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Notcoin: SWOT Analysis for Investors, Holders, and Users

By Solomon Victor

Notcoin (NOT) is a play-to-earn token with a gaming application on Telegram built on The Open Network (TON). NOT’s goal is to bring users—existing and new—into the world of Web3 on TON. TON is a booming blockchain ecosystem with a large market capitalization.

NOT has gone viral in the last 10 days particularly. Going forward, what should holders expect? Does NOT have a future or is it just some get-rich-quick coin? Or perhaps even a joke, if the blank 8 pages out of Notcoin’s 9-page whitepaper is anything to go by! This is where  SWOT analysis comes in.

NOT started as a Telegram game designed to onboard users into Web3 on TON and has recently introduced a “tap-to-earn” mining mechanic. With “tap-to-earn”, users get to earn NOT by “tapping”, discovering Web3 products, participating in games, and adding value to the ecosystem. 

According to CryptoPotato editorial powered by Notcoin, the Notcoin team plans to burn tokens from the total supply once the project goes live on-chain. Unlike other projects, Notcoin has taken a unique approach to tokenomics, unlocking 100% of its supply on day one. However, this does not mean all tokens will enter trading immediately, as some are reserved for miners through airdrops. 

A look at NOT whitepaper shows that it is literally a whitepaper with the first page titled “Notcoin Whitepaper November 2023” and the remaining 8 pages are blank! This raises questions as to the validity and viability of the project.

SWOT analysis is a strategic planning technique that helps identify and evaluate the strengths, weaknesses, opportunities, and threats of any project or asset. It is important to understand Notcoin’s SWOT position. Whether as an existing or potential holder, you need the right information to enable you to make informed decisions about your investments. This will help you better manage the high risks often associated with Cryptoassets,  developing strategies to mitigate potential risks and plan for the long-term.

Read also: Dollar-cost Averaging (DCA) and Crypto Investing: How to find the balance.

Perceived Strengths of Notcoin

TON Blockchain, which houses the meme token, Notcoin, has a unique concept and brand recognition due to its decentralized nature, meaning that it is not controlled by a single entity, and its governance is distributed among its users. It uses a proof-of-stake (PoS) consensus algorithm, which allows for faster transaction processing times and higher scalability compared to traditional proof-of-work (PoW) algorithms.

TON has embraced the internet meme culture, incorporating elements like humor and pop culture references into its branding and marketing. This has set TON apart from more traditional blockchain projects. Its “tap-to-earn” mining mechanic has definitely gotten the attention of millions of users globally.

TON also has a strong focus on community involvement and development. This encourages users to participate in the platform’s growth and decision-making processes. 

According to Ryan Dennis, brand director at TON Foundation, “More than just the fastest-growing, most popular game in blockchain history, Notcoin has now become a cultural phenomenon creating one of the largest, most engaged communities in Web3.”

Notcoin team has reportely grown into a 35 million community. This, Notcoin claimed it achieved “without spending a penny on marketing”. Then what is really behind the sharp, meteoric growth of Notcoin? The growth of the play-to-earn gaming application is attributed to “curiosity and FOMO, combined with the viral communication power of Telegram.”

But Sasha Plotvinov, founder of Open Builders, believes that Notcoin’s growth is more fundamental than that. According to him, it’s the magical touch of TON blockchain ecosystem which prioritized “transparency and a fair distribution process that provides a realistic vision of what the true mass adoption of crypto looks like.” Well.

One thing is sure though: Notcoin boasts of a website that is simple and easy to navigate. And its integration of Telegram bot is no doubt a big win for Notcoin.

Notwithstanding, NOT is not without its weaknesses. 

Also Read: Introduction to Altcoins: Strength, weaknesses, opportunities, and threats.

Perceived Weaknesses of Notcoin

As a meme token, NOT has limited functionality. This may make it increasingly less attractive to users seeking robust and viable blockchain projects. 

Also, the lack of a clear purpose or roadmap raises concerns about NOT’s long-term viability. Its future is perhaps as blank as the 8 pages of its whitepaper.

Moreover, while NOT’s dependence on Telegram is clearly a win for the project, this integration poses potential risk. This is a significant weakness. Telegram’s primary focus is not blockchain or cryptocurrency, and changes to its platform or policies could negatively impact Notcoin’s operations. Notably, TON has once received not-a very-friendly visit from the United States Securities and Exchange Commission (U.S. SEC)—an unwelcome visit that eventually got the TON project appearing in court. In the court ring against the U.S. SEC, the TON project got more than a bleeding nose. Although TON (formerly Telegram Open Network) has since become TON (The Open Network)—what it self-described as a decentralized and open internet, created by the community using a technology designed by Telegram”. 

Related: TON Blockchain: Roadmap, Future Developments, and Market Performance: What to Expect in the Coming Years

Lastly, the simple gameplay and potential user boredom are additional weaknesses. The “tap-to-earn” mechanic was initially engaging, but users may quickly lose interest due to the lack of complexity or challenge. This could gradually result in a decline in user engagement, leading to reduced investment and a consequent decrease in the token’s value.

Perceived Opportunities of Notcoin

First, due to its strong community engagement, Notcoin has the opportunity to evolve into a more recognized crypto project. This evolution could lead to increased adoption and usage, driving up demand and value. As a more recognized cryptocurrency, Notcoin would have access to more exchanges, wallets, and payment platforms, making it easier for users to trade and use Notcoin. As Notcoin gradually leverages its over 30-million-strong community engagement, Notcoin has the potential to enter strategic partnerships and collaborations with other blockchain projects, cryptocurrency exchanges, and promoters. These partnerships could lead to increased adoption, listing on prominent exchanges, and access to new markets and users. Collaborations with other projects could also lead to innovative use cases, driving up demand and value. Moreover, partnerships with businesses could lead to real-world adoption, further enhancing Notcoin’s credibility and value.

Second, the growth of the TON ecosystem presents another significant opportunity for Notcoin. As more developers build on the TON blockchain, the ecosystem will expand, enabling Notcoin to, logically, benefit from increased adoption and usage. Such growth is expected to attract more users, investors, and partners, driving up demand and value. Moreover, the TON ecosystem’s focus on decentralization, security, and scalability are capable of helping  Notcoin achieve credibility and relative stability.

These opportunities can greatly benefit investors, users, and the cryptocurrency community. Investors could see significant returns on investment as Notcoin value increases with adoption and recognition. Users could benefit from increased accessibility, usability, and utility, making Notcoin a more attractive option for transactions and investments. Besides, Notcoin could at least help bring blockchain and crypto closer to more people, if it doesn’t succeed with improving therall credibility and of cryptocurrencies. Dogecoin and Shiba Inu, two of the biggest meme coins, did exactly this to the rate of crypto adoption, particularly in 2021.

Read also: Understanding the Pros and Cons of Memecoins as an Investors 

Perceived Threats of Notcoin

NotCoin faces intense competition from other cryptocurrencies and tokens like tapswap, yescoin, PEPE etc, which could hinder its continued growth and adoption. With numerous alternatives available and already sweeping the space by storm, users and investors may choose other options, reducing demand for NotCoincand impacting its value. MoreBesidesmpetitors may offer superior features, technology, or marketing, further threatening NotCoincs position in the market.

Regulatory uncertainty and potential legal issues pose significant threats to NotCoincs success. Governments and regulatory bodies worldwide (ch still grappling with how to to handle cryptocurrencies. Generally, regulations are not yet clear and certain. The lack of clarity and certainty can lead to a lack of confidence among investors and users, thus crippling value.

Market volatility and potential price fluctuations are inherent threats to NotCoincs stability. Cryptocurrency markets are notoriously unpredictable—particularly being a meme coin with limited use cases—fluctuate rapidly, leading to significant potential losses for investors. This volatility can also deter new users and investors, reducing adoption and growth.

Also Read: Crypto market faces $900 million liquidation as Bitcoin retreats to $65k ahead of the halving.

These threats have far-reaching implications for investors, users, and the cryptocurrency community. Investors may face significant losses due to competition, regulatory issues, or market volatility, leading to a decline in confidence and investment in the cryptocurrency market. Users may lose faith in NotCoincand the cryptocurrency space as a whole, reducing adoption and growth. The cryptocurrency community may suffer from a lack of innovation and progress, as projects like NotCNotcoinuggle to overcome these threats. Moreover, the reputation of the entire cryptocurrency industry may be negatively impacted, making it harder for legitimate projects to gain traction and succeed.

As Notcoin goes viral providing millions of people around the world the opportunity to become millionaires (overight), it is vital that both existing and potential investors and holders tread cautiously. As with most crypto assets or cryptocurrencies, volatility remains a high-risk feature. So before your Notcoin portfolio goes south, ensure that you consider the SWOT analysis and do your own due diligence. Remember, do not invest what you cannot afford to lose.

NOT Price Analysis 

Notcoin (NOT) experienced a sharp decline in value following a successful airdrop and high-profile listing on major exchanges like Binance. Initially, the token’s bullish sentiment drove it to an all-time high of $0.037 and a top ten position in trading volume. However, the price has since dropped significantly, largely due to investors selling their airdropped tokens quickly to secure profits, causing an oversupply in the market.

Currently, NOT price is $0.005139, which is 31.51% lower than its highest recorded price of $0.007486 on May 17, 2024, per data on CoinGecko. Despite being above its all-time low of $0.004611 from May 24, 2024, the token’s value remains unstable. A break below the $0.005 level could further take the price to $0.004 levels. However, if the correct support holds, NOT could bounce towards $0.006 in the short term, reflecting the cautious sentiment among investors regarding NOT’s short-term prospects.

Also Read: What are the career opportunities in the blockchain industry?

Credit: Solomon Victor is a Technical Analyst who is also knowledgeable about various aspects of blockchain and cryptocurrency.