Telegram conducted a $3 million token burn to increase the value of Notcoin (NOT).

Telegram's touch-and-win game Notcoin recently burned NOT tokens worth $3 million. This move aims to reward active users and increase the scarcity and value of their tokens while maintaining a healthy economic environment within the community.

To reduce the circulating tokens, Notcoin burned 3 million dollars worth of NOT. The aim of this move is to make the remaining tokens more valuable. Notcoin hopes to create a better market dynamic that could lead to an increase in token price by reducing supply.

In addition to token burning, Notcoin will distribute a $5 million bonus to community members, especially those active at the Gold and Platinum levels on Notcoin Explore. This reward system is designed to increase community activity.

What is the current status for Notcoin?

NOT the market value is $1.65 billion, but the price has dropped by 43.4% from its peak. The recent token burn and reward distribution may positively impact the direction of the pair. These measures are common in the crypto world to manage supply and demand, and potentially pave the way for price increases over time.

Notcoin aims to reduce inflationary pressures and make holding NOTs more attractive by burning $3 million worth of tokens. This move is likely to appeal to investors and community members seeking long-term value appreciation.

When looking at the chart, the descending wedge formation stands out. This formation formed on the daily chart will be a precursor to an uptrend with a breakout.

Falling wedges are considered as bullish reversal formations characterized by a downward sloping trend line with two converging. Generally, they unravel after the price has risen above the upper trend line and has ascended the maximum distance between the upper and lower trend lines.

When we apply the same technical principles to the rise scenario of NOT, the upward target for July is between 0.023 and 0.031 dollars with an increase of 45 to 100 percent depending on the breakout point from current price levels.

This article does not contain investment advice or recommendation. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.