The Keeta price has come under pressure in the past few weeks as it plunged from this month’s high of $1.5665 to the current $0.90, shedding millions of dollars in value. Its market capitalization has moved to $365 million.
Smart Money Accumulate Ahead of Mainnet Launch
The Keeta crypto price has plunged in the past few weeks, despite on-chain data showing that smart money investors are buying it aggressively.
According to Nansen, 21 investors have purchased tokens worth over $1.05 million in the last seven days and sold $437,000, resulting in a net inflow of $610,000. This makes it the fourth most bought token by smart money investors after Ethena, Chainlink, and Lido.
Most importantly, whale investors tracked by Nansen have continued to accumulate the KTA tokens. They now hold 75.1 million tokens, up from a low of 72 million earlier this month.
A likely reason why Keeta is attracting smart money investors and whales is that the network is set to launch its mainnet in September. This was confirmed by Ty Schenk, its founder, who was also a key developer for PayPal’s crypto solutions.
For starters, Keeta is an upcoming blockchain network that will serve as a common ground for payments. Unlike Ethereum and other chains, Keeta will have the capacity to handle over 10 million transactions per second.
Keeta will enable users to move assets across various blockchain networks by acting as a unifying layer for direct cross-chain transactions. It also enables users to trade real-world assets.
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Keeta has been in its testnet for the past few months, and according to its explorer page, it has processed over 28 million transactions, with its blocks reaching over 42.4 million.
Keeta Price Technical Analysis
The Keeta price chart
The 12-hour chart shows that the Keeta price has declined over the past few days, dropping from a high of $1.5663 earlier this month to a low of $0.7155.
Keeta price has dropped below the 50-period Exponential Moving Average as its crash continues.
On the positive side, the token has formed a doji candlestick pattern, a common bullish reversal sign.
Therefore, the token is likely to continue rising ahead of its mainnet launch, as smart money and whales accelerate their buying.
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