Imagine this: In 2021, KSM galloped like a runaway black horse from the $1 grasslands to a peak of $621, dust flying, on-chain transactions burst like fireworks, new elites like Karura and Moonriver emerged in the Kusama testing ground, the lock-up rate soared to 65%, circulation was chained down, and the price could only run upwards. That was the era of 'barbaric growth' for Kusama - it was not a flower in a greenhouse, but the wolf king in the wilderness.
Now, on November 8, 2025, the wolf king curls up in a $9.8 cave, with a market cap of only $187 million, down 98.4%. There are only 21,000 transactions on-chain daily, and the once roaring sound has turned into a low hum. Bitcoin hovers at $100,000 in the sky, while new hunters like Solana, Sei, and Monad frolic in the jungle. KSM, however, is like an old general forgotten by time, its coat dull and claws blunt. But don’t worry, the wolf's eyes are still shining. The smell of gunpowder in the air is already spreading.
1. Technical charts light up with red dots
The 4-hour candlestick chart shows a descending wedge, like a fully drawn bow. Traders whisper on X: 'Break through $12.1, and it’ll shoot straight to $15.8, then rush to $22.7!' In the past week, trading volume surged by 73%, and someone secretly built a position, like a hunter sharpening his knife in the night.
2. Polkadot 2.0, is the spark that ignites the fuse
Elastic scaling, PolkaVM smart contracts, asynchronous endorsements... Once these upgrades explode on Kusama, the new generation of AI chains and DePIN projects will swarm in like locusts. Imagine: an AI prediction market parachain launching on Kusama, locking 5 million KSM in crowdfunding within 3 days, and the price skyrocketing—this isn't a dream, it's a rerun of last bull market's script.
3. Low market cap is always the nuclear bomb of a bull market
The market cap of 187 million, in the crypto jungle of 2025, is an unexploded deep-sea bomb. For every 10% rise in Bitcoin, KSM could jump 30%. It's not a sluggish blue chip, but a sports car with the pedal to the metal—floor it, and it’s 3x, 5x, even 6x, all amidst the roar of the engine. But don't forget, the wolf king also faces the risk of aging; inflation is like a chronic poison, at 10% each year, the lock-up rate drops to 42%, and selling pressure can strike back at any time.
4. Developers have fled to the faster Solana, and Kusama has transformed from a 'cutting-edge laboratory' to an 'abandoned old warehouse.' Without new slot auctions and no lock-up demand, KSM is just a breathing token, stagnating into eternity. So, will KSM fly this round? Yes, but not soaring high in the sky; rather, it will sprint close to the ground. It won’t recreate the 100x myth—that was a miracle when the market turned from bear to bull and the ecosystem went from 0 to 1. But a 3 to 6x explosion is absolutely within range. Breaking $12.1 → like a wolf pack charging, sprinting relay to $15.8, $22.7, $30. Polkadot 2.0 landing + igniting new parachains → $50-65 is not a dream. If the lock-up rate returns to over 55% → that’s a signal for takeoff clearance.
Here's a suggestion from a hunter:
Consider KSM as the 'cheap rocket fuel' of the Polkadot ecosystem. Don't exceed 5% in position, enter when there’s a breakout, set a stop loss at $10.2, and take profits in three stages: 30, 45, 60.
It's not a king's return, but the last struggle of an old general—if you get it right, you’ll reap rewards; if wrong, you’ll only lose pocket money. Kusama is not a docile DOT; it’s a thorny rose, a blood-stained crown. This time, it won't reign, but it might still tear open a bloody path in the jungle.
Do you dare to run with this old wolf one more time?
