The TON-based meme coin and clicker game on Telegram, dubbed Notcoin (NOT), has experienced a significant drop of 15% in value over the past day. This decline comes as the contract owner of Notcoin revoked their privileges, causing concerns among investors. Despite a bullish announcement, NOT is currently trading at $0.016, with a market cap of $1.64 billion, ranking it as the 58th-largest cryptocurrency. In addition to the price drop, the daily trading volume for Notcoin has also decreased by 14%, reaching $700 million. The owner’s decision to revoke ownership has prompted discussions within the community, with some users referring to NOT as a “community token.” The circulating and total supply of Notcoin has been locked at 102,701,033,769 NOT, barring any future additions, as stated in an official announcement on X platform. The open interest for NOT has also seen a decline from $67.6 million to $63.4 million in the span of 24 hours, accompanied by over $4 million in liquidations. Despite the downturn in price, long-position holders still slightly dominate short-positioned traders, as indicated by the total funding rate of 0.01%. The relative strength index (RSI) for NOT has also seen a drop from 96 to 74 since reaching an all-time high of $0.028 on June 2, suggesting a decline in market interest and overbought conditions for the token. With the decreasing open interest and RSI, Notcoin is expected to experience lower price volatility. Notably, on June 10, the token rallied by 12% after announcing new incentives and a surge in user base.
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NOT plunges 15% while the contract owner revoked privileges
