Notcoin (NOT), a TON-based meme coin and clicker game on Telegram, has recently been making headlines as the top loser among the leading 100 cryptocurrencies in the market. Despite a bullish announcement, NOT has seen a significant drop of 15% in the past 24 hours, currently trading at $0.016 with a market cap of $1.64 billion, ranking it as the 58th largest cryptocurrency. The daily trading volume for Notcoin has also taken a hit, decreasing by 14% to reach $700 million.
An official announcement on X revealed that the owner of the Notcoin smart contract has revoked their ownership, resulting in a surge of bullish sentiment among users who now refer to NOT as a “community token”. This move also effectively locks the total supply of Notcoin at 102,701,033,769 NOT, with no possibility of any new coins being added to circulation. Data from Santiment shows a drop in the total open interest for NOT, decreasing from $67.6 million to $63.4 million over the past 24 hours, along with over $4 million in liquidations as reported by Coinglass.
Despite the decline in open interest, the total funding rate for NOT has remained close to 0.01% over the past couple of days, indicating that long-position holders continue to dominate over short-positioned traders even amidst the price downturn. The Relative Strength Index (RSI) for NOT has also seen a significant plunge from 96 on June 2, when the token hit an all-time high of $0.028, to 74 at the time of reporting. This decrease in the RSI suggests that while the heat around NOT is declining, the token remains overbought.
The drop in open interest and RSI for Notcoin could potentially lead to lower price volatility in the future, providing a more stable trading environment for investors. Despite its recent struggles, on June 10, the TON-based token experienced a 12% rally following the announcement of new incentives and an increase in its user base. These developments could potentially help Notcoin regain some of its lost momentum and attract more interest from traders looking for opportunities in the volatile cryptocurrency market.
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