Grayscale's New ETF To Track Zcash, THORChain Price Dips, KangaMoon Soars
New York
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February 26, 2024 09:00 AM Central Standard Time
Grayscale wants to introduce a new ETF to track privacy-based coins like Zcash. In other news, THORChain price has dropped, forcing investors to buy KangaMoon. KangaMoon has shown bullish momentum in the past week, skyrocketing 50%, making it the best coin to invest in.
Grayscale Working on New ETF To Track Privacy-based Coins Like Zcash (ZEC)
Grayscale Investments has told the U.S. Securities and Exchange Commission (SEC) its plan to launch a novel ETF, the Grayscale Privacy ETF (PRVC), focusing on the data privacy sector.
This ETF will dedicate over 80% of its assets to companies specializing in data privacy solutions and blockchain-based privacy technologies, including protocols such as Zcash (ZEC).
While PRVC will not hold cryptocurrencies directly, it will mirror the Indxx Data Privacy Index. Additionally, Grayscale plans to invest about 10% of its assets in privacy-centric protocols through ZCSH, Grayscale's Zcash Trust.
Meanwhile, Zcash is one of the altcoins that has been banned by most centralized exchanges. Yet, the token has managed to maintain a bullish price movement in the past week. Its price has increased 20.7% to a peak of $29.26 from a 7-day low of $22.29.
THORChain (RUNE) Price Drops 15.6%
THORChain (RUNE), the native token of a decentralized exchange (DEX) that supports cross-chain swaps, has dropped into the red region. A look at its price chart shows that bears are leading the market on the weekly timeframe.
They have pushed the price of THORChain down 15.6% from a peak of $5.88 to a low of $4.97. Nevertheless, THORChain RUNE joins other altcoins that are bullish on the monthly and yearly timeframes, with an increase of 23.1% and 191.7%, respectively.
Therefore, the token still has a chance to clear the losses on the weekly chart. THORChain's technical indicators show that it is trading above the 50-day SMA ($4.60) and 200-day SMA ($3.47). As a result, analysts predict that THORChain will rise by 32.03% and reach $6.60 soon.
KangaMoon (KANG) Stage 2 Selling Fast
The crypto community's growing interest in meme coins with real utility has pushed investors towards KangaMoon (KANG). KangaMoon, a project still in its blockchain ICO, seeks to redefine meme coins by adding utility to them.
It is building a community-centric space that merges Social-Fi elements with competitive gaming to reward participation and in-game achievements. KANG token holders stand to benefit significantly, with numerous opportunities to earn additional tokens through contests and competitions.
These tokens not only serve as the platform's primary currency but also play a crucial role in its ecosystem, facilitating various transactions and activities. The blockchain ICO's stage 2 has already seen high interest, raising about $67,250, and its selling out rapidly where each token is priced at $0.0075.
With the play-to-earn gaming market's value at $885M in 2023 and expected to grow, KangaMoon is poised for huge growth. Also, analysts are anticipating further price increases, making this the best time to get involved before it moves to the next stage.
Conclusion
While THORChain is grappling with bearish pressure in the market, KangaMoon has reached a new peak of $0.0075. Still, analysts see KangaMoon rising to higher heights in the coming weeks, making it the best coin to invest in right now.
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