Telegram-Linked Notcoin Pips Solana, Dogecoin In Volumes To Become Fourth-Most Traded Crypto

Cryptocurrencies linked with social messaging giant Telegram like Toncoin TON/USD and Notcoin NOT/USD edged higher on Sunday, even as the broader market moved sideways.

What Happened: NOT accumulated double-digit gains in the last 24 hours, with trading volumes spiking 141% to $4.43 billion.

In fact, NOT was the fourth-most traded cryptocurrency in the last 24 hours, comprehensively beating top coins such as Solana SOL/USD and Dogecoin DOGE/USD. More than half of the volume came from Binance BNB/USD, the world's largest cryptocurrency trading platform.

Over the week, the coin belonging to a popular play-to-earn Web3 game on Telegram, was up 275%.

Cryptocurrency	Gains +/-	Price (Recorded at 2:50 a.m. EDT)
Notcoin NOT/USD	+11.50%	$0.02108
Toncoin TON/USD	+5.46%	$6.71

TON, the cryptocurrency belonging to the layer-1 blockchain The Open Network, also saw impressive gains in the last 24 hours. Year-to-date, the Telegram-endorsed project has grown nearly 3X in value.

Note that the Web3 game Notcoin is built atop the TON network.

Why It Matters: The surge comes in the wake of the massive success of the Telegram-based hyper-casual game that lets users tap their screens to earn NOT tokens.

Kathy Gong, the CEO of gaming infrastructure development company Oneness Labs, attributed Notcoin's success to its easy-to-play model, which appeals to a large Telegram user base that is unfamiliar with Web3.

GM! Notcoin's success stems from directly targeting people in TG who're unfamiliar with Web3. TG's registration process is also the best threshold to block bots.

Additionally, the memecoin nature and "probably worth nothing" possibility deter farming studios. The authenticity of… pic.twitter.com/tYuf0m4kRh
— Kathy I Oneness🚀🌕 (@KathyGongXS) June 3, 2024

The growth also reflected the growth and development of the TON ecosystem, and the rising popularity of game-based cryptocurrencies.

Image via Shutterstock

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