Notcoin (NOT) Price Gains Another 40% Gains Despite Market Wide Fall, Caution Ahead?

Notcoin (NOT) Surges to New Highs

The Notcoin (NOT) cryptocurrency has continued its impressive rally, gaining over 40% in the past 24 hours. This surge has pushed NOT to an all-time high value of $0.012, with a market capitalization of $1.218 billion. The daily trading volume has also surged by 18%, surpassing $1.2 billion.

Strong Weekly Gains

Over the past week, NOT has gained a remarkable 150%, adding over $640 million to its market cap. This growth is attributed to the popularity of Notcoin, a play-to-earn Web3 game hosted on Telegram. The game allows users to convert their in-game currency into NOT tokens, attracting significant interest from Telegram's large user base.

Price History and Key Milestones

NOT was launched on May 16, 2024, and initially reached a peak of $0.009900. However, it experienced a pullback to around $0.004500 by May 23, 2024, marking a decline of approximately 54%.

Following this correction, NOT has experienced a significant upsurge, surpassing its previous all-time high. The recent surge has triggered a wave of liquidations, with over $5.9 million in short positions liquidated in the last 24 hours.

Market Position and Holder Count

NOT has entered the top 100 assets list and achieved a market capitalization of $1 billion. It has since risen in rankings to become the 81st largest asset with a market capitalization of $1.2 billion.

The NOT team has also announced that the token boasts 1.6 million on-chain holders, surpassing popular meme coins like Shiba Inu, BONK, and Pepe in terms of holder count.

Caution Advised

Santiment data indicates that the Relative Strength Index (RSI) for NOT is currently at 83, suggesting that it may be overbought. This raises concerns about potential price manipulation by large holders, known as whales.

To sustain its upward trend, NOT may benefit from a cooling-off period, with its RSI dropping below the 50 mark. This adjustment could mitigate speculative activity and promote a more stable market environment for Notcoin.