Notcoin is experiencing a 14% decline today, facing its first major challenge since its launch in May. However, the newly introduced PlayDoge cryptocurrency is thriving, surpassing $4.6 million in its presale total raise.
Notcoin is facing a significant downturn in the cryptocurrency market, with deep liquidations impacting its value. 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 is even more alarming is that over $200 million of these liquidations occurred in the last four hours.
This market capitulation is influenced by unfavorable macroeconomic conditions, which were highlighted during last week’s U.S. Federal Open Markets Committee meeting. Despite market expectations for a rate cut, the committee decided to maintain interest rates. This decision, coupled with Bitcoin ETF outflows totaling $580 million last week, has added to the disappointment.
London-based investment management company Farside Investors noted $145 million in outflows on Monday, suggesting a continuation of this trend for the week. As a result, the overall crypto market cap has decreased by 2.8% today, reflecting a move towards safer investments due to poor market conditions. Notcoin’s 14% retracement indicates a higher perceived risk.
Despite these challenges, NOT remains resilient on a longer-term outlook, with only a 2% decrease in price this week and a 134% increase this month. However, prominent analyst Crypto Patel predicts a further retracement before an upward trend can resume. The analyst identified a bearish outlook based on a deviation between the price and the CVD indicator, setting a downside target of $0.0165 and a secondary target of $0.0125.
While Notcoin faces turbulence, PlayDoge, a new Play-to-Earn cryptocurrency, is gaining momentum. The project has raised over $4.6 million in its presale within just three weeks, defying the market downturn.
PlayDoge draws inspiration from the popular 1990s game Tamagotchi, offering real crypto rewards for users who care for their virtual pet. The game rewards users with XP as they climb the in-game leaderboard, earning more $PLAY tokens as they progress. $PLAY tokens are used for staking and in-game purchases, creating a unique gaming experience that has attracted significant interest from industry analysts like ClayBro, who predicts major gains for the token.
Investors can currently purchase $PLAY tokens for $0.00509 during the presale, which features a multi-tiered pricing system with incremental price increases. The next price hike is scheduled to occur in eight hours, encouraging interested parties to act quickly to secure the best price.