- Notcoin has lost over 50% of its value in just seven days.
- While Toncoin has seen a decline in demand, the buyers remain in control of its market.
As a seasoned crypto investor with a few battle scars on my portfolio, I’ve learned to keep a level head during market volatility and not let emotions cloud my judgement. So, while NOT losing over 50% of its value in just seven days is certainly concerning, it doesn’t automatically mean that it’s a lost cause.
In the initial week following its debut on Telegram’s exchange, Not, the significant component behind Notcoin – the rewarding play-to-earn clicking game, experienced a substantial decline, losing more than half of its worth.
I’ve analyzed the price data, and as of now, the altcoin is being traded at a price of $0.0053. Compared to its launch price on the Toncoin (TON) network on May 16th, this represents a significant decrease of approximately 55%.
During this time, it airdropped nearly $1 billion worth of NOT tokens to its eligible investors.
NOT quickly gained traction, reaching an all-time high of $0.037 shortly after its launch.
In just a day after getting listed on prominent exchanges like Binance (BNB), the token’s trading volume reached over $1.4 billion, placing it among the top eight in terms of volume.
However, NOT’s daily trading volume fell after the airdrop buzz cooled.
At present, the trading volume for this asset stands at approximately $130 million. However, this figure represents a staggering 91% decrease from the $1.52 billion in daily trades reported just ten days ago, based on information provided by Santiment.
Toncoin stands strong
Previously on AMBCrypto, it was reported that the excitement surrounding the imminent NOT airdrop caused heightened action on Toncoin, subsequently increasing the worth of its TON token.
According to Santiment’s data, the decrease in NOT’s trading volume appears to have influenced the demand for TON.
Based on the data from the on-chain provider I’m using for my research, there has been a 40% decrease in the number of unique addresses participating in TON transactions over the past week.
The interest in TON‘s altcoin has waned just like its demand, with the creation of new daily addresses for trading dropping by approximately 53% since May 16th.
Despite a decrease in daily demand for TON as of now, the market maintains a robustly bullish sentiment overall.
According to AMBCrypto’s analysis, TON surpassed its 20-day Exponential Moving Average (EMA) on May 23rd, with a trading price of $6.49 as of the current moment.
If an asset’s value exceeds its 20-day Exponential Moving Average (EMA), this is interpreted as a bullish sign. In simpler terms, the asset’s present price is now higher than its average price over the previous 20 days.
TON holders often interpret this as a shift toward coin accumulation.
Read Toncoin’s [TON] Price Prediction 2024-25
At present, the Elder-Ray Index for TON indicates a bullish signal with a value of 0.26, reflecting the stronger buying force among Ethereum market participants.
When its value is positive like this, bull power dominates the market.
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2024-05-23 13:11