Why is Notcoin up 300% over the past week?

Notcoin became the fifth most-traded cryptocurrency on Monday, beating the trading volume of Circle’s USDC stablecoin, as social interest continues to drive its price action.

Notcoin (NOT) price rose over 300% over the past week to reach a new all-time high. Can the NOT token continue its parabolic rise due to social hype?

Notcoin rises 320% in one week, hits new all-time high

Notcoin’s price rallied over 323% during the past week, reaching a new all-time high of $0.02896 on June 2, according to TradingView data.

In less than two months, Notcoin, the play-to-earn game and token integrated as a Telegram Mini App, has attracted over 30 million users on Telegram, introducing a new wave of mainstream adopters to the cryptocurrency space.

Notcoin was listed on the Bybit exchange for trading on May 16. The NOT token rose over 200% over the past two and a half weeks since it was listed on the exchange.

Following the rally, Notcoin reached an over $2.3 billion market capitalization, becoming the 51st largest cryptocurrency tracked by CoinMarketCap.

Notcoin and other Telegram Mini Apps will be a “Trojan horse” for mass blockchain adoption that could onboard the next 500 million crypto users, according to Justin Hyun, the director of investments at TON Foundation.

Hyun told Cointelegraph in an interview:

“Bringing 500 million people on-chain by 2028 — which is our goal — is going to require use cases that interact with the blockchain without the user knowing that in the front end.”

Related: PEPE whale up nearly $5M on investment within a month

Social sentiment driving NOT’s price rally

Growing retail interest via social media platforms seems to be among the main drivers of Notcoin’s rally to its all-time high.

Only two weeks after launch, Notcoin became the second most-mentioned cryptocurrency in the 12-hour timeframe, according to a June 3 X post by Alphascan:

“Second most key-mentioned token on the 12-hour timeframe. One of the most key-mentioned tokens on the daily timeframe… 45% of all weekly mentions occurred in the last 24 hours, and 81% of all daily mentions happened in the last 12 hours.”

Further showcasing the growing investor interest, Notcoin became the fifth most-traded cryptocurrency on the market, reaching an over $4 billion trading volume on June 3 — overtaking USD Coin’s (USDC) $3.5 billion trading volume, according to Coingecko.

The growing social sentiment around Notcoin has also attracted more large investors, or whales, to the Telegram ecosystem, namely for Toncoin (TON), according to crypto analyst Ali Martinez. Martinez wrote in a June 3 X post to his 63,400 followers:

“The number of large Toncoin transactions (over $100,000) has surged by 237.5% in the past 24 hours! This significant increase in $TON whale activity suggests a strategic shift in their investments and positions.”