Overall, Notcoin has the opportunity to become a breakout choice for MEEM coins.

Authored by: LD Capital

This article was originally published on March 28th of this year

I. Backed by TON with 900 million monthly active users

The Open Network (TON), originally named Telegram Open Network, was created by the Telegram team in 2018. After being accused by the SEC of conducting an unregistered securities offering during the ICO era, the Telegram team paid a fine to reach a settlement and abandoned the project. The TON Foundation, a community-based organization, continued to develop and operate the project. Despite the nominal separation from Telegram, the two are still directly connected. TON has always been the only public chain officially supported by Telegram and continues to be deeply integrated with Telegram. TON will continue to benefit from Telegram's huge user base and traffic entry points. Telegram will build a decentralized digital ecosystem with freedom and privacy by supporting TON.

Telegram has attracted a large number of global users with its commitment to freedom of speech and privacy protection, with over 1.3 billion registered users and nearly 900 million monthly active users (MAU). Additionally, Telegram has a significant advantage in acquiring Web3 users due to its relaxed speech atmosphere and regulatory environment. Almost all Web 3.0/Crypto projects operate communities on Telegram, and Telegram users are concentrated in Asia, Europe, South America, and the Middle East, with a clear characteristic of retail investors and a strong demand for peer-to-peer payments, making them an ideal group for Web3 conversion.

Recently, in addition to Telegram founder Durov's announcement of considering an IPO, Durov publicly announced the official sales channel for TON tokens in his personal channel. The Telegram advertising platform will officially open to all advertisers in nearly a hundred new countries. To ensure fast and secure payment and withdrawal of advertisements, the TON blockchain will be specifically used. Content creators will be able to cash out their Toncoin or reinvest it to promote and upgrade their channels. These actions will accelerate the development of the TON network and truly expand the use cases and scenarios of blockchain.

II. Viral spread of Notcoin

Notcoin is a free and easy-to-use Telegram game where players earn coins by tapping the screen. Since its launch on January 1, 2024, its popularity has soared. The game currently has over 30 million participants and a daily active user base of 5 million, making it the fifth-ranked channel in terms of data on Telegram.

According to statements from the TON Foundation and interviews with external sources, Notcoin is being developed by Sasha Plotvinov, the founder of Open Builders, an organization dedicated to providing funding for projects on the TON blockchain. It is related to Tonstarter, which successfully raised $1.5 million in seed funding last year specifically to support projects based on the TON blockchain. In addition, TON's official Twitter account has retweeted Notcoin-related tweets multiple times, and Notcoin's official Twitter account currently has 1.5 million followers.

In early March, Notcoin introduced a feature that allows elite players to convert a large amount of in-game currency into NFT vouchers, which can be traded before the official issuance of the tokens. Players can choose to exchange 10 million or 100 million in-game coins for NFT vouchers. The NFTs are currently available for early trading and pricing on the TON ecosystem NFT trading platform Getgems. After the tokens are officially issued on the chain, the NFTs can be exchanged for tokens.

According to a representative of Notcoin's game, token generation activities and subsequent airdrops to players will take place at the end of March or early April.

III. Comparison of relevant data

As of the 27th, there are approximately 500,000 Notcoin NFTs in circulation, with a current value of 10M=9TON (calculated at 5U), a market value of approximately $22.5 million, a total trading volume of 2 million TON, and a trading volume of approximately $10 million.

Starting from March 15th, the trading volume of Notcoin NFTs became active, with a recent high of 25,000 on the 25th, an average transaction price of 10M=6.7TON, a transaction amount of $837,500, 21,000 transactions on the 26th, an average transaction price of 10M=9.9TON, and a transaction amount of $1,039,500. The highest price occurred on March 13th at 10M=66TON, and the lowest price occurred on March 20th at 10M=3.7TON.

Bybit announced on Monday that the meme coin Notcoin ($NOT) based on Telegram will be listed on its pre-market trading platform starting at 10:00 AM UTC on Monday. According to data on the 27th, the pre-market trading price on Bybit is 10M=60–90 USD, with a considerable premium compared to NFT market trading.

Comparing it to the current top-ranked meme coin FISH in the TON ecosystem, which has a current market value of $39 million and a 24-hour trading volume of 2.55 million, Notcoin's market value and trading volume in the NFT trading stage are approximately half of FISH's.

IV. Conclusion

Currently, the surge in meme coins has become an important way to break through the public chain ecosystem. The TON ecosystem is currently in the early stages, but with the huge user base of Telegram, its development potential is beyond doubt. In comparison to the development of TVL in the ecosystem, driving heat through memes is a more achievable short-term method. From a comprehensive perspective, the Notcoin project has received official support from TON and has a huge user base, making it a potential choice for breakout meme coins. However, the risk lies in the current lack of clarity in the token economy. With over $20 million worth of NFTs circulating before the secondary listing, there is a considerable selling pressure upon listing. Nevertheless, based on the fundamentals, the project is believed to have potential in the medium term.

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