In the past few days, the Telegram-based meme token Notcoin (NOT) has gained massive attention from crypto enthusiasts following its impressive performance and user participation. Today, on May 30, 2024, the NOT token skyrocketed by 27%. Since its launch, this is the first time NOT has experienced such a significant move.
NOT token skyrockets 27%, the potential reason
The potential reason behind this massive price surge in the last 24 hours might be the notable user engagement, increased investment interest, and a recent airdrop. According to the on-chain analytics firm CoinGlass, investors’ and traders’ participation in the NOT token has significantly increased daily.
In the last 24 hours, the Open Interest of the NOT token has increased by 30%, which is significant for any newly launched token. This massive surge in Open Interest highlights investors’ and traders’ interest and confidence in the NOT token. Besides the significant Open Interest in the last 24 hours, data from CoinGlass also indicates that there has been continuous inflow since May 25, 2024, which is another reason behind this massive price surge.
Currently, the NOT token is trading near $0.125. In the last 24 hours, it experienced a massive 27% upward move. Over the longer period, the NOT token has seen a significant 125% upward momentum in the last 7 days. However, in the last 30 days, the token price is down by 17% due to a sell-off following the token launch.
Will NOT token get benefits from Ethereum ETF?
According to expert technical analysis, the NOT token is looking bullish as it recently gave a breakout and daily candle closing for the first day. Continuous support from investors, traders, and users signals a bullish trend. Additionally, another reason the NOT token looks bullish is the approval of a spot Ethereum ETF (Exchange Traded Fund) by the United States Securities and Exchange Commission (SEC). The NOT token is built on the Ethereum blockchain.
In the last few days, other meme coins like PEPE, WIF, FLOKI, BONK, and many others have also experienced bullish moves. This is also happening due to the ETF approval. Experts speculate that in the coming days, we may see a massive upward move in tokens that are built on the Ethereum blockchain.
