Notcoin (NOT) has emerged as the standout performer among the top 100 cryptocurrencies as the wider crypto market experiences a bearish trend.
NOT has surged by 28.6% in the last 24 hours and is currently trading at $0.011. With a market cap of $1.23 billion, it ranks as the 72nd largest cryptocurrency. The daily trading volume for Notcoin has decreased by 4%, now at $1.14 billion.
Data from Santiment indicates that the Relative Strength Index (RSI) for NOT is currently at 83, suggesting that Notcoin is overbought and vulnerable to potential price manipulation by large traders. To sustain its upward price movement, NOT would need its RSI to drop below the 50 mark.
In a market characterized by sideways movements, with Bitcoin (BTC) struggling to stay above $68,000, other cryptocurrencies like Shiba Inu (SHIB) and Pepe (PEPE) are experiencing significant price drops.
The recent rally in NOT comes after a sharp decline in its value due to a massive sell-off by recipients of an airdrop. On May 16, the Notcoin team distributed 80 billion tokens, leading to a drop in its price. Despite securing listings on major exchanges like Binance, Bybit, and MEXC, the availability of liquid markets allowed airdrop recipients to sell off their tokens, resulting in a 55% drop in price shortly after launch.
After hitting a low of $0.004583 on May 24, NOT began to recover, culminating in a 58% surge on May 28 to retest the $0.01 price level following a community poll favoring NOT over Bitcoin.
As the market continues to evolve, the question remains: are meme coins the new NFTs for celebrities?