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

NOT is down by 15% in the past 24 hours and is trading at $0.016 at the time of writing. The asset’s market cap is currently hovering at $1.64 billion, making it the 58th-largest cryptocurrency.

Moreover, Notcoin’s daily trading volume also declined by 14%, reaching the $700 million mark. 

According to an official announcement on X, the owner of the Notcoin smart contract has revoked their ownership. Many users have shown bullish sentiment in the same X thread, calling NOT a “community token.”

At this point, per the X post, no one can add any Notcoins to its circulating and total supply — locking the total supply at 102,701,033,769 NOT.

According to data provided by Santiment, the NOT total open interest dropped from $67.6 million to $63.4 million over the past 24 hours. The decline in the asset’s open interest comes as it witnessed over $4 million in liquidations, per Coinglass data. 

Moreover, the total funding rate aggregated by NOT has been sitting close to 0.01% over the past two days. The indicator shows that long-position holders are still slightly dominating short-positioned traders despite the price downturn.

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

The indicator shows that the heat around NOT has been constantly declining while the token is still overbought. 

Thanks to the declining open interest and RSI, lower price volatility would be expected for Notcoin.

On June 10, the TON-based token recorded a 12% rally after announcing new incentives and a surge in its user base.