According to crypto.news*, #NOT has taken a significant hit, dropping 15% in the last 24 hours. It’s now trading at $0.016 and has a market value of $1.64 billion, making it the 58th largest cryptocurrency.
The fall in price happened after an announcement on X (formerly Twitter) that the owner of the #Notcoin smart contract gave up their control. Many users are optimistic about this change, calling NOT a "community token."
Despite this, Notcoin’s total supply is fixed at 102,701,033,769 NOT since no more tokens can be added. Trading volume has also decreased by 14%, now around $700 million.
Data shows that the open interest in NOT, which measures how much money is invested, fell from $67.6 million to $63.4 million in the last 24 hours. This includes over $4 million in liquidations, where investors had to sell off their holdings.
The funding rate for NOT, which shows the balance between buyers and sellers, has stayed close to 0.01% over the past two days. This means more people are still buying rather than selling, even as prices fall.
The relative strength index (RSI), which indicates if a coin is overbought or oversold, dropped from 96 on June 2 (when NOT hit a high of $0.028) to 74 now. This drop shows that interest in NOT is decreasing, although it is still considered overbought.
Recently, on June 10, NOT had a 12% price increase due to new incentives and more users. However, given the current market situation, Notcoin is expected to have lower price fluctuations in the near future.
For current NOT holders, it's crucial to stay calm and avoid making impulsive decisions based on the recent drop. The cryptocurrency market is highly volatile, and prices can change rapidly.
If you believe in the long-term potential of Notcoin, consider holding your position. The current market dip may be temporary. We should keep an eye on official announcements and market trends.
The exact timeline for recovery is uncertain. We should monitor technical indicators like the RSI and trading volume for signs of stabilization and potential upward movement. External Factors like regulatory news can influence the market.
*https://crypto.news/not-plunges-15-while-the-contract-owner-revoked-privileges/