The post Notcoin struggles despite massive 233M token burn – Why? appeared on BitcoinEthereumNews.com.

Notcoin creators leveraged Telegram’s user base to create a community around the NOT token. Key indicators show diminished potential for a price recovery despite Notcoin burning 233 million tokens. Notcoin [NOT] was displaying signs of exhaustion in the spot market, with the token’s price tumbling 31% over the last 30 days. Technical and on-chain metrics indicate weakening momentum, suggesting the price downtrend could endure. Weakening price strength TradingView’s NOT/USD 4-hour chart data shows that the Relative Strength Index (RSI) has been trending downwards since peaking near the overbought zone on September 9. The down-trending 4-hr RSI indicates that selling pressure has been weighing on the pair and could be a precursor to further price declines. Source: TradingView Notably, only 23% of Notcoin addresses are in profit at current prices, while a staggering 65.50% are in the red, according to data from IntoTheBlock. NOT faces notable resistance at $0.0083, where 171,780 addresses holding a total of 3.59 billion tokens are underwater. Declining network activity Further reinforcing the bearish outlook, on-chain metrics reveal a steep decline in Notcoin’s network activity, affirming that the excitement around the tap-to-earn game has been shrinking. New addresses on the network have dropped by 41.9% in the last 7 days, while active addresses have plummeted by 49.2% during the same period. Source: IntoTheBlock Consistent with this trend, the active address ratio (expressed as a percentage) has been decreasing across September, indicating dwindling user engagement. Notcoin registered a 30-day low active addresses ratio of 1.13% on September 17, down from a 30-day high of 3.76% on September 5. Source: IntoTheBlock Transaction volumes have similarly taken a hit. The number of transactions on the network has consistently hovered below 50,000 since September 13 and reached a 7-day low of 41.23K on September 17. The number of daily large transactions…

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Filed under: News - @ September 19, 2024 10:26 am