July 24, 2024
Latest Cryptocurrency News

KuCoin Reports May Crypto Surge, Notcoin Launches Strong

May Crypto Investment Dips Slightly

KuCoin’s research division published a report indicating that the crypto sector saw over $1 billion in investments in May, despite a slight decrease from the previous month. The report, released on June 13, disclosed that 156 investments were publicly announced in May, totaling $1.02 billion in capital inflows.

This represents a 10.61% increase compared to May 2023, but a 6.4% decline from April.

Ethereum and EVM Chains Lead Investment Trends

Ethereum, Ethereum Virtual Machine (EVM) chains, and layer-2 (L2) network projects continued to attract institutional investors in May. However, non-EVM chains like Bitcoin, Solana, Fantom, and TON also ranked among the top 15 networks favored by investors.

Notably, Animoca Brands and OKX Ventures were the most active investors last month, engaging in 15 and 11 deals, respectively. Other significant players included Cogitent Ventures, SNZ Holding, and DWF Labs, with 10, 8, and 7 deals each.

Shift Towards Meme and Celebrity Tokens

KuCoin Research observed a trend among investors towards meme and celebrity tokens, driven by concerns over low float and high fully diluted valuations (FDV). These high valuations and low circulating supplies left investors with “very limited room.” In response, they sought alternatives. KuCoin Research noted:

“Some market participants have turned their focus towards character meme or celebrity meme tokens, relatively obscure low-market-cap assets, and new narratives.”

One notable beneficiary of this shift was Notcoin (NOT). Its launch in May, with all tokens available from the beginning, contributed significantly to its growth.

Notcoin’s Impressive Launch

Notcoin’s launch saw it become the fifth most-traded crypto on June 3, surpassing the trading volume of popular stablecoin USD Coin. The token’s price hit an all-time high of $0.02896 on June 2, pushing its market capitalization above $2 billion.

This success underscores the evolving preferences of crypto investors, who are increasingly turning towards innovative and niche assets like Notcoin. The launch of Notcoin and the overall May crypto investment trends highlight the dynamic nature of the cryptocurrency market, with new opportunities continually emerging.

Image by tartila on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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