Benzinga - Telegram-linked cryptocurrency Notcoin (CRYPTO: NOT) dwarfed the broader market, including the high-performing memecoins, in a searing rally on Monday.
What Happened: The coin, heavily endorsed by top executives from Telegram, skyrocketed 50% in the last 24 hours, according to data from CoinMarkerCap. With this, it became the best-performing cryptocurrency not only in the last 24 hours but also throughout the previous week.
NOT outperformed some of the leading tokens in the hot memecoin space. Floki, Bonk, and dogwifhat notched up gains of 10.9%, 6.69%, and 6.34% at the time of publication.
| Cryptocurrency | Gains +/- | Price (Recorded at 10:20 p.m. EST) |
| Floki (CRYPTO: FLOKI) | +10.93% | $0.0002676 |
| Bonk (CRYPTO: BONK) | +6.69% | $0.00003813 |
| dogwifhat (CRYPTO: WIF) | +6.34% | $3.25 |
NOT's trading volume jumped more than 3X in the last 24 hours to $979 million, surpassing BONK and Shiba Inu (CRYPTO: SHIB)
Why It Matters: NOT's explosive growth comes amid the rising popularity of Notcoin, a play-to-earn Web3 game hosted on Telegram. The game, which lets people convert their in-game money to NOT tokens, has drawn the attention of the massive Telegram userbase.
The coin scripted an impressive turnaround after its much-hyped airdrop failed to generate immediate gains for the holders.
A well-known cryptocurrency trader Zen forecasted bullish sentiment for NOT in the mid-term. "Long term depends on the market, but most probably also bullish. Dips are for buying," the analyst added.
$NOT coin covered the gap left from after-launch sell off. Basically that is the main resistance area – if manage to close above most probably will attack 0.0068 POC. If not, might pull back to breakout level under 0.006Mid term bullish. Long term depends on the market, but… pic.twitter.com/5WiBahvRrQ
— Zen (@WiseAnalyze) May 27, 2024
Meanwhile, The Open Network (CRYPTO: TON), the layer-1 chain on which NOT is based, has raked in more than $300 million in deposits as of this writing, according to DefiLlama.
Photo by Igor Faun on Shutterstock
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