Notcoin Price Analysis: Notcoin Price Drops 15% After Airdrop Period Ends

Notcoin, the cryptocurrency that recently gave Nigerians a lot of airdrop profits, lost 15% of its value after the airdrop claim period was over. The Notcoin team also acknowledged the completion of the airdrop on X (previously Twitter), and the total number of holders and other on-chain activities.

Airdrop Campaign and Distribution

The Notcoin team explained that the majority of the airdrop tokens have been already sent out, the rest are reserved for future development or to be burnt. “The majority of the drop has been already dispersed. The tokens that were not claimed will be directed to further development, and some of them will be burned,” they posted.

This comes a month after the launch of Notcoin and active participation in the community. Thus, based on the press release, Notcoin now has 11.5 million holders.

As of the time of writing this article, Notcoin is trading at $0.01597, a 15.3% depreciation in value. However, the cryptocurrency is still way above its initial value. Notcoin is currently ranked 58th on CoinGecko in terms of market capitalization, with a valuation of $1.8 billion. This ranking places Notcoin higher than other popular projects, including Aave (AAVE), Jupiter (JUP), and zkSync (ZK).

Staking Rewards and Future Developments

The recent achievements of Notcoin are linked to its cooperation with Play-to-Earn crypto projects based on Telegram messenger

This claim process of airdrop enabled the users to transfer their tokens to any exchange platforms or withdraw them to other wallets they own or even stake them within the Notcoin platform for more rewards.

Additionally, the team teased future rewards for gold—and platinum-level stakeholders to encourage more participation in the Notcoin network. Further specifics of these incentives will be published later in the week.

Market Analysis and Predictions

This bearish trend was observed after the completion of the airdrop as pointed by market analysts. The Relative Strength Index (RSI) for Notcoin on the 4-hour chart is currently at 26, which means the coin is under intense bearish pressure but oversold at the moment.

Furthermore, with the MACD line crossing the zero line and moving into the negative territory, the bears may push the price down toward the $0.015 support level. A breach of support at this level may lead to a prolonged consolidation before a bullish reversal as depicted on the chart.

Nevertheless, the Weighted Sentiment metric stays positive, which signifies that the majority of the market players’ sentiment is bullish. Market analysts believe that burning unclaimed tokens may have a positive effect on the market and the price of Notcoin may range between $0.015 and $0.021

Also, positive Funding Rates suggest that traders are optimistic, with longs covering shorts to keep their bias. If this sentiment continues and buying pressure builds up further, Notcoin’s price might turn bullish once again.