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As one of the fastest-growing industries, trends in the crypto space are currently changing. In this article, we'll delve into three significant developments in the crypto space: Shiba Inu's (SHIB) new milestone, the changing sentiment towards Ethereum (ETH) among institutional investors, and the emergence of Kangamoon (KANG) as a top investment option.
Shiba Inu (SHIB), the meme-inspired cryptocurrency has captured the attention of crypto enthusiasts with its new milestone. The milestone in question is the continued growth of the recently launched layer 2 network, Shibarium.
Since its launch, Shibarium has processed more than 2 million transactions and now supports over 1.1 million wallet addresses. This achievement reflects the vibrant ecosystem that has emerged around the Shiba Inu coin.
Since the announcement, the Shiba Inu price has been trading higher. Bouncing from the $0.00000700 support, SHIB has increased towards the $0.000007300 level. If the bullish momentum continues, the price of Shiba Inu could reach the $0.00000800 resistance in the coming days.
The leading altcoin, Ethereum (ETH), has been one of the most preferred cryptos by institutional investors because of its smart contracts functionality. However, in 2023, things appear to be different as investors are changing their preferences.
According to a report published by CoinShares, institutional investors have sold more than $108 million worth of Ethereum coin products since the year started. This makes ETH the "least loved digital asset" among institutional investors.
However, the Ethereum price has performed better. Since the start of the year, the price of Ethereum has increased by 34% and trades above the $1,600 support level. Like Shiba Inu, ETH is now in bull territory, which means more price growth could happen in the coming weeks.
The declining interest in Ethereum has led to an increase in investors turning to Kangamoon (KANG), a new meme coin. Unlike other meme coins, investors are particularly interested in Kangamoon as it offers both excitement and utility as a fully-fledged gaming ecosystem.
Within the Kangamoon P2E game, players take on the role of Kangamoon, a spirited kangaroo with a passion for boxing. In addition to thrilling boxing gameplay within the Kangamoon Virtual world, it also offers earning opportunities.
Players can earn virtual currency and rare in-game items by winning matches, participating in special events, and completing challenging quests. These items can also be sold within the in-game marketplace of Kangamoon, further increasing the earning potential for gamers.
Creating an opportunity for meme coin enthusiasts to monetize their gaming time and compete with players worldwide, Kangamoon has emerged as a top prospect for 2023. Now trading at $0.005 per token in its first presale stage, crypto experts have predicted that Kangamoon will reach highs of $0.3 before the year ends.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
