Notcoin (NOT), a TON-based meme coin and clicker game on Telegram, has emerged as the top loser among the leading 100 cryptocurrencies, despite a recent bullish announcement. Over the past 24 hours, NOT has dropped by 15% and is currently trading at $0.016. The asset’s market cap stands at approximately $1.64 billion, positioning it as the 58th-largest cryptocurrency.

Additionally, Notcoin's daily trading volume has decreased by 14%, now reaching $700 million. This decline in volume coincides with a significant announcement: the owner of the Notcoin smart contract has revoked their ownership privileges, as stated in an official post on X (formerly Twitter). This move has led many users to label NOT as a "community token," expressing bullish sentiments in the same thread.

With the owner's privileges revoked, no new Notcoins can be added to the circulating or total supply, effectively locking the total supply at 102,701,033,769 NOT. This development is seen as a step towards decentralization, potentially increasing trust in the token among its community.

Market data provided by Santiment shows that the total open interest in NOT has dropped from $67.6 million to $63.4 million in the last 24 hours. This decrease in open interest is accompanied by over $4 million in liquidations, according to Coinglass data. Despite the price downturn, the total funding rate for NOT has remained close to 0.01% over the past two days, indicating that long-position holders still slightly outnumber short-positioned traders.

The relative strength index (RSI) for NOT has also seen a significant decline. It dropped from 96 on June 2, when the token hit an all-time high of $0.028, to 74 at the time of reporting. This decrease in RSI suggests that the initial hype around NOT is waning, even though the token remains in an overbought state.

Despite these setbacks, the recent events surrounding Notcoin have led to expectations of lower price volatility moving forward. On June 10, the token experienced a 12% rally following the announcement of new incentives and a surge in its user base. However, the recent revocation of contract ownership privileges and the subsequent market reactions have overshadowed this positive momentum.

In summary, Notcoin’s 15% price drop, combined with the revocation of contract ownership, marks a significant shift in its market dynamics. While these changes have introduced some uncertainty, they also pave the way for a more decentralized and potentially resilient future for NOT. Investors and community members will be closely watching how these developments unfold and impact the token's long-term viability.