Why is the KAVA price rising as the crypto market bleeds?

    The crypto market has been on the decline in the last few days even as meme coins like PEPE and LADYS staged staggering price surges. The leading cryptocurrencies by market cap have been the worst hit by the bear market leaving only KAVA price, Bitcoin SV price, and FLOKI price in the green among the major cryptocurrencies.

    KAVA price has increased by 12.20% over the last week while the price of Bitcoin SV and FLOKI has increased by 7.85% and 6.04% respectively over the same period.

    Why is the KAVA price rising?

    If you are wondering why KAVA has maintained its bullish trend in a bear market, here is a recap of what is happening.

    On May 2, KAVA announced that it was teaming up with Equilibre to help boost liquidity in the KAVA/ETH and axlUSDC/USDC pools. As at the time KAVA was making the announcement, $7,500 ETH had been put up on Equilibre’s KAVA/ETH pool and a $2,500 axlUSDC on the axlUSDC/USDC pool.

    Comparing KAVA price since May 2

    The price of KAVA immediately went up after the Equilibre news although the surge only lasted about 4 days before dropping to a four-month low of $0.6878 on May 8.

    The price then embarked on a strong bullish trend buoyed by an announcement made by Kava on May 8 about an incoming Surge to Mare Finance in the next 24hrs.

    Then on May 10, just two days ago, Kava made another announcement that it was only a week until KAVA 13 mainnet launched EVM Cosmos.

    Only 1 week until #KAVA 13 mainnet launch 🚀 #EVM #Cosmos

    — Kava (@KAVA_CHAIN) May 10, 2023

    The hype around the much anticipated EVM Cosmos is the most likely factor attributing to the current KAVA price surge even at a time when the entire crypto market is bleeding.

    The post Why is the KAVA price rising as the crypto market bleeds? appeared first on Invezz.

    Stay in the Loop

    Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

    Latest stories

    - Advertisement - spot_img

    You might also like...