How Telegram’s $3M Burn and $5M Rewards Could Skyrocket Notcoin by 100%

Notcoin (NOT) 24-hour Price Analysis: A Precarious Perch on Support's Edge of $0.015

Telegram has recently initiated a $3 million token burn to enhance the value of its Notcoin (NOT) token. This move aims to reward active users and maintain a healthy economic environment within its community. “By reducing the supply, we’re creating scarcity which can lead to an increase in token value,” said the CEO of Telegram.

Community Incentives and Economic Health

Moreover, Telegram is rolling out a $5 million reward system for its community members, particularly those active at the Gold and Platinum levels in Notcoin Explore. This initiative seeks to heighten community engagement and ensure long-term commitment to the platform.

Impact on Market Dynamics

With NOT’s market capitalization standing at $1.65 billion, despite a 43.4% drop from its peak, the token burn and reward initiatives could lead to a positive price trajectory. Such measures are common in the crypto industry to manage supply and demand, potentially paving the way for price increments over time. Notcoin aims to mitigate inflationary pressures and make holding NOT more attractive to both investors and community members.

Technical Analysis: Rising Potential

NOT/USD Price Analysis. Source: TradingView

When NOT launched on May 16 at approximately $0.012, it quickly entered a downtrend, reaching a low of $0.0045 by May 23. After stabilizing around this low until May 25, it began an initial uptrend.

A five-wave pattern then emerged, with NOT surging over 525% to nearly $0.030 on June 2, ending a larger five-wave sequence before a correction.

In the corrective phase, NOT retreated 40% to $0.017 on June 7, retested this level on June 9, and moved up 15% to nearly $0.020 on June 15. However, it made another lower low of $0.012 on June 24.

If the correction ended on June 24, the recovery might be the first sub-wave of a new bull phase, potentially climbing to $0.023. Alternatively, if it’s the fourth sub-wave of a five-wave ABCDE correction, NOT might drop to $0.010 before a significant bullish move, potentially pushing the price above its all-time high.

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In conclusion, Telegram’s recent strategies, including a $3 million token burn and a lucrative reward system, are calculated moves aimed at increasing Notcoin’s value and enhancing community engagement. These efforts, combined with a favorable technical outlook, position NOT for potential price gains. However, investors should conduct their own research before making any trading decisions.

Read Also: Tokenomics Upgrade Ignites Notcoin: Is $0.02 Just the Beginning?

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Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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