Keeta price jumped by over 17% on Saturday as smart money accumulation continued, after a major announcement from Coinbase and its founder.
The rally comes after Keeta (KTA) jumped to $1.09 on Sept. 5 — its highest point since Aug. 26. The surge has brought its market capitalization to over $406 million.
At last check on Saturday, Sept. 6, it was 42.4% below its all-time high of $1.68.
The KTA price rally indicates a vindication of sorts for smart money investors who have aggressively bought up the supply. Nansen data shows that smart money investors now hold 8.65 million tokens, up from less than 7 million in July.
Similarly, whale investors have been slowly buying, pushing their total holdings to over 76.7 million.
The recent Keeta price surge occurred after it was listed on Coinbase, the biggest crypto exchange in the U.S. This listing will give it access to millions of customers in the U.S. and abroad.
Coinbase becomes the second most prominent exchange to have listed Keeta after Kraken. Before that, most of its trading was happening on Aerodrome and LBank.
KTA price also jumped after Ty Schenk, its founder, made a big announcement about its tokenomics. He stated that the early investors’ and team allocations would be combined to create Keeta’s strategic reserves, comprising 400 million KTA tokens, currently valued at over $400 million.
Backed by Eric Schmidt, former Google CEO, Keeta aims to be the fastest blockchain in the crypto industry, capable of handling over 10 million transactions per second. In a recent statement, the CEO hinted that the minnet launch would happen this month, a move that would also boost its price.
The eight-hour chart shows that the KTA price has rebounded after hitting the ascending trendline that connects the lowest swings since May this year.
Keeta has moved above the strong pivot, reversing the Murrey Math Lines, and is poised to flip the Ichimoku cloud indicator.
Therefore, the coin will likely pull back as the Coinbase listing hype eases and then rebound towards the mainnet launch. The bullish forecast will remain as long as it is above the ascending trendline.
