NOT vs TON
Notcoin and Toncoin scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
NOT scores 73 of 250 and ranks 231st of 251. TON scores 110 and ranks 94th. TON leads by 37 points, which is a wide enough margin that the framework is not ambivalent. NOT takes 6 of the 25 variables, TON takes 18, and one is level.
The framework rates NOT PASS and TON WATCH. Two tokens close enough to compare do not have to land in the same band, and where they do not, the divergence table below is where the split comes from.
5 variables separate them by 3 points or more. NOT is clear on Vesting Schedule (8 against 2) and Circulating / FDV Ratio (9 against 4). TON is clear on Competitive Moat (7 against 1), Catalyst Calendar (8 against 2) and Smart Money Flows (7 against 2).
Both score 3 or below on Protocol Revenue, Revenue Trend, P/S Multiple, Buyback and Burn, TVL Trend, BTC Alpha Potential. A weakness both sides share is not a reason to prefer either. It is a reason to check whether the category itself carries the problem.
TON still has 46.4% of its eventual supply to enter circulation against 3% for NOT. On the same market capitalisation, a buyer of TON is taking the 1.86x dilution path and a buyer of NOT the 1.03x one.
TON is valued at $4.02B against $45.0M for NOT, a 89.2x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 1 | 1 | level | |
| Revenue Trend | 1 | 2 | TON +1 | |
| P/S Multiple | 1 | 3 | TON +2 | |
| Real Staking Yield | 1 | 5 | TON +4 |
Supply
| Supply Inflation | 7 | 3 | NOT +4 | |
| Vesting Schedule | 8 | 2 | NOT +6 | |
| Circulating / FDV Ratio | 9 | 4 | NOT +5 | |
| Buyback and Burn | 1 | 2 | TON +1 |
Ownership
| Smart Money Flows | 2 | 7 | TON +5 | |
| Insider Selling | 4 | 2 | NOT +2 | |
| Holder Concentration | 4 | 2 | NOT +2 |
Traction
| TVL Trend | 1 | 2 | TON +1 | |
| Active Users | 3 | 6 | TON +3 | |
| Developer Activity | 2 | 7 | TON +5 | |
| Network Growth | 2 | 5 | TON +3 |
Position
| Market Share | 2 | 4 | TON +2 | |
| Competitive Moat | 1 | 7 | TON +6 | |
| Institutional Adoption | 1 | 5 | TON +4 | |
| Exchange Depth | 5 | 7 | TON +2 | |
| Social Mindshare | 5 | 8 | TON +3 |
Risk
| Regulatory Safety | 4 | 3 | NOT +1 | |
| Catalyst Calendar | 2 | 8 | TON +6 | |
| BTC Alpha Potential | 2 | 3 | TON +1 | |
| Team Execution | 2 | 7 | TON +5 | |
| Treasury Runway | 2 | 5 | TON +3 |
Bars read outward from the centre: NOT to the left, TON to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| NOT | TON | |
|---|---|---|
| Price | $0.000453 | $1.42 |
| Market cap | $45.0M | $4.02B |
| Circulating | 97% | 53.6% |
| Dilution to full supply | 1.03x | 1.86x |
| Off all-time high | -98.4% | -82.7% |
| To recover the high | 62.5x | 5.8x |
| Total value locked | not published | $56.4M |
| Network | TON | TON |
TON now trades as GRAM. The scoring pass ran under the old ticker, so the scores above are filed there while the market figures track the new one.
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
NOT · PASS
TON network growth; Telegram gaming expansion
All users already rewarded; zero utility post-game; completely dependent on TON/Telegram narrative
TON · WATCH
GRAM rebrand Jun 15, TON Teleport BTC bridge, TON Pay 2.0, MTONGA steps 5-7, Stars-to-TON fiat onramp
Believers $61M/mo releases (27mo left), 1.08B frozen wallets unfreeze Feb 2027, Durov 12 charges, 85% whale concentration, zero protocol revenue
Common questions
- Is NOT or TON the better investment?
- On this framework TON scores higher: 110 against 73 of 250, and it is rated WATCH against PASS. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and NOT still wins 6 of the 25 individual variables against TON.
- What is the biggest difference between NOT and TON?
- Vesting Schedule. NOT scores 8 of 10 there and TON scores 2, a gap of 6 points on a single variable.
- Which is bigger, NOT or TON?
- NOT is valued at $45.0M and TON at $4.02B on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.