In the last 24 hours, the Notcoin ($NOT) meme coin underpinning the eponymous tap-to-earn Telegram game has come tantalisingly close to reaching the $0.01 mark.
According to CoinGecko data, Notcoin hit an intraday high of $0.00935 last night UTC, but has since pulled back to its current level, around $0.008658.
Notcoin briefly hit a cent last Friday but failed to recapture the threshold since.
Back in the summer, the token set an all-time high (ATH) of $0.02836 on June 2, just a couple of weeks after launching. Its price has since retreated 69%.
In the last 24 hours, $NOT dropped by about 5%. These losses are broadly in line with the rest of the meme coin sector, which fell 5.5% overnight to a market cap of $53.6 billion.
Original meme coin Dogecoin ($DOGE) dropped 5% in 24 hours and currently changes hands at $0.12.
Notcoin: A Novel Crypto Earning Game on Telegram
Notcoin is a game that users can access through the Telegram app. Simply open the Notcoin bot, invite friends, and tap the gold coin in the interface to begin earning $NOT.
Tap allowances are finite and refill slowly over time. However, players can earn more taps by questing and performing community actions.
The game and its token run on The Open Network (represented by the native token $TON), a blockchain that spun out from Telegram in 2020 after the SEC charged the company with violating federal securities laws by selling it.
The two companies remain strongly affiliated.
Notcoin’s $NOT Struggles to Rally
After an explosive launch that rallied prices to 2 cents, Notcoin’s $NOT has been in gradual decline.
In the early days of August, the token rallied again but found stiff resistance at $0.014, as indicated by the downtrending red resistance line on the chart below.
Support has also been falling slightly, indicated by the diagonal green line.
Notcoin’s relative strength index is 39 and falling, which means a sell-off is gaining momentum.
If the RSI hits 30, which could happen today, it will be oversold, which means the asset is trading below its value and could be in line for a bounce back.
Should that happen, a new resistance level may form at $0.012, as seen throughout August.
From Notcoin To Memebet: Meme Coin Culture Is Changing
Notcoin is an example of how meme coin culture is changing.
Initially Dogecoin started as a post-modern parody of the craze for minting new coins, now it has inspired a range of copycats with new utilities: Floki is becoming a trading bot, Shiba has privacy features, and Notcoin is tap-to-earn, to pick a few examples.
Another new project—called Memebet—is making meme coins useful by turning them into casino chips in Web3’s first meme coin casino.
It has quietly raised $341,500 in under a fortnight thanks to its first-of-its-kind premise, which attracted over $200,000 in investments just two days into its presale.
With online gambling primed to explode from a $100 billion industry in 2024 to $130 billion within the next five years alongside the growing adoption of crypto, $MEMEBET is at the fertile intersection of two explosive money-spinning industries.
$MEMEBET tokens unlock a range of benefits for players, including airdrop rewards, special VIP degen bonuses, and access to the upcoming Memebet Casino Lootboxes, featuring real-world prizes and casino bonuses.
The project also launched a 400 million $MEMEBET airdrop.
To join, simply buy some tokens, wait for the launch of the casino (before the end of the presale), and begin gaming and betting to secure rewards.
Follow Memebet on X and Telegram.
The post Notcoin Closes in on 1 Cent – Could This Unlisted Meme Coin Hit $1 Before Dogecoin? appeared first on Cryptonews.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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