Notcoin’s Breakthrough: What Can We Learn from Its Success?



  • User Base Cannot Be Copied: Notcoin's reliance on Telegram's user base and deep user value exploration make it difficult for copycat projects to replicate its success.

  • Operational and Market Environment Uniqueness: Notcoin's unique tie with Ton and the market environment prevent similar projects from achieving the same operational flywheel and market dominance.

  • Strategic Advantages and Lessons: Notcoin leverages real users, strategic execution, and multiple revenue streams, demonstrating the importance of cost reduction, efficient resource use, and storytelling in project success.


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1. User Base Cannot Be Copied

  • Notcoin directly utilizes Telegram’s user base, focusing on deeply exploring user value.
  • Telegram can increase the cost for cheaters, likely deterring bot farms at the time.
  • Notcoin’s design caters to those unfamiliar with web3, with Ton’s groundwork simplifying onboarding.
  • Copycat projects on Ton would need to buy old users again, which is unlikely given the saturated market and potential for funds to be drained without a well-designed entry threshold.


2. Operational Flywheel Cannot Be Copied

  • Notcoin is closely tied with Ton, bringing traffic to Ton, which in turn reallocates operational resources to Notcoin.
  • This symbiotic relationship exemplifies the pattern seen with Solana this year: Meme tokens gain niche dominance.
  • Ton has no room left for a new Meme niche, and other ecosystems lack sufficiently differentiated users.


3. Market Environment Cannot Be Copied

  • Iconic projects are irreplicable due to market conditions.
  • Web3 projects are heavily reliant on network scale economies, facing a unified large market without significant segmentation.
  • Copycats directly compete with iconic projects but can’t win without the risk of mutual destruction.
  • In the latter stages of a bull market, there’s no time for copycats to develop like Notcoin did over six months.




1. Target Audience and Product Design

  • With 900 million monthly active Telegram users, Notcoin achieved 35 million interactions in six months, indicating a large remaining market.
  • New projects should differentiate to onboard other users, considering onboarding speed and product coverage variation.
  • The fastest-growing sectors are streaming media, short videos, and games, with short videos being particularly recommended.
  • Tokenomics can drive a decentralized attack on mainstream video content, scaling first and governing later.
  • Recommender systems are crucial.


2. Coordination of Multiple Interests and Resource Reuse

  • Notcoin’s profitability is long-term, requiring airdrops to activate enough users, listing on major exchanges for liquidity, and making market makers and speculators see operational value.
  • Traditional market structure: the leader takes 60%, the second 20%, and the rest is divided among others.
  • Low-threshold methods like Notcoin’s don’t have high per-user costs but converting regular users to paying ones requires additional screening and conversion.




1. Comparable Projects

  • Pepe: $6.1 billion FDV, 230,000 holders
  • WIF: $3.3 billion FDV, 140,000 holders
  • Slerf: 61,000 holders, $155 million FDV
  • Notcoin: Over six months, $1.2 billion valuation, 35 million interactive accounts, 1.59 million holders


2. Requirements for Second Place

  • To achieve a $400 million valuation, at least 20 million interactive accounts and 900,000 holders are needed.




1. Real Users

  • Based on Telegram user community, high registration cost due to phone and email binding, and web2 anti-fraud mechanisms prevent large-scale bot creation.
  • Meme coin airdrop mechanisms make it difficult for bot farms to exploit, leading to high user authenticity, attracting exchange participation.


2. Value-Backing Mechanism

  • Similar to Pi network but with real value; Notcoin relies on Ton’s account and wallet systems.
  • Ton, built on Telegram, offers a smart contract-enabled, peer-to-peer encrypted payment system, with ongoing development in mini apps and payment systems to further tap into the 800 million user base.
  • Even if Notcoin doesn’t generate profit, building user habits around crypto assets yields valuable data for traditional financial markets.


3. Operational Flexibility

  • Low operational costs, sharing activities with Ton’s ecosystem, simple development, and the meme token nature lower resource barriers.
  • Notcoin is part of Telegram’s user conversion strategy, reducing perceived costs and supporting iterative trials.


4. Strategic Execution

  • Higher costs and user expectations associated with Telegram, combined with time-for-token strategies, deter large-scale bot farming.
  • Without large-scale farmers, market makers can better control liquidity, and exchanges are more willing to provide liquidity, facilitating negotiations with entities like DWF.


5. Multiple Revenue Streams

  • Investment in games, content, and storytelling drives monetization.




1. Cost Reduction:

  • Costs include development, operation, market-making, and time. The latter three are significant.
  • Operational costs should leverage company resources effectively and target user base accurately to lower entry barriers.


2. Efficient Resource Use:

  • Utilize Telegram’s account system for airdrops to ensure broad and equitable token distribution, reducing market-making costs.
  • Continuously monitor and analyze data for user growth and engagement.


3. Revenue Maximization:

  • Effective storytelling to command higher prices for traffic.




  1. Operating a single project is costly.
  2. For zero-cost projects, controlling bot farms is crucial; they are vulnerable to targeted attacks.
  3. Maintain data transparency and compelling storytelling.
  4. The game’s essence is distribution: exchanges need volume, blockchain infrastructure needs active data, communities need traffic, and retail investors need hope.


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