NOT plunges 15% while the contract owner revoked privileges 

Notcoin (NOT), the TON-based meme coin and clicker game on Telegram, has emerged as the biggest loser among the 100 leading cryptocurrencies despite its bullish announcement.

NOTE has fallen 15% in the last 24 hours and is trading at $0.016 at the time of writing. The market cap of the asset currently stands at $1.64 billion, making it the 58th largest cryptocurrency.

NOTE price, open interest rate, funding rate and RSI – June 11 | Source: Santiment

Moreover, Notcoin’s daily transaction volume decreased by 14%, reaching 700 million dollars.

According to the official announcement made on X, the owner of the Notcoin smart contract has revoked its ownership. Many users were bullish on the same X title, calling NOT a “community token.”

At this point, according to post X, no one can add any Notcoins to their circulating and total supply; total supply is locked at 102,701,033,769 NOTES.

According to data provided by Santiment, NOT total open interest decreased from $67.6 million to $63.4 million in the last 24 hours. According to Coinglass data, the decline in the asset’s open positions is due to it witnessing liquidations of over $4 million.

Moreover, the total funding rate collected by NOT has been around 0.01% in the last two days. The indicator shows that despite the decline in prices, long position holders still slightly dominate short position investors.

Data from the market intelligence platform shows that the NOT relative strength index (RSI) fell to 74 at reporting time from 96 on June 2, when the token reached its all-time high of $0.028.

The indicator shows that the heat around NOT is steadily decreasing while the token is still overbought.

Lower price volatility can be expected for Notcoin thanks to decreasing open interest and RSI.

On June 10, the TON-based token gained 12% following the announcement of new incentives and an increase in its user base.