Friday, June 14, 2024

Countdown to Notcoin’s Binance listing – Will NOT and TON profit from it?

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  • 78% of NOT’s total supply will be allocated to miners 
  • TON turned bearish as its price dropped by more than 3.5%

The wait for the much-hyped Notcoin [NOT] launch is about to end soon. As the market gets ready for the launch, buzz around the token remains high. On the other hand, Toncoin [TON], which previously benefited from the hype around NOT, changed course on the charts. 

All about Notcoin

Binance, one of the world’s biggest crypto-exchanges, will list Notcoin on its platform for trading on 16 May. Here, it is interesting to note that while NOT will soon get listed, Toncoin, the blockchain’s token on which NOT will be minted, is not yet listed on Binance.

As per Binance‘s understanding of the token’s tokenomics, NOT will have a total supply of over 102 billion. 100% of the supply will be released on 16 May itself. 3% of the total token supply will be allocated to the Binance launchpool, while 78% will be given to miners.

Apart from these, 9% will be given to ecosystem funds, and 10% will be allocated to community incentives and development combined.

NOT's token allocation

Source: Binance

NOT will have a pre-launch price of $0.01, meaning that it would have a market capitalization of $1 billion. However, expecting the market cap to remain that high might be too ambitious.

In fact, according to CryptoPatel, a popular crypto-analyst, a more conservative and realistic market cap might range between $100 million and $300 million. Hence, the token might trade somewhere in between $0.001 and $0.003 after launch.

Toncoin turns bearish 

AMBCrypto reported a few days ago that Toncoin has been benefiting from Notcoin’s launch hype as the former witnessed a massive bull rally. In fact, according to CoinMarketCap, TON climbed by over 11% in seven days.

However, TON’s bears soon stepped in over the last 24 hours as its value declined by more than 3.5%. At the time of writing, TON was trading at $6.70 with a market cap of over $23 billion.

Despite the drop in price sentiment around TON, it remained bullish, as was evident from its positive weighted sentiment. However, its social volume declined over the past week. 

Toncoin's social volume declinedToncoin's social volume declined

Source: Santiment

Additionally, our analysis of TON’s daily chart suggested that the bears might continue to dominate the market. Toncoin’s Relative Strength Index (RSI) registered a downtick.

Also, the Money Flow Index (MFI) followed a similar trend, hinting at a further price drop on the charts. 

Source: TradingView

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

While TON suffered, the gaming crypto-ecosystem flourished. A possible reason could be the hype around NOT, as it is also a game-based token.

CoinMarketCap’s data revealed that top gaming cryptos like Immutable [IMX] and Beam [BEAM] witnessed hikes of over 18% in the last 24 hours alone. 

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