TL;DR
- Value Drop: Notcoin (NOT) has experienced a 15% decrease in value within 24 hours, now trading at $0.016, and has become the top loser among the top 100 cryptocurrencies.
- Market Reaction: The daily trading volume of NOT has fallen by 14%, and the total supply is locked at 102,701,033,769 NOT following the renouncement of ownership, leading to its recognition as a “community token.”
- Market Indicators: Despite the downturn, the total funding rate remains at 0.01%, and the RSI has dropped from 96 to 74, indicating that NOT is still overbought but may see reduced volatility ahead.
Notcoin (NOT), the TON-based meme coin and clicker game on Telegram, has seen a significant drop in value. Despite a bullish announcement that sparked community interest, NOT has become the top loser among the leading 100 cryptocurrencies.
Over the past 24 hours, NOT’s value has plummeted by nearly 15%, with its trading price now at $0.0155. This downturn has affected its market capitalization, which currently stands at $1.6 billion, ranking it as the 60th-largest cryptocurrency.
Trading Volume and Market Cap Hit
The market has also witnessed a 14% decrease in Notcoin’s daily trading volume, which has fallen to the $700 million threshold. This decline reflects the broader market’s reaction to the recent developments surrounding the cryptocurrency.
Ownership Revocation and Supply Lock
An official announcement revealed that the owner of the Notcoin smart contract has renounced their ownership, leading to a surge of bullish sentiment among users on the platform. They have embraced NOT as a “community token,” celebrating the decentralization of control.
Following this announcement, it has been confirmed that the circulating and total supply of Notcoins is now fixed at 102,701,033,769 NOT, preventing any further addition to the supply.
Open Interest and Liquidations
Data from Santiment indicates a drop in NOT’s total open interest from $67.6 million to $63.4 million within a day. This reduction coincides with over $4 million in liquidations, as reported by Coinglass.
Despite the price drop, the total funding rate for NOT has remained steady at around 0.01% for the past two days. This suggests that long-position holders are still marginally outweighing those in short positions.
RSI Indicates Overbought Conditions
The relative strength index (RSI) for NOT has seen a significant fall from 96 on June 2—when the token hit an all-time high of $0.028—to 74 at the time of reporting. The RSI’s decline indicates a cooling of market enthusiasm, although the token remains in overbought territory. Given the declining open interest and RSI, analysts anticipate lower price volatility for Notcoin soon.
A Glimmer of Hope
Despite the current challenges, Notcoin experienced a 12% rally on June 10, following the announcement of new incentives and a notable increase in its user base. This uptick serves as a reminder of the token’s potential resilience and the community’s support.
In conclusion, while Notcoin faces a period of uncertainty, the community’s backing and recent positive developments offer a beacon of hope for the meme coin’s future.
