NOT Token Sheds Over 50% of Its Value in the First Week of Its Listing, Impacts TON

NOT, the token that powers Notcoin, the play-to-earn clicker gaming app on Telegram, has shed over 50% of its value in the first week of its listing.

NOT, the native token behind the Telegram play-to-earn clicker game Notcoin, lost more than half its value within the first week of its listing.

Trading hands at $0.0053 at press time, the altcoin’s price had plummeted by 55% since launching on the Toncoin [TON] network on 16 May.

During this time, it airdropped nearly $1 billion worth of NOT tokens to its eligible investors.

NOT quickly gained traction, reaching an all-time high of $0.037 shortly after its launch.

Within 24 hours of being listed on major exchanges like Binance [BNB], the token surged to the eighth position in trading volume, exceeding $1.4 billion.

However, NOT’s daily trading volume fell after the airdrop buzz cooled.

With a trading volume of $130 million recorded at press time, this has plummeted by 91% since 16 May, according to Santiment’s data.

Toncoin stands strong

AMBCrypto previously reported that the anticipation leading up to the NOT airdrop event resulted in a surge of activity on Toncoin, boosting the value of its TON coin.

However, data from Santiment showed that the decline in NOT’s trading activity impacted the demand for TON.

According to the on-chain data provider, the daily count of addresses involved in TON transactions dropped by 40% in the past seven days.

Similarly, new demand for the altcoin decreased as well. Since 16 May, the number of new addresses created daily to trade TON fell by 53%.

Nevertheless, despite the reduction in daily demand for TON, the market remained largely bullish at press time.

AMBCrypto observed that TON closed above its 20-day Exponential Moving Average (EMA) on 23 May and traded above it at $6.49 as of this writing.

When an asset rallies above its 20-day EMA, it is considered a bullish signal. This means that the asset’s current price surged past its average price in the last 20 days.

TON holders often interpret this as a shift toward coin accumulation.

Read Toncoin’s [TON] Price Prediction 2024-25

Confirming the bullish trend, TON’s Elder-Ray Index returned a positive value of 0.26 at press time. This indicator measures the relationship between the strength of ETH’s buyers and sellers in the market.

When its value is positive like this, bull power dominates the market.