- 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.
NOT, the token that powers Notcoin, the play-to-earn clicker gaming app on Telegram, has shed over 50% of its value in the first week of its listing.
Exchanging hands at $0.0053 at the time of writing, the altcoin’s price has plummeted by 55% since its launch on the Toncoin [TON] network on the 16th of May.
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.
Within 24 hours of being listed on major exchanges such as Binance [BNB], the token surged to the eighth position in trading volume, exceeding $1.4 billion.
However, NOT’s daily trading volume fell after the airdrop buzz cooled.
With a trading volume of $130 million recorded at press time, this has plummeted by 91% since the 16th of May, according to Santiment’s data.
Source: Santiment
Toncoin stands strong
AMBCrypto previously reported that the anticipation leading up to the NOT airdrop event resulted in a surge of activity on Toncoin, boosting the value of its TON coin.
However, data from Santiment shows that the decline in NOT’s trading activity has impacted the demand for TON.
According to the on-chain data provider, the daily count of addresses involved in TON transactions has dropped by 40% in the past seven days.
Similarly, new demand for the altcoin has decreased as well. Since the 16th of May, the number of new addresses created daily to trade TON has fallen by 53%.
Source: Santiment
However, despite the reduction in daily demand for TON, the market remained significantly under bullish influence at press time.
AMBCrypto found that TON closed above its 20-day Exponential Moving Average (EMA) on the 23rd of May and traded above it at $6.49 as of this writing.
When an asset rallies above its 20-day EMA, it is considered a bullish signal. This means that the asset’s current price has surged past its average price in the past 20 days.
TON holders often interpret this as a shift toward coin accumulation.
Read Toncoin’s [TON] Price Prediction 2024-25
Confirming the bullish trend, TON’s Elder-Ray Index returned a positive value of 0.26 at press time. This indicator measures the relationship between the strength of ETH’s buyers and sellers in the market.
Source: TON/USDT on TradingView
When its value is positive like this, bull power dominates the market.
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