Notcoin has been progressively gaining traction and climbing the ranks recently. Currently, it stood as the 79th largest digital currency by market capitalization. Particularly noteworthy is its standing in the play-to-earn sector, which has emerged as one of the rapidly growing segments in the cryptocurrency realm of 2024.
Ben GCrypto listed Notcoin as the 3rd among the top 10 play-to-earn coins, boasting a market capitalization of $897 million. It notably led in trading volume among all the featured coins. This performance signifies Notcoin’s established position and promising prospects in this sector, underscoring its increasing dominance.
Thus, the pertinent question arises – can this performance contribute to the revival of Notcoin’s native cryptocurrency, NOT? Since June, NOT has been on a predominantly bearish trajectory, with a notable albeit short-lived bullish breakout in July. The primary catalyst behind this performance has been the significant selling pressure exerted by the market’s whales.
Impact of Notcoin Whales on NOT’s Price Trends
Analysis of historical concentration data uncovered that whale holdings saw a nadir of 54.17 billion coins (equivalent to 52.17% of the supply) on 14 June. Subsequently, whale holdings dipped further to 40.54 billion coins (39.6% of the supply) as of 17 August. In essence, whales have been notably contributing to the prevailing sell pressure.
Further insights from the data reveal that whales have been actively re-accumulating NOT since mid-August. Presently, their holdings stand at 68.58 billion coins (66.91% of the supply) as of 26 September, signifying that this accumulation has helped stem the decline in NOT’s value.
Meanwhile, addresses held by investors witnessed substantial outflows, dwindling from over 22 billion coins in mid-June to slightly above 12 billion coins presently. Retail addresses experienced a reduction of around 2 billion coins within the same timeframe, indicating that whales wielded significant influence over the altcoin’s valuation.
The sell pressure on NOT appears to have stabilized around the $0.0071 price mark this month. There has been a showing of bullish momentum in recent days, with a surge of nearly 40% in the last five days, bringing the current value of the altcoin to $0.0090.
The recent upturn in NOT’s value is aligning with whale activity, mirroring the re-accumulation trend. The resurgence in liquidity might set Notcoin on a trajectory towards further recovery in the upcoming weeks or months.
Moreover, the money flow indicator illustrates a robust resurgence in liquidity observed thus far this month.
At the time of drafting this article, NOT was trading at a 76% discount from its all-time high, a factor that could be viewed as appealing. The resurgence in liquidity, particularly stemming from whale activity, could reignite demand among retail investors and traders. The imminent short-term price targets for NOT are pegged at $0.012 and $0.017.