for Notcoin’s launch.
Source: TradingView