KuCoin Research reports $1.02B in May crypto investments from 156 disclosures, a 10.61% year-over-year increase but a 6.4% drop from April.
In May, the crypto space experienced over $1 billion in investments, a minor decrease from the previous month, according to a report published by KuCoin’s research arm.
KuCoin Research reported that 156 investments were publicly disclosed in May on June 13.
Furthermore, the crypto exchange‘s research branch disclosed that $1.02 billion in investment capital entered the sector.
This is a 10.61% increase from May 2023. Nevertheless, the figure indicates a 6.4% decline in comparison to April.
Ethereum, Ethereum Virtual Machine (EVM) chains, and layer-2 (L2) network initiatives continued to be popular among institutional investors in terms of investments.
However, investors also favored non-EVM chains, including Bitcoin, Solana, Fantom, and TON, among the 15 most popular networks in May.
Last month, investors were most active in Animoca Brands and OKX Ventures. OKX Ventures invested in 11 ventures, while Animoca Brands participated in 15 transactions.
In May, Cogitent Ventures, SNZ Holding, and DWF Labs were also active, with 10, 8, and 7 deals, respectively.
In May, KuCoin Research asserted that investors responded to concerns regarding the low float and high fully diluted valuations (FDV) trend in crypto by turning to memes and celebrity tokens.
KuCoin thinks that investors were left with “very limited room” due to the high valuations and low circulating supplies of tokens that were launched. As a result, they pursued alternatives. It was written by KuCoin Research:
“Some market participants have turned their focus towards character meme or celebrity meme tokens, relatively obscure low-market-cap assets, and new narratives.”
The researchers noted that Notcoin (NOT) was one of the tokens that benefited from this transition in May. KuCoin stated that Notcoin’s growth last month was influenced by its launch with all tokens from the outset.

On June 3, NOT surpassed the trading volume of the popular stablecoin USD Coin, becoming the fifth most-traded crypto.
On June 2, the token’s market capitalization surpassed $2 billion as its price reached a new all-time high of $0.02896.