For many years, large financial institutions have been one of the main drivers of the crypto market. If an institution buys, the price will fluctuate.
Currently, institutional investor interest is fueling the rise of Solana, XRP, and the new memeFi token, Cutushi.
Solana investment surge
Solana (SOL) has performed well this market cycle. High-speed blockchain is increasing DeFi activity and attracting institutional capital. Over the past 30 days, Solana has experienced a significant bull run, reaching an all-time high of $263.83. Nevertheless, the token has since corrected and is currently trading at $222.84.
Source: CMC
The main driver of Solana's growth was interest from institutional investors. In the third quarter of 2024, institutional investment in the Solana ecosystem reached a new high. Solana-based decentralized applications (dApps) has raised $173 million across 29 funding rounds. This is an increase of 54% compared to the previous quarter. This increase demonstrates confidence in Solana's ecosystem and scalable infrastructure.
Institutional interest is also driving Solana. Despite the price decline, the long-term moving average still indicates a buy. Although the oscillator is in a selling trend, the main indicators are still in neutral territory. If Solana is able to break above the major support at $220, the token could retrace its ATH and reach $300.
Ripple overtakes Solana in massive rally
Ripple (XRP) surprised the entire crypto market with a massive rally that took it to the top of the crypto market. In just one month, the token has increased by 411.39%, leapfrogging Solana and USD in market capitalization.
At $2.61, Ripple ranks third among crypto assets after Ethereum and Bitcoin. The growth is fueled by a combination of legal victories, institutional investor interest, and a rally in the crypto market. For one, Ripple's victory over the SEC has taken a lot of weight off Ripple's price. The next administration is also likely to be more favorable towards cryptocurrencies, paving the way for institutional investment.
This is pushing up the bullish XRP technicals. First, on-chain activity shows that the whale has purchased $250 million of XRP tokens. The moving averages are all significantly below XRP's current price, indicating strong positive momentum. Once financial institutions start investing, there is a possibility that Ripple will challenge Ethereum.
Institutional interest boosts Katshi
As with Ripple and Solana, institutional interest is driving up the prices of other altcoins. One of them, Cutushi (CUTO), is attracting attention with its unique service that combines meme coins and DeFi.
Cutushi is a meme coin with a focus on DeFi utilities. The project has attracted $1.2 million in investment and is building a user-run DeFi ecosystem. Its main goal is to attract new investors to the decentralized applications and space and provide more security and control.
The project uses memes to attract potential users. Our latest initiative is a meme art contest that leverages the community to create viral projects that get noticed. So far, this strategy has been successful and the project is making further progress. (X)Twitter.
Meme coins have proven to be a popular and accessible investment for individual traders. This is why memeFi could be a powerful entry point into DeFi for these investors.
For more information on the CUTO presale, please see below.
https://cutshi.com/
Join our community and become a member:
https://twitter.com/CutushiToken
https://t.me/cutshi
This is a sponsored article. The opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before acting on the information presented in this article.
