Notcoin, the Viral Sensation: Can It Become the Breakout Meme Coin for the Ton Ecosystem?
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Notcoin, the Viral Sensation: Can It Become the Breakout Meme Coin for the Ton Ecosystem?
Overall, Notcoin has the potential to become a breakout meme coin.
Navigating Web3 tides with focused insightsAuthor: LD Capital
This article was originally published on March 28 this year
1. TON Backed by 900 Million Monthly Active Users
The Open Network (TON), formerly known as Telegram Open Network, was created in 2018 by the Telegram team. After being accused by the SEC of conducting unregistered securities offerings during the ICO era, the Telegram team paid fines, settled the case, and abandoned the project, which was then continued by the community-led TON Foundation. Although formally separated from Telegram, the two remain closely connected in practice. TON is the only public blockchain officially and explicitly supported by Telegram and continues to be deeply integrated with the platform. As a result, TON will continue to benefit from Telegram's massive user base and traffic advantage. Telegram aims to build a free and privacy-preserving decentralized digital ecosystem through its support for TON.
Telegram has attracted over 1.3 billion registered users globally due to its strong commitment to freedom of speech and privacy protection, with nearly 900 million monthly active users (MAU). Additionally, Telegram holds a unique advantage in Web3 user acquisition. Thanks to its permissive environment regarding speech and regulation, virtually all Web3/Crypto projects operate their communities on Telegram. The platform’s user base is concentrated in Asia, Europe, South America, and the Middle East, characterized largely by retail users with strong demand for peer-to-peer payments—making it an ideal audience for Web3 adoption.
Recently, besides Telegram founder Durov indicating that he is considering an IPO, he also publicly announced via his personal channel the official sales channel for TON tokens. Furthermore, Telegram's advertising platform will officially open to advertisers across nearly 100 new countries. To ensure fast and secure ad payments and withdrawals, the TON blockchain will be exclusively used. Content creators will be able to cash out their Toncoin or reinvest it to promote and upgrade their channels. These moves are expected to accelerate the development of the TON network and truly expand blockchain use cases and scenarios.
2. Viral Sensation: Notcoin
Notcoin is a free and easy-to-use game on Telegram where players earn coins by tapping their smartphone screens. Since launching on January 1, 2024, it has seen explosive growth in popularity. Currently, participation exceeds 30 million users, with around 5 million daily active users, making it the fifth-largest channel on Telegram by user metrics.
According to statements from the TON Foundation and interviews given to external media, Notcoin was built by Sasha Plotvinov, founder of Open Builders, and her team. Open Builders is an organization dedicated to funding projects on the TON blockchain. It is associated with Tonstarter, which successfully raised $1.5 million in seed funding last year specifically to support TON-based projects. In addition, TON’s official Twitter account has repeatedly shared posts related to Notcoin, which now boasts 1.5 million followers.
In early March, Notcoin launched a feature allowing elite players to convert large amounts of in-game currency into NFT vouchers, which can be traded before the official token launch. Players can choose to exchange either 10 million or 100 million in-game coins for these discount voucher NFTs. These NFTs are already listed on Getgems, a TON-based NFT marketplace, enabling early trading and price discovery. Once the token is officially issued on-chain, the NFTs can be redeemed for tokens.
As previously stated by a Notcoin representative, the token generation event and subsequent airdrop to players are expected to take place at the end of March or early April.
3. Key Data Comparison
As of the 27th, approximately 500,000 Notcoin NFTs are in circulation. The current value stands at 10M = 9 TON (approximately $5), giving a market cap of about $22.5 million. Total trading volume reached 2 million TON, with a trading value of around $10 million.
Since March 15, Notcoin NFT trading activity has surged. On the 25th, a recent peak of 25,000 NFTs were traded at an average price of 10M = 6.7 TON, amounting to $837,500 in volume. On the 26th, 21,000 NFTs were traded at an average price of 10M = 9.9 TON, totaling $1.0395 million. The highest recorded price occurred on March 13 (10M = 66 TON), while the lowest was on March 20 (10M = 3.7 TON).
Bybit announced on Monday that the Telegram-based meme coin Notcoin ($NOT) would be listed on its pre-market trading platform starting at 10:00 UTC on Monday morning. According to data from the 27th, Bybit’s pre-market quote stood at 10M = $60–90, representing a significant premium compared to NFT market prices.
Comparing Notcoin with FISH, currently the top meme coin in the TON ecosystem, which has a market cap of $39 million and a 24-hour trading volume of $2.55 million, Notcoin’s market cap and trading volume during the NFT phase are roughly half of FISH’s.
4. Conclusion
Currently, meme coins have become a key pathway for public blockchains to break into the mainstream. While the TON ecosystem is still relatively early-stage, its potential is unquestionable thanks to Telegram’s vast user base. Compared to TVL growth from ecosystem projects, boosting attention via meme coins offers a more immediate and achievable short-term strategy. Overall, Notcoin enjoys explicit official backing from TON and possesses a massive user foundation, positioning it well to become a breakout meme coin. However, risks remain due to unclear tokenomics. Over $20 million worth of NFTs have already circulated ahead of the main token launch, creating substantial sell-side pressure upon listing. Nevertheless, based on fundamental strengths, the project shows mid-term potential.
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