The crypto market has been down over the past few days, even as PEPE and MEM coins LADYS showed tremendous jump in price, Major cryptocurrencies by market cap have suffered the most from the bear market, with only KAVA price, Bitcoin SV price and FLOKI price in the green among major cryptocurrencies.
kava price There has been an increase of 12.20% over the previous week whereas bitcoin sv price and FLOKI have gained 7.85% and 6.04% respectively during the same period.
Why is the price of kava rising?
If you’re wondering why KAVA has maintained its bullish stance in the bear market, here’s a brief rundown of what’s happening.
Cava on May 2 announced that it was working closely with Equilibre to help boost liquidity in the KAVA/ETH and axlUSDC/USDC pools. At the time KAVA was making the announcement, there was $7,500 ETH placed on Equilibre’s KAVA/ETH pool and $2,500 axlUSDC on the axlUSDC/USDC pool.
KAVA price spiked immediately after the Equilibrium news, however the rise only lasted for 4 days before falling to a four-month low of $0.6878 on 8 May.
The price then started a strong bullish trend Announcement made by Kava on 8th May About the upcoming boom in mare finance in the next 24 hours.
Then on May 10, just two days before, Kava made another announcement that it was only a week to launch EVM Cosmos to the Kava 13 mainnet.
The hype surrounding the much-anticipated EVM Cosmos is the most likely factor for the current KAVA price increase, even at a time when the entire crypto market is bleeding.
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