KuCoin Research reported that the crypto space saw over $1 billion in investments in May, driven in part by the launch of #Notcoin (#NOT ), which had all its tokens circulating from the beginning.
This shift to Notcoin and other meme tokens occurred as investors sought alternatives to high fully diluted valuation (FDV) tokens with low circulating supplies.
Notcoin's success led to it becoming the fifth most-traded crypto by early June, with its market cap exceeding $2 billion.