KuCoin (KCS) is experiencing quite a surge, contrary to the market-wide sentiment. CoinGecko data shows that KCS’s price has rallied 1.2% in the daily charts, 16.1% in the weekly charts, 21.8% in the 14-day charts, 43% over the previous month, and 79.4% since September 2024. KuCoin’s latest rally comes amid the platform announcing its initiative to capture 10% of Dogecoin mining capacity.
Will Dogecoin Mining Send KuCoin To a New All-Time High?
KuCoin is launching the KuMining platform, which aims to give institutional investors exposure to Bitcoin (BTC) and Dogecoin (DOGE) hashrate. According to reports, the initiative will be backed by global mining facilities with 300 megawatts (MW) to 2 gigawatts (GW) of power resources.
The Dogecoin and Bitcoin mining exposure may lead to increased interest in KuCoin (KCS). The asset is currently down by nearly 48% from its all-time high of $28.83. KCS hit its peak during the 2021 bull run, nearly four years ago.
CoinCodex analysts anticipate KuCoin (KCS) to rally over the coming weeks, but do not anticipate the asset to hit a new peak anytime soon. CoinCodex predicts KCS to hit $17.61 on Nov. 16. Hitting $17.61 from current price levels will translate to a rally of about 17.24%.
Also Read: Is Musk Quietly Rebuilding Dogecoin? $200M DOGE Treasury Says Maybe
KuCoin has also signed an MoU with the Vietnam Blockchain and Digital Assets Association and 1Matrix to further advance the country’s blockchain infrastructure. The development may lead to more adoption of KCS in Vietnam.
There is a possibility that KuCoin’s (KCS) price will face a correction in the coming weeks. Given that the larger market is still struggling the gain momentum, KCS’s price may give in to market pressure. An interest rate cut in the US could provide some cushioning to any possible volatility. How things move hereon is yet to be seen.