The Telegram-based cryptocurrency Notcoin (NOT) announced a major token burn, eliminating 210 million NOT tokens valued at $3 million in a single day.
The Telegram-based cryptocurrency Notcoin (NOT) announced a major token burn, eliminating 210 million NOT tokens valued at $3 million in a single day. This move drove NOT's price up by 16.40% to $0.0164 on June 25. NOT is currently down 2.78% over the past 24 hours as part of a retracement following a wider market recovery. However, it is up a staggering 195% in the past month, despite a market downturn, making NOT the top performer amongst large cap tokens.
In addition to the token burn, the Notcoin team revealed plans to distribute $4.2 million worth of NOT tokens to "Gold and Platinum users" of its Explore initiative. This program allows any project to contribute NOT to the Explore pool, creating campaigns with tasks that users complete to earn NOT.
Token burns permanently reduce the supply of a cryptocurrency in active circulation, which is typically bullish if demand remains strong or increases. Secondly, the Explore initiative ensures ongoing demand for NOT by incentivizing user engagement and attracting new projects to the platform. Both strategies align with Notcoin founder Sasha Plotvinov's four-year roadmap for the project's growth.
Currently, the Notcoin project is concentrating on its Notcoin app, which features campaigns where users can earn Notcoin by interacting with new Telegram games. The goal is to establish the app as a central hub for launching other ecosystem projects, thereby driving demand for Notcoin and incorporating further token burns.
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