Shares of NOT drop by 15 as contract holder rescinds privileges
The Telegram-based meme coin and clicker game, Notcoin (NOT), has experienced a significant drop in value, becoming the top loser among the top 100 cryptocurrencies despite positive news.
NOT has decreased by 15% over the past 24 hours and is currently priced at $0.016. Its market cap stands at $1.64 billion, ranking it as the 58th largest cryptocurrency.
Additionally, the daily trading volume for Notcoin has fallen by 14%, totaling $700 million.
An official announcement on X revealed that the owner of the Notcoin smart contract has renounced ownership. Despite this, many users on the same X thread have expressed optimism, referring to NOT as a “community token.”
As per the X post, the circulating and total supply of Notcoin is fixed at 102,701,033,769 NOT, with no further additions allowed.
Santiment data shows that the total open interest for NOT has declined from $67.6 million to $63.4 million in the last 24 hours. This drop coincides with over $4 million in liquidations, as reported by Coinglass.
Furthermore, the aggregated funding rate for NOT has remained around 0.01% for the past two days, indicating that long-position holders continue to dominate short-positioned traders despite the price drop.
The Relative Strength Index (RSI) for NOT has decreased from 96 on June 2, when the token hit an all-time high of $0.028, to 74 at the present time. This suggests a decrease in interest in NOT while the token remains overbought.
With lower open interest and RSI, Notcoin may experience reduced price volatility in the future.
Despite the recent decline, on June 10, Notcoin saw a 12% increase following the announcement of new incentives and growth in its user base.
