Notcoin and zkSync Tokens Plunge Amid Market Correction

The recent downturn in the cryptocurrency market has notably impacted the valuations of Notcoin (NOT) and zkSync (ZK) tokens. As of press time, NOT has declined 13% in value over the last 24 hours, now trading at $0.01582.

Concurrently, ZK has also dropped, falling by 16% to a current price of $0.2006. These shifts occur alongside a minor 1% decrease in Bitcoin’s value, though it still holds above the $65,000 support level.

NOT Price Action

Despite a recent downturn, NOT has surged by 130% over the last month, marking it as one of the standout cryptocurrencies. However, from a high of $0.021, NOT’s price fell to its current rate amid a significant three-day sell-off, as per TradingView.

This drop, coupled with a 6.26% decrease in trading volume, pushed NOT’s market cap to $1.61 billion, moving it just outside the top 50 cryptocurrencies. Presently, NOT trades 45% below its peak of $0.02896, reached 16 days ago following its listing on Binance.

On the other hand, the Relative Strength Index (RSI) stands at 51.43, suggesting sustained buying interest and keeping NOT bullish on the RSI spectrum. This correction aligns with analyst predictions after its rapid value increase.

Meanwhile, an X platform (formerly Twitter) user, W3Vibes, linked the price fall to investors selling after a month of staking. W3Vibes notes that despite the sell-off, the manageable level of selling pressure and the strong buying volumes seen previously suggest the market could still show resilience and recover.

ZK Price Action

In parallel to Notcoin, the zkSync token has also declined substantially. This drop can be traced to a significant portion of the top wallets that received the new zkSync tokens on Monday, June 17, quickly selling off their allocations.

According to data from blockchain analytics company Nansen, 41.1% of tracked addresses sold their entire airdrop allocation, while 30.3% sold at least a portion of their tokens. The combined total sold across these groups amounted to over 497 million ZK tokens.

Despite this sell-off, around 28.5% of the top receiving wallets have opted to hold onto their ZK tokens. The flurry of trading activity has contributed to a significant surge in its 24-hour trading volume, which spiked by 125.48%, reaching approximately $1,021,708,204.

Additionally, the zkSync token has a total supply of 21 billion, with a fully diluted market value exceeding $4.224 billion. Nevertheless, only 17.5% of this supply is circulating in the market, resulting in an intraday market capitalization of about $738 million, a drop from its high of more than $1.1 billion observed just after its initial debut.