Notcoin on Bybit Pre-Market: A Guide to Selling and Future Steps
Notcoin, the native token of the clicker game on Telegram, is now available for trading on Bybit. Before its official listing, traders can sell coins they've farmed during the game.
The current rate for 1 million Notcoin tokens is pegged at $8, but trades are limited to the pre-market through direct OTC transactions between users. The details surrounding the token's listing and its price post-TGE remain under wraps.
Currently, the price for 10 million Notcoin tokens stands at $80.
Updates on Notcoin
Since our last article about this crypto project in January 2024, Notcoin has undergone considerable changes.
Firstly, there's been a massive increase in the number of tokens farmed within the app, jumping from around 1 trillion at the start of the year to over 62 trillion.
Secondly, the user count has skyrocketed by 500% to 30 million, with the official Telegram channel amassing over 5 million subscribers and the X (Twitter) profile attracting 1.4 million followers.
Thirdly, last month saw the introduction of the ability to sell Notcoin tokens on the Getgems NFT marketplace on The Open Network blockchain. Users could bundle and sell 10 or 100 million Notcoin tokens, incurring a small transaction fee in TON.
Bybit has officially announced the listing of Notcoin on its Pre-Market Trading platform. Additionally, developers have alerted via social media that the farming season will end on April 1, advising users to make the most of their remaining time.
How to Sell Notcoin on Bybit's Pre-Market
The pre-market trading environment differs significantly from the standard market mainly because the actual asset isn't yet listed on exchanges. Instead, traders essentially deal in buy or sell obligations, akin to futures contracts but with the exchange ensuring the transaction's integrity instead of a smart contract.
For those looking to sell Notcoin tokens on Bybit's pre-market, here are the necessary steps:
- Sign up for an account on the exchange and complete the KYC procedure.
- Access your unified trading account to facilitate easier fund transfers between different sections of the exchange.
- Find the "Pre-Market" section and select Notcoin.
- Place a sell order for your desired amount of tokens or choose from existing orders placed by others.
Notcoin on Pre-Market Trading. Source: Bybit.com
Since the asset isn’t officially trading on cryptocurrency exchanges, you cannot directly transfer Notcoin to platforms for selling. Sellers are required to leave a deposit equal to the amount they’ll receive from the buyer once the transaction concludes. Upon enabling token transfers between wallets, the seller must send the sold Notcoin to the buyer to have their deposit returned.
This system ensures that transactions are honored, reducing potential disputes. Nevertheless, there are inherent risks, as outlined below.
Risks of Pre-Market Token Trading
One primary concern with pre-market trading is that the asset is not actively traded anywhere. For Notcoin, this situation is further complicated by the absence of a defined token economy, details on potential token conversions within the app into real-world assets, a specific listing date, and the number of tokens to be unlocked, among other factors.
This makes it challenging to accurately predict the coin's real potential value. Buyers also risk encountering dishonest sellers who might refuse to transfer Notcoin tokens after its listing, especially if the post-listing price significantly exceeds the pre-market sale price. For some, losing their deposit and facing a platform ban might be preferable to fulfilling the transaction, especially when creating a new account or purchasing an existing one on the OTC market is relatively straightforward.
Sellers face risks mostly due to the lack of clear information about the listing and the token transfer mechanism. The team has mentioned the possibility of significantly reducing the total number of earned coins and has not disclosed a future conversion rate. If network issues arise at the time of listing, a seller might not be able to transfer tokens to the buyer in time, risking the confiscation of their deposit.
What Awaits Notcoin Upon Listing?
Even with scant details, it's possible to piece together some information to make educated guesses about the coin's price and likely exchanges for the NOT listing:
- Considering the sheer volume of Notcoin tokens mined (62 trillion), the total tokens' value is approximately $400 million. This suggests that upon listing, the coin's market cap could be expected to be between $1–$1.5 billion. This projection seems optimistic, especially since many tokens may be sold off immediately.
- As part of The Open Network, it's reasonable to assume that the Notcoin token contract will be deployed on the TON blockchain.
- This assumption also hints at potential exchanges for the NOT token. In addition to Bybit, which has already confirmed its listing, Notcoin could likely appear on any exchange that supports TON cryptocurrency trading.
- With NOT token farming still underway, the supply increase may gradually lower coin prices in the pre-market.
Final Thoughts
Notcoin has undeniably emerged as a fascinating project, allowing for earnings even during its pre-market phase without any need for investment from participants. Now, the focus shifts to anticipating a successful listing and the potential for an attractive post-listing coin price.
