Institutional funding plays a key role in determining which projects gain prominence in the blockchain space. Current developments around PI Coin, BlockDAG, and Hedera reflect these changes.
The Role of Institutional Funding
BlockDAG is nearing its first significant venture capital deal. The project has gained massive traction after raising $204.5 million in its presale, selling over 18.7 billion BDAG coins. Institutional players are closely monitoring its progress, drawn by its solid momentum and expanding ecosystem.
PI Coin Prospects
PI Network's coin has faced significant price swings, reaching $3 on February 27 before dropping to $1.51 by March 2. This volatility led to a descending resistance trendline, which PI breached on March 3. However, the $1.95 level remains a critical barrier that has repeatedly stopped further price gains.
Hedera's Impact on the African Market
Hedera has invested in Ivorypay, a crypto payments platform that enables businesses in Africa to accept stablecoin transactions. Since its launch in 2022, Ivorypay has processed over $80 million in transactions and onboarded 8,000 merchants across countries like Nigeria, Ghana, Kenya, and South Africa.
The backing of institutional funding can significantly transform the blockchain market. Projects that attract such investments are typically positioned for stronger growth and development.
