Cryptocurrencies held steady on Wednesday after the conclusion of China and US talks in London, and as traders waited for the upcoming US May consumer inflation report. This article explores why some coins like Kaia (KAIA), Jito (JTO), Vaulta (A), and SPX6900 (SPX) are rising.
Kaia jumps as it enters stablecoin race
Kaia is an Asian blockchain company formed from the merger of Klaytn and Finschia earlier this year. The two projects were created by Kakao and LINE, respectively, two of the biggest tech companies in South Korea.
Kaia has the lowest transaction costs and high speeds and is widely used by application developers in the country.
The KAIA token price surged to a high of $0.1700, its highest point since February, and 85% above its lowest level this year. Its recent surge happened after the developers said that they were entering the stablecoin race by launching the first KRW-backed stablecoin.
The announcement came a week after Circle, the creator of USDC went public in the United States in a highly successful offering that has pushed its market cap to over $25 billion.
A KRW stablecoin would likely be successful because of the volume that South Koreans transact with on the blockchain. Data shows that they are the third most active users after the United States and China.
Vaulta rises as Bullish files for IPO
Vaulta, formerly known as EOS, jumped to a high of $0.6910, its highest point since May 30, and 23% above its lowest point this month.
This surge happened after Bullish, the crypto project backed by Peter Thiel, filed papers to go public. It joins other exchanges like Gemini and Kraken that have filed to go public this year following the Circle IPO.
Vaulta token rose because it has a history with Bullish. Bullish was launched by Block.one, a company that launched the most successful ICO ever. Block was the founder of EOSIO until the relationship soured, with EOS citing underfunding by Block.
Vaulta rebranded from EOS this year as it pivoted its business model to now focus on blockchain banking.
Jito price rises amid asset and fee growth
Jito, the biggest liquid staking platform on Solana, surged to a high of $2.3090 on Wednesday, its highest point since April 2nd. It has jumped by 50% from its lowest point in April.
Data shows that the amount staked in Jito has continued rising this week. It now has over $2.97 billion in assets, up from $2.6 billion last week. Jito is also one of the most profitable players in the crypto industry, making over $70 million in fees in May, up from $50 million in April.
SPX6900 price surges as momentum continues
Meanwhile, the SPX6900 token price surged to a high of $1.64, its highest level since January 20th. It has jumped by over 478% from its lowest point this year.
SPX token jumped because of the ongoing meme coin rebound. It also rallied as smart money investors and whales continued accumulating the token, a sign that they expect it to keep rising.
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