Is the TON Blockchain Losing Momentum? Notcoin’s (NOT) Plunge

• NOT is down 6% in the past 24 hours with a crash of 18.4% in the last seven days.
• TON has also crashed a massive 21% in the past week.
• With the arrest of Pavel Durov, the co-founder of Telegram, NOT and TON have bled profusely.

Toncoin (TON), the tenth-largest digital asset by market capitalization, has bled a massive 21% in the past seven days. And it seems, the play-to-earn token integrated into the TON blockchain; Notcoin (NOT), is reeling, suffering a massive crash in the past 24 hours. With the arrest of Pavel Durov, the co-founder of Telegram, in France last week, the TON token has also turned volatile. 

According to the data from CoinMarketCap, Notcoin (NOT) is down a hefty 6% in the past 24 hours and is currently trading at $0.00888 with a 37.74% drop in the trading volume of the digital asset, which currently stands at $270 million. Further, the market cap of the cryptocurrency stands at $909 million, making it the 70th-largest altcoin by valuation. 

NOT started the day at $0.009421, went to a daily high of $0.009541 and dropped as low as $0.008363. The native token of the tap-to-earn game has crashed a significant 69.44% from its all-time high of $0.02896 on June 2. NOT has dropped 18.40% in the past seven days followed by a 37.66% crash in the last 30 days. Moreover, the altcoin is down 38.62% since its debut in May. 

Meanwhile, Toncoin is trading at $5.47 at the time of writing, down 2.81% in the past 24 hours, dropping from a high of $5.68 to $5.08. TON is down 33.95% from its all-time high of $8.24 reached in June amidst the explosion in popularity of the Telegram ecosystem.

The chart below clearly shows that the volume of the NOT token has significantly decreased recently compared to the initial interest shown by investors when the token was first released. However, the accumulation/distribution line indicates that the accumulation of the cryptocurrency has slowed down, with the line’s slope suggesting a possible short-term spike.

Further, the Relative Strength Index (RSI) reads a value of 36.28 which confirms that the bears are in control of the NOT price action and the gradient of the line suggests that higher prices might follow in the near future.