Notcoin (NOT), a cryptocurrency, continues to rise sharply while other markets decline. In the last 24 hours, its price surged by 40%, reaching a new high of $0.012. The total value of Notcoin now stands at $1.218 billion, with trading volume also increasing significantly to over $1.2 billion.

In just the past week, Notcoin's price has skyrocketed by 150%, adding more than $640 million to its market cap. This surge is closely tied to the popularity of Notcoin, a game on Telegram where players can convert their in-game currency into NOT tokens. This has attracted a lot of interest from Telegram's large user base.

However, Notcoin faced a setback recently when its price dropped sharply from $0.009900 to around $0.004500 on May 23, 2024, marking a decline of about 54%. Despite this, Notcoin quickly bounced back and surpassed its previous highest price.

The rapid rise of Notcoin has led to significant liquidations, with more than $5.9 million in short positions liquidated in the past 24 hours. Just days ago, NOT entered the top 100 assets list with a market cap of $1 billion and has since risen to become the 81st largest asset with a market cap of $1.2 billion.

Despite these achievements, caution is advised. According to data from Santiment, Notcoin's Relative Strength Index (RSI) is currently at 83, indicating that it is overbought. This raises concerns about the potential for large holders, known as whales, to manipulate prices.

To maintain its upward momentum, Notcoin may benefit from a period of stabilization, allowing its RSI to drop below 50. This adjustment could help reduce speculative risks and create a more stable market environment for Notcoin in the future.