NotCoin Recovers 30% Despite Airdrop Exploit Controversy
- PHPzOriginal
- 2024-06-26 21:34:111096browse
NOIDA (CoinChapter.com) — NotCoin recently faced controversy during its airdrop event, when users exploited security vulnerabilities to claim more tokens than allocated.
NotCoin encountered a setback during its airdrop event when users exploited security vulnerabilities to claim more tokens than allocated.
This incident raised concerns about the integrity of future token distributions, impacting Notcoin price.
However, NotCoin’s developers, Open Builders, announced plans to burn unclaimed tokens to stabilize the token’s value and prevent further issues.
In an effort to make up for the airdrop exploit, Notcoin recently announced the burning of $3 million worth of Notcoin from the emission.
Additionally, they plan to allocate $4.2 million as incentives for Gold and Platinum users of Notcoin Explore, thanking them for their support.
The airdrop, which concluded on June 16, enabled early adopters to claim tokens via a Telegram mini app.
As per the recent trading chart, NotCoin is consolidating around the $0.02 mark, facing resistance at $0.018 and support at $0.013.
An analyst noted potential breakout or breakdown scenarios, advising investors to monitor these closely.
The analyst also highlighted that NotCoin’s development roadmap could enhance the token’s functionality and adoption.
Moreover, the analyst stated that the team’s response to the airdrop exploit and planned token burn could help rebuild trust in the project.
Throughout the week, Notcoin token prices experienced a recovery of over 30%, reaching a daily high of around $0.0164 on June 26. This uptrend showcases the investors’ optimism regarding Notcoin token prices.
If the recovery rally fails to hold, the token could drop to the support level near $0.0139. Furthermore, a break below the immediate support might see NOT price testing the 0.236 FIB support near $0.0115.
On the other hand, a continuing uptrend would have NOT bulls facing the $0.0187 resistance. Flipping the immediate resistance could help the Notcoin price reach the 0.786 FIB resistance level near $0.023.
The relative strength index for the recently launched token remains neutral, with a score near 52.28 on the daily charts.
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