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14/06/24
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KuCoin Research Says Crypto Space Recorded 156 Investment and Financing Projects Last Month
Investments valued at more than $1bn were recorded within the cryptocurrency space last month, representing a slight decline relative to April, according to a report released by KuCoin research on June 13.
The monthly market insight report noted that the number of projects and funding amounts disclosed continued to grow year-over-year, suggesting current capital interest and developmental potential.
Animoca Brands and OKX Ventures have continued to invest significantly, so they are considered as the major investors. According to media reports, Animoca Brands and OKX Ventures invested in fifteen and eleven projects, respectively.
“In May 2024, 156 investment and financing projects were disclosed, representing a slight decrease in the number of projects. Notably, over 50% of the projects had financing amounts ranging between $1 million and $10 million,” reads the report.
Most of the projects within the crypto space last month were based on public blockchains, including Ethereum (ETH) and EVM-compatible chains, as well as Layer 2 solutions. Non-EVM chains also had significant financing popularity, with Solana maintaining its position in the top five, Fantom entering the top ten, and TON rising in the rankings.
Participants within the space continued to show interest in meme coins, and KuCoin Research believes it suggests a remarkable effect of community-driven assets on the crypto market. In recent times, the secondary market’s increasing criticisms of projects with a high fully diluted valuation (FDV) and low initial circulating market caps influenced participants to focus on meme tokens and assets with low market caps, as well as new narratives.
“Notcoin is one such project… Unlike before, Notcoin was launched with 100% of its tokens in circulation right from the start. After some time on the market, by the end of May, both the price and trading volume of NOT saw significant growth. This also boosted the overall market attention towards its Tap To Earn and MiniGame products,” reads the report.
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