Kadena, once seen as one of crypto’s most ambitious blockchain projects, has officially announced it is shutting down after running out of money.
Although the blockchain network will stay online because it is decentralized, the $KDA Kadena team said it will end all business operations and stop active maintenance.
Following the news, the Kadena token (KDA) suffered a huge price drop. On Tuesday, it traded at about $0.12, falling 47% in 24 hours, 77% over the past month, and more than 99% below its all-time high of $27.64 set in 2021, according to CoinGecko.
Major exchanges have also started delisting KDA, marking a dramatic end to what was once considered a strong competitor in the blockchain world. The collapse highlights how fast even well-known crypto projects can fail when funding runs out and investor confidence disappears.