Crypto Investments Reach 1 Billion Dollars in May with Notcoin Upgrowth
Investments in crypto in May reached 1 billion dollars thanks to the introduction of Notcoin, according to KuCoin.
KuCoin Report: Insights into May’s Crypto Investments
A recent report by KuCoin shed light on the cryptocurrency space, revealing that over 1 billion dollars were invested in May. Here are some key takeaways from the report:
- 156 investments were made public in May.
- $1.02 billion in investment capital was allocated to the sector.
- 10.61% increase compared to May 2023.
- 6.4% decrease compared to April.
Popular Investment Sectors in May
During May, Ethereum, Ethereum Virtual Machine (EVM) chains, and layer-2 (L2) network projects continued to be popular among institutional investors. Additionally:
- Bitcoin, Solana, Fantom, and TON were among the top networks.
- Animoca Brands and OKX Ventures were major investors last month.
- Animoca Brands completed fifteen operations.
- OKX Ventures invested in eleven projects.
Shift towards Meme and Celebrity Tokens
Noting a shift in investor behavior, KuCoin Research highlighted a trend towards meme tokens and celebrity tokens due to the circulation and valuation issues faced by cryptocurrencies. Some key points include:
- Launch of tokens with high valuations and low circulating supplies.
- Increased interest in meme and celebrity tokens.
- Notcoin (NOT) among the tokens benefiting from this shift.
- NOT became the fifth most traded cryptocurrency in June.
Hong Kong’s Warning on KuCoin
Hong Kong has recently issued a warning regarding unregulated crypto exchange KuCoin, citing fraudulent activities related to frozen accounts. Here are some key details:
- Hong Kong Monetary Authority (HKMA) raised concerns about KuCoin’s false claims.
- KuCoin allegedly demands payments to unlock frozen accounts.
- The HKMA stated that it is not associated with KuCoin.
- KuCoin founders face legal issues, accused of violating laws related to money laundering.
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