The popular Telegram-based cryptocurrency, Notcoin, recently went through a significant token burn in which it permanently eliminated $3 million worth of its NOT tokens from circulation. The popular Telegram-based cryptocurrency recently announced on June 25 that it would burn off some of its NOT tokens to reduce their availability and increase their value. This is part of a broader strategy to improve the economic fundamentals of Notcoin, following efforts to incentivize the community to engage in a manner that will uplift the level of user loyalty.

This happened at a time when market activity increased massively, and Notcoin’s price rose by 16.40% at that moment of the burn to post a new price level of $0.0164. This shows that the market has reacted quite well to the revelation of investor optimism toward reduced supply and perhaps increased demand.

However, as of press time, NOT was trading at $0.01572, a 2.89% decline after bulls failed to breach the resistance level at $0.01654. Concurrently, the market capitalization and 24-hour trading volume declined by 2.44% and 3.08%, respectively, to $1,611,295,394 and $514,474,969.

User Engagement and Ecosystem Expansion

Notcoin has also announced that, in conjunction with the token burn, it would allocate a value of $4.2 million worth of NOT tokens to its most active users—specifically those most active within the Notcoin Explore program. A popular feature that pays users for participation in, and even promotion of, several different games and activities found on Telegram, the Notcoin Explore program works to increase user engagement on the platform.

These, added to the most recent features to the Notcoin application, which bring all these promotional campaigns together into a central point from which new projects in the ecosystem can be launched, make it a place where users can get more involved with the token and invest their support, thus creating a community.

Technical Analysis and Future Outlook

Technically, Notcoin looks very good. The token now looks higher after touching the lower trend line of the falling wedge pattern, which is technically identified with a bullish reversal. If this pattern holds, Notcoin could see values increase by 45% to 100% in the coming weeks, targeting areas between $0.023 and $0.031.

This bullish outlook assumes that the token will continue to follow this wedge pattern and move above the upper trendline. On the contrary, a clear break below the wedge might raise questions about this optimistic view and push prices back in lower supporting territories.

Developments and Market Adaptations to Date

Much of the development of Notcoin currently aligns with the need for more technological development and adoption in the market. The Phase 3 updates of the Notcoin Telegram bot are hoped to polish the user experience further and add functionality, with an eye on possibly catalyzing further adoption and integration into the everyday activities of its users.

These are additional steps that place Notcoin within a strategic vision of sustaining relevance and usefulness in an arena of fast emergence and digitization of currency.