The cryptocurrency Notcoin (NOT), which is a TON-based meme coin and clicker game on Telegram, has surprisingly emerged as the top loser among the leading 100 cryptocurrencies, despite a bullish announcement.
In the last 24 hours, NOT has experienced a 15% decrease in value and is currently being traded at $0.016. The market cap of the asset stands at $1.64 billion, placing it as the 58th largest cryptocurrency.
Additionally, the daily trading volume of Notcoin has also dropped by 14%, reaching $700 million.
An official announcement on X revealed that the owner of the Notcoin smart contract has relinquished ownership. Many users expressed optimistic sentiment on the same X thread, referring to NOT as a “community token.”
As per the X post, it is no longer possible to add any Notcoins to the circulating and total supply, effectively locking the total supply at 102,701,033,769 NOT.
Data from Santiment shows that the total open interest of NOT decreased from $67.6 million to $63.4 million in the past 24 hours. This decline in open interest coincided with over $4 million in liquidations as reported by Coinglass.
Furthermore, the total funding rate for NOT has remained around 0.01% for the last two days. This suggests that long-position holders continue to slightly dominate over short-positioned traders despite the decrease in price.
The Relative Strength Index (RSI) for NOT has dropped from 96 on June 2, when the coin hit an all-time high of $0.028, to 74 at the present time. The declining RSI indicates a decrease in the hype surrounding NOT, even though it remains overbought.
With the decreasing open interest and RSI, it is anticipated that Notcoin will experience lower price volatility.
On June 10, Notcoin saw a 12% increase in value after announcing new incentives and a growth in its user base.