Notcoin ($NOT), as the native token on the TON blockchain, has its on-chain data and distribution mechanism crucial for understanding the project ecosystem and market dynamics. Below is a concise analysis of the key on-chain data and distribution mechanism of Notcoin.

I. Holding distribution: Highly concentrated, dominated by exchanges

Top 20 addresses holdings: As of August 2025, the top 20 addresses of Notcoin hold over 80% of the token supply, with the largest holding over 77%. However, there is no need to worry, as this is a characteristic of the standard; it acts as a ledger for all user balances. A true analysis of decentralization requires examining the distribution within this contract, but this can be somewhat difficult.

Among them, centralized exchanges (such as Binance, OKX, etc.) and addresses controlled by project agreements dominate.

Exchange impact: Exchange wallets hold a large amount of $NOT, and their inflow and outflow activities directly affect market supply, demand, and price fluctuations.

Especially in the early stages of the listing, the inflow to the exchange was huge, reflecting the strong willingness of early players and airdrop recipients to take profits.

II. Exchange flow: Market sentiment and supply-demand relationship

Initial selling pressure at listing: In May 2025, Notcoin reached a peak inflow at the beginning of its listing on major exchanges, with many airdrop recipients and early players transferring tokens to exchanges for sale, leading to severe price fluctuations.

Subsequent market stabilization: As the market gradually digests the initial supply, the inflow and outflow amounts from exchanges tend to stabilize.

However, during periods of significant price fluctuations, large transfer activities remain active, indicating the potential impact of whale addresses on market prices.

III. Reward distribution: Primarily one-time, no long-term lock-up

Airdrops and Launchpool: Notcoin's main reward distribution methods include airdrops aimed at gamers and Launchpool activities from exchanges.

Most of these rewards were distributed between May and June 2025, with no long-term linear unlocking mechanism set.

No lock-up mechanism: Unlike some projects that set long-term lock-up periods, Notcoin's rewards can be freely traded after distribution, meaning that most of the early supply has fully entered the market.

IV. Key data points and market impact

Analysis of the top 20 addresses:

The address ranked first is the TON Jetton user wallet proxy contract, holding the vast majority of tokens, but the actual decentralization needs to analyze the distribution within the contract.

Exchange wallets and unknown whale addresses occupy the forefront, potentially having a significant impact on market prices.

Trends in exchange flows:

The inflow to the exchange was extremely high in the early listing stage, then gradually receded and stabilized.

Large transfer activities increase during price fluctuations, becoming one of the main drivers of short-term price volatility.

Reward distribution mechanism:

The primary one-time distribution, with no long-term lock-up period, means that the market supply-demand relationship is significantly influenced by early supply.

Future selling pressure will come more from existing large holders and exchange decisions, rather than new token unlocking events.

V. Future outlook and monitoring recommendations

Monitor whale and team movements: Focus on large transfer behaviors from team/ecosystem wallets and whale addresses, as these are potential new supply sources.

Assess market response: New features launched by the project (such as staking, DeFi products) could trigger large-scale withdrawal or deposit waves, requiring timely assessment of market reactions.

Supply and demand analysis: As the market gradually digests the initial supply, the supply-demand relationship stabilizes, but caution is needed regarding sudden liquidity impacts from project parties and whales.

The on-chain data and distribution mechanism of Notcoin show a certain degree of concentration, significant exchange influence, and mainly one-time reward distribution characteristics. Investors need to closely monitor whale and team movements, market responses, and changes in supply-demand relationships to make more rational investment decisions.

@The Notcoin Official #Notcoin $NOT