Home Crypto News Crypto Investments Reached $1 Billion in May

Crypto Investments Reached $1 Billion in May

13 Jun, 2024 Crypto News

Crypto Investments Reached $1 Billion in May

KuCoin's research division released a report indicating that the cryptocurrency sector received over $1 billion in investments during May, marking a slight reduction from the previous month.

On June 13, KuCoin Research reported 156 publicly disclosed investments for May, with a total of $1.02 billion invested in the sector.

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

The report highlighted that projects associated with Ethereum, Ethereum Virtual Machine (EVM) chains, and layer-2 (L2) networks continued to attract institutional investment.

Additionally, non-EVM chains such as Bitcoin, Solana, Fantom, and TON also ranked among the top 15 networks favored by investors in May.

Animoca Brands and OKX Ventures were particularly active in the investment landscape last month, engaging in 15 and 11 deals respectively

Other notable investors included Cogitent Ventures, SNZ Holding, and DWF Labs, with 10, 8, and 7 deals respectively.

According to KuCoin Research, investor interest in May shifted towards memes and celebrity tokens due to concerns over the trend of low float and high fully diluted valuations (FDV) in the crypto market.

The high valuations and low circulating supplies of many new tokens left investors seeking alternative options. KuCoin Research explained:

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

The report also noted that Notcoin (NOT) was among the tokens that benefited from this shift.

KuCoin highlighted that Notcoin's strategy of launching with all tokens available from the start contributed to its success in May.

On June 3, NOT became the fifth most-traded cryptocurrency, surpassing the trading volume of the well-known stablecoin USD Coin.

The token's price peaked at a new all-time high of $0.02896 on June 2, which elevated its market capitalization to over $2 billion.

Sources:

https://cointelegraph.com/news/crypto-investments-notcoin-surge

https://drive.google.com/file/d/1EPfO-1R4wP16WvciRCBYeawAP-51UpSz/view

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