Notcoin faced a significant 14% decline today, marking its first major setback since its launch in May. On the other hand, the new PlayDoge cryptocurrency, which offers a Play-to-Earn model, continues to thrive with a presale total exceeding $4.6 million.
The recent market turmoil has caused deep liquidations in the cryptocurrency space, leading to intense selling pressure on Notcoin. The bears have taken control, resulting in over $400 million in long positions being liquidated in the past 24 hours, compared to just $50 million in short positions. What’s even more alarming is that over $200 million of these liquidations occurred in the last four hours.
The current market conditions, influenced by last week’s U.S. Federal Open Markets Committee meeting decision to hold interest rates steady, have contributed to this capitulation. Additionally, Bitcoin ETF outflows have exacerbated the situation, with issuers withdrawing $580 million from the market last week.
Despite this, London-based investment management company Farside Investors predicts a pattern of outflows continuing this week, with $145 million being withdrawn on Monday alone. As a result, the overall crypto market cap has decreased by 2.8% today due to de-risking from unfavorable market conditions. Notcoin’s 14% retracement reflects the perceived higher risk associated with the token.
Nevertheless, on a larger time frame, NOT remains strong, with only a 2% decline this week and a 134% increase in price for the month. Analysts like Crypto Patel anticipate a further retracement before an upward trend can resume, pointing to a potential downside target of $0.0125.
While Notcoin and the broader crypto market struggle, PlayDoge, a new P2E cryptocurrency, has emerged as a standout performer. The project, inspired by the Tamagotchi game of the 1990s, has raised over $4.6 million in its presale phase, defying the market downturn.
PlayDoge offers users the opportunity to care for virtual pets in exchange for real crypto rewards. The game’s unique concept and utility token, $PLAY, have garnered attention from industry analysts, with predictions of significant gains. Investors can currently purchase $PLAY for $0.00509, with incremental price hikes scheduled in the coming hours.