In a surprising twist, Notcoin (NOT), a meme coin and clicker game built on the TON blockchain through Telegram, has unexpectedly become the biggest loser among the top 100 cryptocurrencies.
Despite a positive announcement, NOT has experienced a notable 15% drop in the last day. It currently holds a market cap of $1.64 billion, ranking it as the 58th-largest cryptocurrency. The RSI, a measure of market momentum, indicates that while the token is overbought, its popularity might be fading.
Notcoin (NOT) Faces Significant Decline Despite Bullish Announcement
Notcoin (NOT) has experienced a substantial 15% decline in the last 24 hours, currently trading at $0.016. This drop follows a recent bullish announcement.
The cryptocurrency’s market cap stands at $1.64 billion, placing it as the 58th largest in the market. Additionally, Notcoin’s daily trading volume has decreased by 14%, now hovering around $700 million.
An announcement on X platform revealed that the owner of the Notcoin smart contract has relinquished ownership. Despite this, sentiment among users remains optimistic, with many referring to NOT as a “community token.”
This change effectively fixes the total supply of Notcoin at 102,701,033,769 NOT, preventing any future additions to the circulating or total supply.
According to Santiment’s analysis, there has been a decrease in total open interest for NOT, dropping from $67.6 million to $63.4 million within the past day. Concurrently, over $4 million in liquidations have been recorded based on Coinglass data.
Despite the price decline, the total funding rate for NOT has maintained at approximately 0.01% over the past two days, suggesting that holders of long positions retain a slight advantage over those with short positions.
Notcoin (NOT) Experiences Significant Decline Amid Mixed Market Signals
The relative strength index (RSI) for Notcoin (NOT) has seen a dramatic drop from 96 on June 2—when the token hit an all-time high of $0.028—to 74 at the time of reporting. This decline in RSI suggests that the token’s hype is waning, even though it remains in an overbought state. This trend could signal lower price volatility for Notcoin moving forward.
Interestingly, on June 10, the TON-based token experienced a 12% rally following the announcement of new incentives and a surge in its user base. However, the recent developments indicate that these bullish factors were not enough to sustain the momentum.
In summary, Notcoin’s current market dynamics reflect a complex interplay of user sentiment, market supply constraints, and fluctuating trading volumes. As the token navigates these challenges, market watchers will be closely monitoring its performance for any signs of recovery or further decline.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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