Meme token Notcoin experiences a remarkable surge of 287% amidst news of $32 million in user compensation

 

As of writing, the price of Notcoin has soared to $0.02, marking a sharp increase of 287% within a week. 

The token exhibited significant growth on June 2, with a 64% uptick, followed by a further 10% increase on June 3.

 This surge propelled Notcoin's market capitalization from $517 million to $2.1 billion, positioning it at the 56th spot on CoinMarketCap's list of cryptoassets.

In the aftermath of the botched launch of Notcoin (NOT), Bybit, a prominent cryptocurrency exchange, underwent a reshuffle in leadership roles. 

This move was prompted by the necessity to disburse $23 million in compensation to 320,000 users affected by the launch failure. 

Notably, select executives voluntarily stepped down, making way for fresh technical and spot managers as reported by Wu Blockchain.

Bybit's representative clarified in an interview with CoinDesk that the organization routinely restructures its teams in alignment with strategic objectives. 

It was emphasized that team members are not departing from the company but rather transitioning into different internal positions to optimize operational efficiency.

Originally debuted as Memcoin by the Open Builders team in 2023, Notcoin emerged as a gaming token within a Web3 game employing a tap-to-earn mining mechanism. 

The game rapidly gained popularity among 35 million players, where users engaged by clicking on a virtual coin in a mobile application to complete tasks and earn Notcoins. 

The asset was officially listed on the OKX crypto exchange and other leading platforms on May 16, 2024.

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